Best Data Extraction Services You Must Know in 2024

Even though we have a lot of data available now, optimizing its use still presents major challenges. For this reason, many businesses employ data extraction services. 

Before companies can use the data for further purposes, the data must be extracted. Businesses need data extraction because it allows them to uncover relevant data that could be helpful.

Data extraction involves retrieving specific data from various sources, such as web pages, files, and databases. Technological advancements have simplified this process, making data gathering from diverse formats easier.

Importance of data extraction in businesses

Data extraction is a powerful tool for businesses, where they easily access valuable information, usually hidden within unstructured sources. Businesses can analyze this extracted data to achieve valuable insights, improve decision-making, and drive business growth.

Enterprises can use the data to understand their target market better and develop marketing campaigns that resonate with them. There are several approaches to data extraction, including: 

• Extracting data from a webpage 
• Financial data extraction from accounting records 
• Extract data from PDF documents 
• Obtaining a contact list from an email, among many other things

And the most efficient data extraction services help businesses with all their needs. 

How do data extraction services help enterprises?

You can use automated or manual data entry, depending on your preference. Automated data extraction involves using software or a computer to collect data from several sources. Manual data extraction is manually gathering data from a specific source.

With the volume of data increasing, organizations must locate reliable information that will provide them a competitive advantage over competitors. Data extraction helps you to use it to grow and make the best of your company.

So, it's better to invest in expert data extraction services to retrieve and compile data from various sources and formats. The experts ensure that companies only receive data for processing, analysis, and storage that is of the highest quality, relevant, and compliant with regulations.

Data extraction is a practical method for extracting structured information from unstructured or semi-structured data.

Let's look at the top ten data extraction services. 

Docsumo

Docsumo's powerful AI tackles the documents with over 30 pre-trained models, saving businesses countless hours of manual data entry. 

No more tiresome keying - Docsumo smoothly extracts what enterprises need, even from complex tables. Nested tables, data on separate pages, or a document overflowing with tables - Docsumo handles it.

Docsumo provides quick, accurate, and safe data entry services through digitalization. Their priorities are security, quality, and automation.

Features

• Plug-and-play functionality with 30+ pre-built or customized document AI models.
• Customizable models for specific business needs.
• Ability to identify and extract data from complex documents.

Benefits

• Cut processing costs by up to 80%.
• Speed up document timelines through precise unstructured data analysis.
• Eliminate manual data entry from documents.
• Easy extraction of data from complex tables.
• Ability to train custom models with just 20 samples.
• Continuous learning capability for improved accuracy over time.

Cons

Will have a learning curve.  

Sign up to Docsumo to learn more about automated data extraction

Pricing

• Growth - ($500/month): Designed for start-ups and businesses to streamline the automation of one or two document types.
• Business - Custom Pricing: Ideal for businesses requiring precise data extraction from documents and specialized training.
• Enterprise - Custom pricing: Ideal for enterprises who want to meet the demands of processing multiple document types, training on proprietary data, and implementing tailored workflows. 

Xtracta

Xtracta uses AI to automatically capture data from various documents, such as invoices and receipts. It understands document structures and extracts the data you need. 

Businesses can upload documents through multiple methods and integrate the extracted data with various software applications. 

Features

• Simple setup
• Capture from a variety of document types
• Variety of input methods
• Super quick data scanning and capture
• Integration into any software
• Scalability
• API
• Mobile app
• Brandable
• Geo-distributed system

Benefits

• Eliminating the need for manual data entry
• Reducing processing time
• Increased accuracy

Cons

Xtracta uses a per-document pricing model, this could be a drawback for users who need to process a high volume of documents. For such users, a subscription-based pricing model might be more cost-effective. 

Pricing

Custom pricing per-document  

Infrrd 

Infrrd uses advanced NLP technology to extract data from various documents automatically. It can handle different document types used in various industries. By automating data extraction and achieving high accuracy, Infrrd helps businesses save time and money.

Features

• Patented NLP technology
• Variety of document types: Infrrd can handle invoices, mortgages, insurance, and other documents.
• Multiple industries

Benefits

• Saves time and money
• Improves accuracy: Infrrd's high accuracy can help reduce data extraction errors.
• Increases efficiency

Cons

Will have a learning curve.

Pricing

They provide pricing in 3 models (Basic, Enterprise, and Enterprise Plus) — pricing upon request.

IBM Datacap

With uploaded documents or connected data sources, Datacap uses AI and machine learning to automatically identify and extract relevant data. Businesses can then integrate or analyze the extracted data with other applications for insights.

Features

• Multi-channel Capture. Process paper documents, emails, and digital files (PDFs) for data extraction.
• Natural Language Processing (NLP). Extract data from unstructured and variable documents using AI.
• Enhanced mobility with SDK for iOS and Android integration.
• Flexible rules-based capture with simple point-and-click configuration.
• Export documents and data to various applications and repositories.

Benefits

• Minimize manual data entry and paper handling expenses.
• Better accuracy with smooth workflows
• Automate data capture and faster extraction processes.
• Pre-built Models for faster deployment.
• Customizable Models
• Scalability to grow with data volumes.

Cons 

Will have a learning curve.

Pricing

Custom pricing as per requirement.

Taiger

Taiger utilizes Generative AI to categorize documents and extract specific data points automatically. Businesses can implement the service on-premise for enhanced security and integrate with your existing systems for efficient data handling.

