The purpose of automated data extraction software is twofold:
- To help speed up the data entry process by reducing the number of times an employee needs to re-enter information into a new system once it's already been entered into an older system.
This can be done by simply exporting the data directly from the original system and importing it into the new one. In some cases, an automated tool can even update all of the changes made since the last time data was exported to save even more time on the employees.
- To improve accuracy when transferring information between different systems because human error can often lead to incorrect data being entered in one format or another. An automated tool will help eliminate those mistakes.
We’ve evaluated a number of automated data extraction solutions available in the market based on the criteria defined above and compiled a list of 10 best such tools for you.
Top 10 automated data extraction tools
Here’s the list you’ve been looking for:-
1) Docsumo
Docsumo's data extraction software can process documents with text, tables, graphics, and barcodes. It lets you convert unstructured data into actionable information. Data can be extracted from PDF, MS Office, Word, Excel, HTML, and other file formats.
With the power of AI, Machine Learning capabilities can dramatically cut the time it takes to extract meaningful insights from unstructured data making it possible to automate routine business processes like invoicing or expense reporting.
The software supports numerous document types including invoices, purchase orders, contracts, checks, deposit slips, credit card receipts, and other business forms. With the help of an intelligent document processing solution, companies can easily automate various business processes such as invoice billing, accounts payable, or expense management by extracting data from unstructured documents at high speed and accuracy.
Closing the loop on these processes means that you can move to real-time analysis and increase productivity through automation.
Features
- Automation of file capture from data extraction to delivery.
- APIs provide additional flexibility and seamless integration with your existing applications.
- Customized workflow in a matter of minutes.
- Export directly into database management systems.
- Compliance with industry standards.
Pricing
Starts at $500 per month
Pros
- Enhanced data quality by capturing information directly into your accounting software.
- Speed up business processes and reduce costs by eliminating manual data entry.
- Creating a single version of the truth for all your enterprise data.
- The most complete and cost-effective extraction solution on the market.
- Extracts data with incredible precision and accuracy.
Cons
2) Ocrolus
Ocrolus is a financial document capture software backed by machine learning. The software automatically sorts bank statements, checks, bills, invoices, and other financial documents into folders based on your specific needs. This allows you to automate the tedious process of going through piles of papers and hours of video footage to identify suspicious activity or missed income.
With the proprietary machine learning algorithms, Ocrolus identifies cash flow patterns that alerts you when a customer is using credit cards or utilities beyond their means. They also identify expensive subscriptions that can be canceled without negatively impacting revenue. The system also identifies income patterns that may indicate if a customer has an undisclosed second job or additional sources of money for which we should charge fees.
Features
- Automate the process of going through piles of papers and hours of video footage to identify suspicious activity or missed income.
- Identify cash flow patterns that can alert you when a customer uses credit cards or utilities beyond their means.
- Identify expensive subscriptions that can potentially be canceled without negatively impacting revenue.
- Identify income patterns that may indicate if a customer has an undisclosed second job or additional sources of money for which we should charge fees.
Pricing
- Initial fee: $15,000
- Subsequent processing fee: $15 per file
Pros
- Avoid identity theft and fraudulent transactions.
- Automate the process of managing customers.
- Save time and money.
- Automate the process of monitoring online transactions and cash flow.
- Streamlined management of customer relationships.
- Utilize the automation capabilities to scan and sort documents.
- Easy-to-use software.
Cons
- The scope of objectivity of the decisions can be expanded
3) Infrrd
Infrrd assists in big data analytics by making it easier to find patterns in large volumes of information, derive actionable insights, and make future marketing decisions based on data collected and used by businesses. It's ideal for companies with a lot of unstructured data but needs to make sense of it quickly.
It is an excellent solution for businesses that need to leverage the power of predictive analytics and make future marketing decisions based on data collected and used by them.
Features
- Data discovery tool can read data from scanned images
- Automatic pattern recognition system for large volumes of information.
- Intelligent insights can be derived from your data.
- Further recommendations after intelligent analysis.
Pricing
Starts at $2000.00 per month
Pros
- Easily find patterns in large volumes of information.
- Derive actionable insights.
- Make future marketing decisions based on data collected.
- Removes the traditional barriers to leverage this powerful technology.
- Scalable technology.
- Leverage the power of predictive analytics..
Cons
- Integration of software for phones is missing.
4) Docparser
Docparser is an all-in-one document management solution for small businesses and enterprises. It integrates with business systems, enterprise storage, and other cloud services to provide users with a complete and centralized solution.
Document parsing is performed using a powerful built-in text recognition engine or external OCR engine. The pre-processing capabilities include image resizing, cropping, and auto-rotation. And DocParser can also recognize barcodes and QR Codes automatically.
