Study Documents the Advantages of an Automated Records Management System
Jan 23, 2022
As most organizations and corporations make the transition from paper to digital life, the significance of data is increasing speedily. For the same data to be useful it has to be converted into a suitable form for analysis and the first step towards it is Automated Data Extraction.
What is data extraction?
It is the process of retrieving data from various sources for storage, transformation, and analysis. The sources from where the data is collected can be structured or unstructured, however, data extraction helps transform all of it into the structured form.
Data in structured form provides a lot of meaningful insights into any company or organization. Data extraction also helps to store data in a centralized form for further analysis and record keeping.
This process sets up the pipeline for success as it is the most time-consuming process, especially when carried out manually. Therefore, these days the use of data extraction automation software is made to help speed up the workflow in businesses.
Reasons to switch to automated data extraction software -
As data extraction is such an indispensable part of data workflow, it is important to know how data extraction shapes the data processing work.
Some of the major reasons how automated software can be beneficial are -
1. Accuracy in results -
Automating data processes can improve accuracy by manifolds and deliver swift results. For a company with large amounts of data, an inaccuracy slipping in while working manually is not a big deal, however, with automation the information retained is precise.
2. Improvise visibility -
Since the data processing is now seamlessly done, it is also easier to retrieve the data easily whenever required. The whole business can view and use the data whenever they want without any delay. This makes the whole workflow process faster and more efficient.
3. Reduced costs -
With automation, you don’t need to worry about the investment in hiring employees to do the same work. Alongside, investing in the software is a one-time thing and yields better and satisfying results in the long run.
Use cases -
Data extraction helps in transferring all your data from various modes into the database of the company. This prevents your data from being siloed by archaic applications or unlicensed software.
Some of the industries that make use of data extraction and are using the benefits of automation with it are,
1. Logistics -
Logistics service providers have a lot of incoming data in the form of bills, invoices, orders, etc. Manually feeding these data into systems is prone to human error as well as delays.
Automation software helps in processing these logistic documents in real-time with almost 100% accuracy. This also comes with other advantages like reduced costs and faster processing.
2. Real estate -
Real estate investors have a lot of historical and present time data to keep for comparison with other similar properties and to observe trends in the market. This data needs to be strategically categorized for ease in comparison and retrieval.
With automation, you can extract data from any date and streamline the comparison for various sales. Also, you can edit any data as required.
3. Accounts payable -
Processing PDF forms of invoices manually into any related software program can be a cumbersome process for both the business as well as the employee doing it.
With automation, you can not only enter the data e-with ease into the database but also understand any intricate patterns in the invoice originals. It helps streamline the process of extracting data from thousands of invoices that a business receives daily.
Automated data extraction software is a must for any business’s growth. It gives you control over the entire data processing without having to hire any personnel for the same. It is a crucial process and helps in transforming all data into a structured form for ease of analysis.
If you are thinking of switching to such a system, make sure that the system that you employ is capable of yielding results for your line of work and has a higher impact on your workflow systems.