Enterprises today are looking for solutions that can help them to improve efficiency in every department of their business. One of the most time-consuming activities for enterprises is the manual extraction of data and content from documents. This process has many issues as data extraction by humans can lead to errors that can potentially become a costly affair for any business. Content extraction tools can help to eliminate such kind of mistakes and make the data extraction process lean and streamlined. Some content extraction tools even offer complete end-to-end document automation wherein cross-verification of documents is also automated by the solution.
Content extraction tools have end number of features and benefits that can help your enterprise to become more efficient and you can focus on core aspects of your business to scale it up.
When an enterprise is looking for content extraction tools, it needs to have certain features that have a direct impact on its everyday operations. While deciding which content extraction tool should your enterprise opt for, you can keep the below-mentioned factors in mind:
Extracting Unstructured Data from Free-Form Documents:
Documents that have content, which is either unstructured or partially structured, require a content extraction tool with a high level of accuracy. File extensions. .pdf, .docx and .txt are some of the common types of formats in which documents are usually generated. Content extraction tool needs to support these document formats so that enterprises can extract content from all such kinds of documents.
Export Data Directly to Data Storage Applications:
Users of the enterprise should have the ability to export extracted data from other commonly used data storage solutions. Software like SQL Server, SAP, and Tableau are some of the many types of data solutions from which users may require to export data in XML or JSON formats. This helps enterprises to save time to input data in content extraction tools manually.
Enhancement of Data Quality:
Content extraction tools should also have the ability to clean the data automatically. Users should have the ability to define a certain set of rules which the solution can implement to standardize the data. For instance, if invoices are coming with different column headers like “Price” or “Unit Price”, the solution should have capabilities to standardize it to one column header, across different documents.
Access to real-time data is of utmost importance for many enterprises nowadays. If the enterprises do not have updated data in their hand, the key decision-makers may fail to make the right call at the right time. This can cost a lot of money to the enterprises. With automated workflow solutions, it can become easy to extract real-time data and content extraction tools should have the ability to pull the data from such solutions.
Need for Content Extraction Tools
With the right content extraction tool, data can be accurately extracted from structured and unstructured documents. If data is extracted with accuracy and on time, better decisions can be made for the future of the enterprise, quite promptly.
Cost Savings for Enterprises:
Large enterprises have millions of documents to process every day. Not only does it consume an ample amount of time, but it can cost a lot of money as well. The entire team of human resources is required to manually enter data into the systems. Having a content extraction tool can ease this burden and reduce costs drastically.
Drastic Reduction of Manual Errors:
Enterprises require employees to enter data manually into the system from the documents. This means that the records could be either incomplete, incorrect information is entered or data has been entered more than once. Content extraction tools can automate the entire process of data extraction and prevent such errors to occur, altogether.
Data entry work is highly monotonous in nature. Employees who are currently doing the data entry work, feel demotivated as it does not require high analytical or creative abilities to conduct such activities. Content extraction tools can automate mundane tasks and the employees can be trained to re-employ in another division where they can add more value to the enterprise at large.
The KlearStack Advantage
Driven by artificial intelligence and advanced OCR technology, KlearStack AI can extract data with the highest level of accuracy. KlearStack AI has the unique advantage of extracting data with the highest level of accuracy from unseen documents on the first attempt itself. This helps enterprises to start the process of digitization from the get-go itself. KlearStack AI can be integrated with any backend solution to store your data safely. KlearStack AI comes with a dashboard as well as its APIs, which can be deployed to your desired solution.
If you would like to know how exactly KlearStack AI achieves a higher level of accuracy with Data extraction and document processing, book a demo with our experts today!