In response to the dramatic increase in the volume of semi-structured and unstructured data generated from relatively scanned files (PDF and images), automated data extraction become necessary in order to reduce costs and the time of extracting such data manually.
Automatic data extraction platforms like AlgoDocs can quickly, easily and securely help us in extracting data from various sources like PDFs and images. It permits not only individual users but also businesses to save costs and time, decrease manual errors, improve data-driven decisions and save us from complicated tasks.
AlgoDocs is a web-based data extraction platform that allows us to access, extract and manage data from documents like bank statements, invoices, receipts, sales and purchase orders, etc. The platform lets us extract only the data we need and then save the data into multiple types of editable files such as Excel, JSON, and more.
The advantages of AlgoDocs are as follows:
Users can extract meaningful information hidden within unstructured documents.
Manual data entry requires a lot of attention and long working hours and has higher costs. Auto-extracting data would stop firms from spending such resources doing manual data entry and help achieve the goal significantly faster.
Elimination of manual errors
Many businesses still trust their human basics, such as data entry clerks, listed as their main data entry assistants. Unfortunately, it does so at a cost of thousands of dollars of lost time and money every year. This results in errors that leave companies disorganized and inefficient. AlgoDocs secures its workforce by leveraging leading-edge algorithms for document data preparation and integration. Also, AlgoDocs has an advanced AI-powered OCR engine that can handle even low-quality scanned images with as low dpi as 75. Consider the following scanned documents (Figure1) and the tables extracted by AlgoDocs(Figure2).
Figure1. Sample of low-quality (black&white) scanned image.
Figure2. The extracted table from the scanned image, shown in Figure1, using AlgoDocs.
The rise of unstructured data churns out so much content, it’s becoming difficult for employees to process all that data manually. AlgoDocs aims to assist the data creation workflows by enabling employees to focus on tasks they care about instead of traditional reporting. Employees become happier and more productive, and their failure to produce unstructured data becomes meaningless. This process empowers information workers
As the number of outgoing and incoming documents increases when a firm grows, it affects the performance of placing the documents in individual folders. In order to avoid such a situation, it is necessary to automate data extraction from documents. The firm can scale up with sizable volumes of documents without hesitation as they implement simple automation solutions. Hence, we can be handled extremely hard manually now can be handled by a simple automation system.
A deeper look at AlgoDocs
AlgoDocs uses artificial intelligence in all data extraction and analysis related processes. Its developed algorithms depend on image processing and Optical Character Recognition (OCR) technologies with a human vision perception attitude. As a result, AlgoDocs uses reliable and accurate data extraction with high OCR accuracy results.
What are the benefits of AlgoDocs?
Algorithmic analysis of data can help organizations optimize their workflows and efficiency for many services. AlgoDocs takes advantage of this capability by enabling companies to extract meaningful information faster and more efficiently than manual methods.
Why to 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 support 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.
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.
At first glance, manual data extraction may seem like a simple and uncomplicated job, while 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.
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.