iTech uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognizing you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
Read Time: 3 minutes
Data extractionis one of the most resource-intensive business processes for sales-driven businesses. Contracts, invoices, sales/purchase orders, and many more add up and leave data staff with an immense workload in midsize and enterprise businesses alike. As a result, business leaders see tremendous value in solutions that can reduce the workload and associated costs – related to data extraction.
Learning how to automate data extraction and data capture with AI is one of the most cost-effective solutions available. With modern AI tools, businesses can take scanned documents and near-instantly convert them into indexed, fully captured, and organized data in their preferred database. All of this can be accomplished without their existing data staff having to lift a finger, which allows them more time for data auditing and other tasks that require a human touch.
To demonstrate the opportunity provided by these new tech tools, this guide will cover:
- AI data extraction and capture automation use cases
- Benefits of AI data extraction and capture automation
- The best AI data extraction and capture automation strategy
Let’s examine each and get a comprehensive view of what data capture automation looks like in practice and what material value it can provide your business.
AI Data Extraction and Data Capture Automation Use Cases
Data capture is more than just simply using OCR technology to make a scanned document searchable, and letting a data entry clerk copy and paste the info into a database. AI data capture and extraction goes steps beyond this, automating the data entry and organization steps of the data capture process as well.
Additionally, full-service data capture companies can offer their expert staff alongside modern AI tools, ensuring that every single step of the data management process is handled automatically. We have provided full-service AI data capture for a wide variety of businesses, and understand exactly what they value most about our services. The following are the most commonly cited use cases for both AI data extraction automation and our full-service data capture services in enterprise businesses:
| Data Capture with AI + OCR | The first step of AI data capture is reading the text on a scanned document with machine learning-powered Optical character recognition (OCR) technology. OCr identifies text—typed or handwritten—and indexes it so that it can be read by AI software. This means scanned documents don’t just exist as images; their text can now be automatically read and managed by software tools. |
| Automatic Data Capture and Organization | Once a document is readable by the software, the AI begins its work. AI data capture software automatically enters the information from each document into a client’s preferred database and can use machine learning to continue to better understand where to find certain information on documents that offer some variance in where or how data is presented. |
| Cloud Storage | Outsourcing to a full-service data firm comes with the added benefit of cloud storage, eliminating the need for expensive storage hardware, and ensuring that data is always accessible, even when weather or power outages would normally have shut down your local servers. Even a cellular data connection would allow access to vital documents when necessary. |
| AI-Reinforced Security & Compliance | Since full-service data teams are accustomed to handling massive volumes of sensitive information, they have top-notch data security procedures reinforced by AI technology. AI helps by providing automatic audits, handling permissions, and providing alerts and reminders to ensure documents always go through proper security and compliance procedures. |
| Unified Data Access | Enterprise businesses often suffer from disconnection between different departments. Full-service data capture teams usually offer a unified data capture platform. This centralized source of vital data can be shared with departments on their software tools with far better accuracy than manual entry, ensuring that all departments operate on the same information. |
| Expert Data Teams | Quality data capture automation tools are only as effective as the staff charged with piloting them and auditing their results. Full-service providers staff the most experienced data staff available, and their sole focus is operating this innovative and complex technology. There are truly no better people for the job. |
Benefits of AI Data Extraction and Data Capture Automation
Now that the practical data extraction process has been roughly outlined, it is important to understand its material value for your business. After all, business decisions are made based on potential outcomes, and knowing what benefits to expect from either adopting AI data capture software or outsourcing to a full-service data team is essential for decision-makers.
The following are the most commonly cited benefits of AI data capture tools and full-service data capture services:
| Expedited Data Entry | AI can make data capture, entry, and organization nearly instantaneous. It can analyze, input, and organize data one after another with practically zero latency between tasks, making it far faster than even the best manual data administrator. |
| Vastly Improved Data Accuracy | ML-paired OCR is exceptionally accurate when reading data from scanned files, leading to a reduction in costly misinputs and providing more time for data staff to perform audits to ensure this is the case. |
| Digitize Handwritten/Older Documents | Something that ML-powered OCR technology has the unique ability to do is to digitally index data from handwritten documents and older documents with obscured or less intact text. While more auditing is required when indexing these documents, modern OCR does a far better job identifying text in hard-to-read documents than any technology before, allowing it to automate processes in ways that weren’t possible a decade ago. |
| Enhanced Data Security | AI enhances data security through process automation, alerts, reminders, and permission management. This helps businesses reduce the risks associated with outsourcing by improving transparency and ensuring all data is handled according to client preferences and relevant regulations. |
| Better Access to Data | Cloud-based storage and automated document indexing make it easier to store and search for specific documents, including any data they contain. This makes it easier to store information across different department databases internally and allows leadership to search for and access any data from any department with a simple search. |
| Cost-Effective Scalability | By outsourcing to a full-service data capture team that leverages AI for data capture, businesses can scale without their growing data management needs forcing them to hire new staff. |
All in all, learning how to automate data extraction with AI can improve profitability, make data more reliable and secure, and provide scalability without endlessly hiring new data staff.
Best AI Data Extraction and Data Capture Automation Strategy
It’s best to outsource to a professional data management firm to get the most out of AI data extraction technology. As demonstrated in the previous sections, the use cases–and the benefits associated with them– are nearly doubled when you work with a partner who specializes in leveraging AI technology to improve your data extraction and data capture process.
Trusting a more experienced team gives enterprise businesses access to a cost-effective data capture tool and staff with years of expertise on how to pilot it. As a result, they can simply send over their scanned documents, and let their data partner handle the rest. To ensure its reliability and accuracy, and provide a second layer of protection against costly mistakes, businesses can even set up an auditing schedule for data that will still take far less time than manual entry.
When selecting a full-service data capture partner, business leaders should seek out a partner that:
- Offers the most advanced data technology
- Provides support that aligns with their working hours regardless of where they operate
- Stores data in an easily auditable database with transparent operation
- Prioritizes data security
- Has experience working with enterprise-level businesses across multiple industries
Without these features, businesses can’t be confident that their outsourcing partner will provide what they need to achieve truly transformative outcomes, or that they will outperform an in-house data team with similar tools. iTech data offers all of these helpful features and more.
Learn How to Automate Data Extraction and Data Capture with iTech
We at iTech pride ourselves on our cutting-edge machine learning OCR software, top-of-the-line onboarding experience, and ongoing support. We also offer 24/7 access to support personnel and senior account managers to maximize visibility and peace of mind, eliminating the “black box” approach to outsourcing.
To learn more about how to automate data extraction and data capture, fill out the contact form below.
Subscribe to our blog for the latest industry trends
IDS Commander iTech2021
No Comments