Data is not limited to just text. Docparser supports image extraction and processing as well, so you can easily apply image recognition algorithms to extract meaningful information from images.
Features
- Supports OCR scanning and QR barcode recognition.
- Custom Parsing capabilities.
- Multi-lingual support.
- Cloud-enabled sharing through Dropbox or Google Drive.
Pricing
Starts at $3250/ month
Pros
- Process images and extract texts – with auto-cropping, auto-rotation, and image resizing capabilities, you can easily extract texts from images.
- Docparser supports image formats like JPG/JPEG, TIFF, BMP, PNG, PDF. You can integrate Docparser with your existing workflow and tools by exporting the extracted text into XML, JSON, or CSV formats;
- Integrate with enterprise storage – if you want to leverage on your existing enterprise storage system to store images and texts, Docparser provides a robust RESTful API that allows you to access images stored in your enterprise storage such as Amazon S3 or Azure Blob Storage directly;
- Integrate with 3rd party services – if you want to integrate Docparser with other cloud services such as Google Drive, OneDrive, or Dropbox for document collaboration.
Cons
- Documentation analysis and processing steps can be confusing to some users.
5) Rossum
Rossum is the ideal solution for companies that receive transactional documents ranging from invoices, packing lists, and purchase orders to compliance notices and claims. Rossum provides a single place where all this information can be routed automatically to the proper business application (such as Salesforce or SAP) depending on the rules you define.
It is a cloud-based application that automatically organizes and processes all your incoming document traffic and allows you to connect your existing business applications, ERP, or CRM systems.
Features
- Extract essential information from scanned documents and file attachments.
- Convert paper documents into electronic files that can be easily accessed by analyzing them in a single place.
- Combines different technologies for recognition and analysis.
- Acts as a local sorting office for all of your documents.
Pricing
Ask for the price.
Pros
- Reduces the amount of manual work spent on document management.
- Automation of business communication.
- Advanced workflow system.
- Process, organize, and route documents through a single place.
- Fully integrated business solution.
- Easily modified to suit your needs.
Cons
Large documents can take time to process and result in the system crashing unexpectedly.
6) Abbyy Flexicapture
Integrating disparate, manual processes into a unified workflow is a challenging task. FlexiCapture does it for you and extends your business process management capabilities. This makes it easy for you to capture, classify, and extract essential information from documents such as insurance policies, invoice data, or contracts – regardless of the format or layout. This information can then be used in different workflows or connected to other systems using FlexiCapture's open API.
You can digitize any document source with ease, regardless of whether it is located in a local or remote location. ABBYY FlexiCapture's intuitive user interface allows users to quickly create new projects, set up automatic document processing modes, and configure system parameters – all without having to write any code.
Features
- Capture, process, and manage large volumes of unstructured data from a wide range of sources and formats.
- Streamline data collection with intelligent capture technology.
- Easily convert documents into digital formats through scanning and extraction methods.
- Enhance any document to a highly structured format.
Pros
- High accuracy, scalability, and flexibility of the workflow and process.
- User-friendly system design.
- Instant configuration of system parameters.
- Independent deployment.
- Freedom to choose the best possible approach.
- Simplify the process and increase the efficiency of the process.
Pricing
From $29.99 to $299.99
Cons
- The system configuration for processing invoices can be complicated.
7) Nanonets
Nanonets steps in where human-driven solutions fall short. They classify and extract the correct data from any document, image, or spreadsheet by leveraging advanced machine learning algorithms.
They take care of data quality issues and instantly deliver structured data in an easy-to-use dashboard, so you can get back to the things you love doing most, like launching new products and serving your customers.
Features
- It allows you to automatically extract and structure data from documents, forms, and spreadsheets with a few clicks.
- The unique Artificial Intelligence (AI) tool lets you create custom forms that instantly build structured data from any document.
- Extract information, analyze it, and structure it into an easily managed dataset right before your eyes.
- Data cleaning/validation.
- Formatting and linking to existing databases.
Pricing
Starts at $499
Pros
- Leverages advanced machine learning algorithms.
- Classify and extract the correct data from any document, image, or spreadsheet.
- Instantly deliver structured data in an easy-to-use dashboard.
- Creates an intelligent document analysis model to understand the content of your files.
- Automation of mundane data entry tasks.
Cons
- The software shows distinct lag and can stop suddenly in the middle of an operation.
8) Capturefast
Capturefast is one of the most intelligent document recognition software for complex documents. It can recognize data from various sources and transfer them to preferred business applications through multiple interfaces. With its powerful features, data extraction from complex documents can be achieved with no coding required.
Features
- Extract data from PDF files and save them in a spreadsheet (Excel, OpenOffice) or an application database (MS Access).
