As you can imagine, there are a lot of use cases in which automated data extraction can be beneficial. The word automated is key here, as already is proven that software can extract data in a better way than humans possibly ever can. Faster, more accurate and capable of providing the data immediately to one or more systems.
Back to the use cases, here are some examples of how automated data extraction is being used already;
- Legal professionals extract clauses from contracts for review and or knowledge management purposes.
- Accounts payable extract data from invoices, to subsequently check and approve invoices.
- Logistics service providers extract and analyze heaps of data from invoices, bills of ladings, as well as other documents, and manually feed in updates to the TMS or ERP.
