The dramatic increase in the volume of semi-structured and unstructured data generated from PDFs and images has made automated data extraction necessary. This is because extracting such data manually requires immures resources in terms of cost and time.

Automatic data extraction platform like AlgoDocs helps firms pull data from various sources like PDFs and images quickly, easily, and securely. It permits businesses to save costs and time, decrease manual errors, improve their data-driven decisions and save employees from complicated tasks.

Why do we need to auto-extract data?

As mentioned before, manual data extraction is complicated and sometimes impossible when dealing with numerous and/or frequently generated files. While automated data extraction platform such as AlgoDocs allows us to easily access necessary data from various sources like emails, invoices, or contracts.

AlgoDocs is a web-based data extraction platform that helps organizations extract data from PDF, Word, Excel, and image files such as bank statements, invoices, HR forms & payrolls, receipts, sales & purchase orders, price lists, and many more. It allows extracting only the data you need by letting you extract specific fields or tables from native or scanned documents and then exporting the extracted data to Excel/JSON/XML or many other integrations, such as accounting software.

The advantages of AlgoDocs are as follows:

Excellent decision-making

Data extraction permits users to extract meaningful information hidden within unstructured documents.

Quicker processes

Manual data entry takes more time and has higher costs. Auto-extracting data would stop firms from spending extra time doing manual data entry and help achieve the goal significantly faster.

Elimination of manual errors

Many businesses still trust their employers to enter data trapped in their documents into their systems manually. This results in errors due to missing/incorrect information, incomplete records, and duplicates. AlgoDocs successfully eliminates annoying and error-prone manual data entry and offers fast, secure, and accurate document data extraction.

Employee motivation

While the volume of unstructured data quickly rises, manual data extraction is a hard job for employees. This repetitive process does not need top-level expertise and demotivates workers during work time. AlgoDocs would keep employees from this demotivating job and help them to focus on their duties. This also improves their productivity by stopping distractions.

Scalability

The number of outgoing and incoming documents increases when a firm grows. If data extraction from documents is still done manually, the number of processed documents will be small. This can be rejected by switching to an automated system. As an outcome, the firm can scale up without hesitation about enormous volumes of data lying around or hiring more workforce.

A deeper look at AlgoDocs

AlgoDocs uses artificial intelligence in all data extraction-related processes. Its developed algorithms rely on image processing and Optical Character Recognition (OCR) technologies with a human vision attitude. Therefore, AlgoDocs has reliable and accurate data extraction with high OCR accuracy results. Text extraction from PDF documents is performed likewise using artificial intelligence and self-learning algorithms.

What are the advantages of AlgoDocs Al-based data extraction?

Data extraction can help optimize workflows and efficiency for many firms across industries. By taking advantage of AlgoDocs, organizations not just free up their employees to work in other areas but can extract meaningful information quicker and more accurately than the equivalent manual processes.

For example, data extraction is largely used in industries such as banks and healthcare. Where within healthcare, many vital systems still use paper-based documents. Without automation systems, these documents need to be transcribed by hand, which takes time and potentially introduces errors into the system.

As mentioned before, Al-based document processing automates much of the process, raising workflow efficiency and decreasing the error rate. AlgoDocs Platform can extract text, typed or handwritten, from documents, like Image to text, Pdf to text, and even Image to tables or Excel. In a healthcare system, AlgoDocs can be used to identify prescriptions, physician notes, patient transfer forms, and much more.

Why use AlgoDocs?

If your business is looking for a data extraction program, it should be capable of processing certain functionality to have a maximum impact on the workflow. While picking data extraction software, you should consider the following factors.

Extract structured data from common document formats

Unstructured or semi-structured data can come in many forms. AlgoDocs supports importing files from multiple sources such as Zapier, Google Drive, Dropbox, Inbound E-mails, etc., and also can handle general unstructured documents like PDF, WORD, EXCEL, and IMAGE. By processing famous document formats, businesses will be capable of making use of all the data they get.

Export data into frequently used platforms and formats

Users should be able to export the extracted data to multiple frequently used applications, like Excel and many other integrations, such as accounting software, in various formats, i.e. Excel, JSON, or XML. This allows businesses to access meaningful information quicker and saves a lot of time.

Real-time extraction

Having real-time and up-to-date data is essential for firms. If not, businesses can make bad decisions, or there will be delays in responding and taking action. Thus, a data extraction program should be capable of extracting real-time data with the help of automated workflows. For instance, to analyze the present inventory levels for input material, businesses need real-time extraction of information like items sold, order ID, quantity, and amount from their supplier invoices. AlgoDocs can be considered extremely fast where for example, it can process 20 pages per second.

Better data standards

The data extraction platforms should be capable of cleaning the data automatically according to the rules defined by the users. For example, the program must detect and remove such data if any bad or missing quantity values are extracted from invoices.

End words

At first glance, manual data extraction may seem like a simple and uncomplicated job, but this is far from the truth. In real life, and as we discussed above, it's a costly and time-wasting process that takes a large portion out of the staff workday and poses a danger to the workers' well-being and the firm's profitability.

For many firms, the current lifestyle has amplified the need to go via contracts and find the force of major clauses that made data digitalization and mining even more vital.

Unluckily, still, the majority of businesses have many physical documents on their shelves and desks. Due to the immense advantages that automatic data extraction platforms such as AlgoDocs, more and more firms are digitalizing their document-based workflows.

AlgoDocs offers a free subscription plan forever with 50 pages per month. You may check  AlgoDocs pricing for paid subscriptions based on your document processing requirements.