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What Is Data Extraction & How Does Data Extraction Software Work?

Optimising business operations involves digitising tedious and repetitive processes. Time-consuming, manual data entry tasks, for example, can be replaced with faster, efficient, and error-free data capture software or data extraction tools.

What is a Data Extraction Tool?

A data extraction tool is data collection software that streamlines documentation work, especially for companies that handle large amounts of data daily.

This automatic data entry tool helps digitise, upload, update, and save physical and digital documents and images. These convert to computer-readable formats, such as PDF, DOCs, JPEG, Email, PNG, ODT, CSV, and XLS.

These data types are also transferred and stored in a secure, cloud-based database that allows virtual access for later retrieval.

Data extraction software ultimately provides an accurate and automated recording and capturing function that eliminates human error.

How Do Data Extraction Tools Work?

Data extraction tools, in simple terms, extract data from physical and digital files. These tools use scanners or cameras to collect information by digitising them.

Intelligence (AI) powers the best automated data extraction tools in the market today. With AI’s automating and computing technology, the software can extract information from physical textual documents, such as contracts, receipts, invoices, and photographs.

Big data and machine learning power the more advanced version of data extraction software. This combination removes manual template setups. With every document it captures, the technology learns and can accommodate limitless template designs for future data capture use.

Data extraction programs can run independently. They can also be integrated into an existing software application, thanks to their application programming interface (API) compatibility.

How Can Businesses Benefit from Data Extraction Tools?

Many industries are now heeding the call to modernise their processes to answer the demands of a data-driven market. Data extraction tools for business offer these benefits:

Optimised Digital Transformation

The process of document and data capture only takes seconds. It’s exponentially faster than tedious and repetitive manual document encoding and transitioning to paperless processes!

As mentioned earlier, the data collected by the extraction software is saved in a secure cloud-based platform that can only be accessible to authorised personnel.

The database is also available 24/7, wherever you are in the world, eliminating geographic boundaries and allowing cloud-based and virtual collaborations.

Error-Free and Accurate Data Entry

If your business process involves collecting, recording, encoding, and saving information through manual data entry, you can significantly benefit from using data extraction tools.

Accounting, banking, financing, healthcare, science, and other industries dealing with big data can rely upon the accurate, efficient, and error-free features that the tool provides.

A data-matching tool is also an alternative to manual visual checks for validating information.

Comprehensive Tracking and Reporting

Aside from a data extraction tool’s data capture, recording, saving, and retrieval functions, it can also deliver comprehensive reporting and tracking visuals that provide insight significant to decision-making.

Most importantly, the software’s real-time reporting and tracking features can simplify interpretations of large volumes of data. Its reporting provides easy-to-understand presentations in a visual and textual language accessible to every member of the organisation.

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