What is data extraction?
Document data extraction is the process of converting specific parts of a document or key information into usable data. This can be done manually through hand keyed data entry (someone looking at each page and typing out the information needed), or through the use of data extraction software and OCR technology. At the highest level, it is simply the process of collecting data off of your documents in order to enhance a business process (i.e.: collecting information off of your invoices in order to keep track of how much you are buying from various vendors).
What is OCR?
OCR stands for Optical Character Recognition, is sometimes known as text recognition, and is used to create a text layer behind the image of a document. This can enhance the ability to automatically extract data from scanned documents, images or PDFs using artificial intelligence (AI) as that image can now be read by a bot the same way a human would read it. OCR is also useful when all of your documents are text heavy, as it allows you to search for any specific word on any page instantly.
Can I pull data from any type of records?
So, what kind of documents can data extraction be used on? Virtually any document with information that you need! For example, invoice numbers, dates and amounts can be extracted from invoices, book numbers and guarantor information can be pulled from land records, research data can be pulled from lab notebooks, data such as employee tenure and turnover rate can be extracted from employee files, and historical pricing information can be pulled from sales files. Literally any type of documentation that companies run on can include data that could be beneficial to improving the business.
What are the benefits to outsourcing this as a service?
There are many benefits to automating and outsourcing your data entry needs. Benefits include saved time and reduced costs, increased efficiency in getting the project completed, reduction of errors and increased accuracy, improved data security and privacy, and the ability to find the data and information you need in a matter of seconds. Another benefit is scalability, and being able to help organizations collect data at scale. Long story short, by using someone like Recordsforce you are paying (highly qualified) Data Entry Operators to perform data entry tasks instead of burdening your existing staff with a project that is outside of their typical responsibilities.
How do you get started with data extraction?
With Recordsforce, it’s simple. You define your data capture requirements by letting us know your challenges and work requirements. Our highly trained and experienced Data Entry Technicians, along with the help of OCR/AI, will extract the key elements and data you need off of your documents with extreme efficiency and accuracy.
What does the data extraction process consist of?
Here are the typical steps that proceed when you are interested in data extraction with your document scanning project:
- We collect all of your documents
- We accurately classify the document types per your requirements
- We extract the key data elements using manual data entry and AI via our data extraction software and OCR
- We quality review the data
- We then integrate the data directly into your system
Data has become increasingly important to businesses, as it is the key to operating efficiently and can be used to make important business decisions. If you’re interested in learning more about data extraction and how it can help your business processes, visit our website at www.recordsforce.com or schedule a meeting with us!