By Dox & Box


Today’s business world is highly competitive and in these times the volume of data that any organization collects and records is growing exponentially every single day. Data extraction is a very vital process in any business and it can affect the strategy and planning of the company. 

What is data extraction?
It is the process of obtaining data from various sources which is further processed, analyzed, or stored as per the requirement. It can be analyzed further to obtain relevant information from it. 

The process of data extraction can be carried out manually, however, it has its disadvantages like - 
●    When performing a tedious and repetitive task like data entry manually, errors are expected to happen.
●    Security of the data is compromised when dealing with data manually as leakage of data can happen.
●    It is a very slow process.

As the quantity of information that we have is leaping over the edges, manual extraction is no longer a suggested process due to the problems that it can pose and also because it stalls the whole processing services with it. However, automated data extraction is a preferred option these days. 

Automated data extraction is the swift and reliable process of collecting huge amounts of data and then shaping the data processing in line with the specifications of the business. This allows businesses to look at the data and collect information which can open new perspectives for growth. Some of the advantages of automated data extraction are,

1.    Reduced Human Error and Better Accuracy - 
Errors not only take time to fix but can also lead the company to make wrong decisions based on that. Automated systems eliminate the risk of any errors and other mistakes that are commonly found to happen in data extraction. This not only improvises the accuracy but also reduces the time spent on correcting them and thus improvises the efficiency and performance of the employees and the company.

2.    Enhanced Productivity of Employees - 
Performing data extraction manually can be a boring process for employees and can cause physical and psychological stress like pain in the eyes. This work keeps them engaged for longer periods and can also affect their efficiency. With automation, employees can now spend time on meaningful tasks that require attention and can add value to the business.

3.    Lower Costs - 
With automation of data extraction, the companies can avoid spending a fortune in hiring a team for data entry and can also save themselves from expenditure on any other resources required for manual work. Automated data extraction will pay for itself in the short and long term by saving people from long and repetitive tasks. 

Some everyday examples of automating data are - 
●    Employee analytics
●    Customer support
●    Scheduling meetings

In real life, the documents lack consistent structures and key-value pairs which can be extracted easily and it makes the process of transforming them digitally tricky. With this challenge in mind, we have developed a platform that can intelligently and accurately extract information from unstructured documents efficiently. 

Data automation is considered a methodical system that is cost-effective and efficient. It offers significant incentives for the business and ensures consistency in the workflow.


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