Automated data extraction is crucial for businesses requiring high data extraction and processing. The digitalization and automation in this technique have not only fast-paced the work but also eliminated human errors. The progress in technology has provided a better alternative to available OCRs, increasing the expectations of users and companies.
Besides being a time-saving tool, the software must possess significant characteristics to match those expectations. For instance, accuracy with quick data processing, cost savings, and enhanced employee productivity are the general requirements of document data extraction software. Thus, to streamline your business processes efficiently, here is an overview of data extraction software.
Different Types of Automated Document Data Extraction Software
Data extraction software can be divided into open-source OCR, template-based OCR, and AI-based intelligent document software. Let’s have a brief overview of each of these.
- Open-Source OCR Software
These coding-based software can be trained through companies’ datasets or already provided models. Providing multiple features requires a bit of coding for dataset creation. The company can customize them for their use. The open-source OCR software requires pre-processing of images by grayscale, filter, smooth, and de-skew. Now the detection of images will occur based on a trained data set as per customization by the user company. Finally, you get the image chosen based on the language data depending upon the industry, such as grammar rules, dictionaries, and other factors. The use cases are automated data entry, receipt clearing for loyalty campaigns, invoice processing for payable accounts, VIN data extraction, and digital archiving.
- Template-Based OCR Software
As evident by the name, template-based OCR software requires user intervention to provide desired results. These software must be taught to read and provide a text located at a specific position. The user needs to mark the desired document to be converted, which is read and processed by the software, eventually providing the output. The process provides high accuracy in mentioned cases. However, it is associated with failure when it encounters a variety of document layouts generally obtained from different suppliers.
- AI-Based Intelligent Document Software
Intelligent Document Processing (IDP) is among the best-offered methods of document data extraction. Capable of working in two ways, they can process the data and give it a proper structure. They remove the requirement of human intervention and automatically extract and convert the data into usable formats. Of course, they provide accuracy in document conversion and are suitable for any industry.
Intelligent Document Processing software uses OCR for text conversion and reading and NLP or Natural Language Processing for converting unstructured text into structured text. Additionally, they use computer vision, deep learning, and machine learning for the classification of data to extract and validate it. Thus, they provide alternative and better options than open-source and template-based OCR. AI-based intelligent document software is available with economic benefits besides providing numerous features.
The quantity of available data is increasing at a high pace. Humans or decade-old software can’t match the pace. The goal of each individual and organization is to not be left behind from progress. Accurate data extraction and processing is a significant act that contributes a lot in every sector. However, such extraction is often limited by open source and template-based software, as described above. The advancement in technology has offered AI-based document data extraction that eliminates human interference. Also, it can convert unstructured text to a readable and usable form. Accelerating the process, AI-based software is an asset to any organization aiming to match its pace to the tech-savvy world. So go on to switch your document data extraction software and embrace the latest technology.