Data extraction is the process of pulling information from physical documents, PDFs, customer profiles, social and media blogs, etc., and is an easy way to perform competitive analysis. Even today, a large number of companies perform manual data processing which is both time-consuming and error-prone. On the other hand, with automated data extraction software, this processing time can be reduced significantly with improved accuracy making data organization easier. Text extracts from documents can be stored electronically, shared online, or saved in various file formats for future analysis.
Data extraction is the process of retrieving information from a variety of documents. Companies extract data from sources for the purpose of processing and analyzing it. Most CEOs spend over 20% of their time manually entering data into systems and reviewing operational information, with these being processes which could be entirely automated.
The meaning of extraction is to pull key information from documents and process it for business, personal, financial, or legal purposes. Many open-source text detection software are available in the industry, however, Docsumo stands out as a leader since it uses AI and intelligent OCR technology for automated text detection and extraction.
Data extraction is one of the many responsibilities organizations face in order to derive insights from data, look for patterns in business operations, and meet legal regulatory requirements.
‘What is an extract? Put simply, it is a short excerpt taken from a whole piece of information. When you extract a passage or certain key bits of information, these are referred to as extracts.
Extracting data from physical documents and storing it electronically makes it convenient to index and get them crawled by search engines. For businesses trying to create an online presence or improve their SEO, digitizing files is a great way to rank higher in SERPs.
Below is a comparison of manual vs automated data extraction.
Other benefits of relying on automated data extraction for businesses are:
Users trust companies that are legitimate and know how to handle customer data. When a company extracts data, organizes, processes, and stores it efficiently on their systems, it makes information retrieval easier. Data extraction ensures the confidentiality and privacy of users by managing their information properly and forwards it to them whenever they request it.
Data extraction and document processing are required by insurance companies, investors, and clients in order to meet legal compliance standards. Digital documents can be searched, archived, and stored as electronic records for safe record keeping any time. The information presented in these documents undergoes validation and by ensuring legal compliance, they are thoroughly audited and pass reviews seamlessly.
You should consider automated data extraction because:
Automating repetitive tasks by using data extractor technology and software can help businesses in eliminating human error during data entry. Businesses make good decisions based on the accuracy of the data being processed and by eliminating human error, you ensure greater chances of long-term success.
2. Improves efficiency
Companies spend more on employees by making them do mundane or repetitive tasks via data entry which could be automated. By using data extraction software and automation workflows, you let your employees become more productive at work. This increases the organization’s overall efficiency and streamlines business operations as a result.
There is not just enough time in the day to process thousands of documents by hand when it comes to extracting and logging in information. Document extraction software and automation makes document processing take just minutes, prevents downtimes/delays, and gets business processes running smoother. There is no confusion in data entry, mismatches, or any need for going back and reviewing the data since everything is automated.
The extracted data can be stored and saved in different file formats. Data extraction and automation technology makes it convenient to structure data and save as EXCEL, JSON, CSV, and various file formats.
Data extraction goes hand-in-hand with data integration and makes it convenient to store, consolidate, and ensure the integrity of data from a centralized location. It is the first step in ETL processes and its technology is used worldwide by leading organizations for business intelligence and analysis reasons.
Are you new to automated data extraction? Get a free demo with Docsumo and learn how it works today.
In today’s dynamic business world, filing and archiving official documents in the digital form makes it handy, and works wonders in the future or in unforeseen circumstances.
With an automated data extraction solution, loan documents can automatically be processed end-to-end without any human errors and delays. Automation in loan document processing prevents downtimes, eliminates data redundancy, and allows companies to respond faster to client queries. By combining machine learning with deep learning and OCR, companies can eliminate huge costs, derive actionable insights, and streamline loan processing and approvals through efficient data extraction and analysis.
Mortgage lenders receive multiple identity and income verification documents along with different forms from loan applicants in a variety of formats and styles. Traditional OCR solutions fail to extract data from these semi-structured documents and that’s why more and more lenders are adopting intelligent document processing solutions. IDP solutions not only extract data correctly, they are able to validate extracted data against predefined rules in order to improve accuracy.
Intelligent Document Processing is an automation technology that captures information from a myriad of documents and data sources, extract data, and organizes it for further processing. IDP solutions enable businesses to seamlessly integrate with core processes, eliminate manual labour, address challenges faced in reading different document layouts, and meeting legal & compliance requirements. Accurate data is the foundation of every organization, and IDP assists businesses in dealing with the complexity of processing huge volumes of documents, helping them automate manual data entry processes, and move away from traditional semi-automated OCR workflows.