Features

• Employs generative AI for data extraction, potentially offering higher accuracy and adaptability.
• Automated document classification
• Better data point extraction from various document structures.
• Multilingual Support
• Behind-the-Firewall Deployment
• Cognitive model creation
• Cognitive model usage
• Domain selection
• Integrates with your existing business software for streamlined workflows.

Benefits

• Improved accuracy
• Faster processing
• Maximize your back office team's productivity.
• Foster real-time knowledge sharing within your company.
• On-premise deployment option provides greater data security control (needs verification).
• Flexible to diverse document types and customizable for specific needs
• Integrates with your systems for seamless data utilization
• Enhance data quality, speed up decisions, and satisfy stakeholders.

Cons

Will have a learning curve.

Pricing

Custom pricing as per requirement.

ITyX

Only some thematic data in corporate cases can be auto-identified using rules and locations. They manually input most thematic and personal data in emails, documents, and the web, leading to high costs and delays. 

ITyX provides a unique method for automatically extracting thematic data from unstructured documents.

Features 

• Leverages AI techniques (SVM, Bayes, Hidden Markov Models) for data extraction.
• Extraction of position-related data (from specified regions within categorized document types)
• Extraction of linguistic data (from the textual context within documents)
• Thematic data extraction based on rules (based on predetermined terms and fields)
• Thematic data extraction through self-learning (by analyzing and annotating observed manual capture processes)
• Body Text Capture
• Scalable infrastructure
• Integrates seamlessly with existing applications (RPA, ECM/DMS).

Benefits

• Maximum identification quality 
• The highest degree of automation, the lowest proportion of manual data entry.
• A single AI platform for interpreting text and extracting data 
• Streamlines data capture processes with integration to existing workflows.
• Adaptable to handle both structured and unstructured document formats.
• Handles growing data volumes efficiently with their secure infrastructure.

Cons 

Limited Technical Details

Pricing

Custom pricing as per requirement.

Datamolino

With uploaded bills, receipts, or bank statements, Datamolino automatically extracts data like line items and inventory information (if applicable). You can review the extracted data and export it to your accounting software.

Features 

• Automatically captures data from bills, receipts, and bank statements.
• Multiple upload options via web app, mobile app, or email for easy submission.
• Extracts individual line items and their details from invoices.
• Inventory Management
• Exports extracted data to various accounting software formats for seamless integration.
• Allows setting up rules for specific data extraction needs (availability might depend on the plan).
• Data Review and Correction

Benefits

• Faster Processing
• Reduces errors associated with manual data entry.
• Streamlines invoice processing and integrates with your accounting software.
• Extracted data is organized and easily accessible for financial analysis.
• Potential cost savings depend on the plan.

Cons 

Limited Feature Transparency

Pricing

• Small: Starts from £ 39.00
• Medium: Starts from £ 135.00
• Large: Starts from £ 0.50 - £ 250.00
• X-large: Starts from £ 0.45 - £ 400.00 

Perfios

Perfios automatically extracts and categorizes data. It rapidly analyzes diverse data types, helping financial institutions make lending decisions in secure settings. 

It also uses AI and machine learning to automate risk assessment and price reduction. Businesses can access the extracted data and leverage analysis tools for insights.

Features

• Upload documents like bank statements, ITR forms, credit card statements, and other financial documents.
• E-Statement Support
• Extracts financial data like transactions, balances, and other relevant information.
• Data Categorization into income, expenses, assets, and liabilities.
• Fraud Detection
• Data Analysis
• Data Presentation
• Data Curation
• Integrates with accounting and financial software 

Benefits 

• Easily upload financial documents for automated data extraction.
• Reduces errors associated with manual data entry.
• Streamlined Analysis
• Provides valuable financial insights through data analysis.
• Fraudulent Transaction Identification

Cons

Will have a learning curve.

Pricing:

Custom pricing as per requirement.

Taggun.io

Businesses can effortlessly integrate TAGGUN's API for OCR and automated receipt scanning for their users. TAGGUN handles receipts and invoices of any format, extracting crucial details like total amount, tax, date, and more.

Features

• Real-Time Receipt Data Capture
• Multi-Country Support: Supports receipts and invoices from various countries, potentially including different languages.
• Enables training custom models for specific receipt formats and data points.
• API Integration
• Data validation and correction
• Multiple File Export Formats, such as CSV, JSON, XML, JPEG, PDF, PNG (8 and 24), GIF, and HEIF, provide flexibility in receipt uploads.

Benefits

• Faster Processing
• High accuracy, along with client feedback
• Automates data extraction from receipts
• Supports various receipt formats and offers customization options (availability might depend on plan).
• Enables exporting extracted data in various formats for further analysis.

Cons

Custom pricing as per requirement.

Pricing

Free trial for 30 days

Four pricing models (pricing on request)

• Pay as you go
• Volume Discount
• Volume Custom
• Enterprise 

Choosing the best data extraction services for your business

In the bottom line, data sources are constantly increasing; thus, managing them effectively requires the right technology and approach. For this reason, you must select the best data extraction service for your company. 

Selecting the right service provider can give you access to many tools, such as data integration, ETL, and end-to-end monitoring. 

You can then extract the relevant data you require for your decision-making process. Also, leading data extraction services like Docsumo can give you a high return on investment.

Take a demo with Docsumo and get more information on data extraction in seconds.