Automated data extraction is the process of transforming unstructured or semi-structured data into structured information, in an automated way. Structured data provides organizations and their teams with meaningful insights to be available for reporting, analytics, and other business activities.

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.

When picking a data extraction solution for your business, you should take into account that there are a lot of solutions available – each with their own set of features and capabilities. Therefore, it’s smart to have a good overview of the needs and requirements for your specific situation so you are confident that data extraction solution you choose, delivers in regard to what your business needs. We recommended to have the following parameters in mind when making a purchasing decision:

1. Intelligent data capturing

The data extraction tool must be able to extract data without losing information from different document types such as contracts, delivery notes, accounts payable, and more, and be able to categorize them in their respective blueprints.

2. Accuracy in results

Companies prefer a data extraction tool that delivers swift results; however, it must also be high in terms of accuracy. The extracted output must retain information, and the tool must be able to extract tables, fonts, and crucial parameters without compromising the layout.

3. Storage options

Pick a data extraction platform that offers secure storage along with seamless backup options. Cloud-based extraction enables you to extract data from websites seamlessly at any time.

Cloud servers can swiftly extract data relative to a single computer. The quickness of automated web data extraction affects the speed of your reaction to any rapid events that impact your enterprise.

4. Simplistic UI and robust features

Advanced automated data extraction software must operate on a simplistic UI. The layout of the software interface at launch must be simple enough to navigate you through executing a grinding task. Besides providing an easy-to-use UI experience, the platform must also not compromise on the essential features.

5. Price

Pricing might not be the most crucial factor, but it is a thoughtful consideration. It might not be a wise decision to invest in exorbitantly expensive software with extravagant features that do not apply to your company or choose the wrong pricing plan. Consider evaluating the features of the software while ensuring that the cost stays within your budget.