- Extract data from scanned documents and save them in a spreadsheet (Excel, OpenOffice) or an application database (MS Access).
- Extract data from MS Office files (.docx, .pptx, .xlsx) and save them as text or XML – with or without preserving formatting.
- Transfer data between applications via web services.
Pricing
Starts at $69.00 per month.
Pros
- Accelerates business process automation
- Saves hours of manual data entry
- Reduces errors in the process
- Instantly recognizes the data and simplifies complex documents
- Improves quality of data
- Combination of intelligent features helps in smooth operation
Cons
- Low level of efficacy for AI functionality of the software
9) Kofax
Kofax delivers Automated Document Capture (ADC) solutions you need to capture, manage and analyze documents across your enterprise—faster than ever before. The intelligent capture software and solutions gives you the power to streamline processes, improve accuracy and make better decisions. They help you achieve more with less.
The customers rely on Kofax because they are trusted partner who understands their business needs and delivers products that exceed expectations. They provide exceptional customer service, training, and support to provide real value for their partners.
Features
- Enable businesses to create, capture, and manage any document or data format at any time and from any place.
- Application development and process management.
- Form capture and document conversion.
- Process automation in the workflow.
- Ensure compliance with regulatory protocols.
Pricing
Starts at US $3,500
Pros
- Empower organizations to accelerate their business innovation cycles.
- Instant Automation of processes.
- Transforms data into actionable knowledge for better decision making.
- Capture and convert data from anywhere and anytime.
- Collaborate on information from anywhere.
- Outpace and out-innovate their competition with innovative solutions.
Cons
- Recognition and scanning capabilities can be further improved.
10) Hypatos
Hypatos is a document processing API that uses deep learning to automate office documents and form workflows. Developers can use Hypatos to integrate with their existing systems or any company of any size to unlock the total value of their data.
Hyperautomation is the concept of autonomously generating, collecting, and processing documents. Hypatos enables the Automation of document production in a matter of minutes and provides a full-stack, from document design to data collection, all the way to data processing. The autonomous generation of documents dramatically reduces time-to-market for new services.
Features
- Deep-learning based approach.
- Automate workflows around office documents and forms.
- Retain control over your workflow logic.
- Integration with existing systems.
- Coverage of all core business activities.
Pricing
Starts at $1500/month.
Pros
- Highly accurate and near-perfect document processing software.
- High-quality output.
- Reduces time-to-market for new services.
- Processing of documents can occur in any language.
- No manual intervention.
- Provides a complete stack from document design to data collection and processing.
Cons
- Techniques aren't scalable and fail to deliver consistent results all the time.
How to choose an automated data extraction tool for your business?
Data extraction tools have various uses, from marketing campaigns to data mining. They can help you get the most out of your data by identifying potential trends and relationships within that data.
Trying to select the right tool for your needs is difficult when you're dealing with a wide range of options. Some are geared towards marketing, others at research and data mining. To make sure you select the right tool, you'll need to weigh several factors:
- The best tool isn't necessarily the most expensive one. In this case, selecting the right tool means investing in your business or organization. You want to make sure that each dollar spent on data extraction translates into a return on investment.
- Type of data extraction - Different automated data extraction tools are made for different kinds of information. Some specialize in extracting data from PDFs or other more advanced documents that may be hard to read with other tools.
- Speed of extraction and parsing data - Your time is valuable, so you'll want to find an automated data extraction tool that can quickly process large amounts of information, so you don't have to wait for results.
- Purpose of usage - Before choosing an automated extraction software, you should analyze your need for it. If you are planning to use it to extract a large amount of data from a single file or database, you should consider heavyweight tools that can perform this task efficiently. On the other hand, if you require extracting a small amount of information from multiple sources, lightweight devices will be more suitable for you.
Where does Docsumo stack up amongst other data extraction software?
There are a lot of document processing solutions out there, but not all of them can handle the challenging workloads that go beyond the primary use cases. If you are looking for a solution to automate your business processes and convert unstructured data into actionable information, consider these key benefits:
- AI-powered technology - Docsumo AI combines deep learning and computer vision technologies that allow users to get real-time insights from documents. All data extraction tasks can be automated with just a few simple clicks.
- Focused on documents - It doesn't matter what format or structure the documents have - Docsumo will extract all required information from PDF, MS Office, Word, Excel and HTML files at lightning speed.
- No coding skills required - With the help of an intelligent document processing solution like Docsumo, businesses can easily automate various business processes such as invoice billing, accounts payable, or expense management by extracting data from unstructured documents at high speed and accuracy.
Docsumo's intelligent document processing solution allows you to automate various business processes such as invoice billing, accounts payable, expense management, or contract management by having the software read and extract critical data for you at high speed and accuracy.
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