Study Documents the Advantages of an Automated Records Management System
Jan 23, 2022
Data extraction has become a vital process for all industries worldwide as it contributes to their productivity and growth. It involves the conversion of unstructured or semi-structured data into structured data because structured data can yield meaningful insights into the business.
Even though digitization is taking over, there is still a discrepancy amongst people in choosing technology over physical and manual methods. A lot of legacy and valuable information still exists on paper and if digitized it will have tremendous value. However, manual processing and extraction being tiresome and slow processes are best avoided.
We have all entered the digital era, the era of automated information and automated data extraction. With the advent of OCR, AI, ML, and RPA, the large workforce hired to do these operational tasks can now focus on more productive and core tasks. These technologies can significantly change the way enterprises and corporations work and streamline the smooth processing, extraction, and management of data.
Some of the key features that automated data extraction has to offer are,
1. Extract structured data
Semi-structured and unstructured data is available in various formats and the right automated data extraction software should be capable of converting all such documents into formats like .docx, .txt, etc. These formats help in faster data extraction and allow businesses to use all the available data in the best way possible.
2. Improve the data quality
The right software will be able to clean and refine the data according to the rules defined by its user for data improvement. This enhances the quality of data extracted and allows the user and the business to derive insights from the same.
3. Real-time extraction
Having real-time data is essential for any business to grow and stay ahead of the competition. If the data is not up to date or outdated it can drive wrong decisions and delayed responses to the customers. So, the automated software should be able to extract real-time data that can assist the decision-making and analysis of the business.
For instance, if a business wants to analyze the current inventory of their input material they need real-time automated data extraction software to access the number of items sold, left, ID’s, quantity, supplier invoices, etc.
4. Enriching the data
The software should be capable of enriching the extracted data with the company’s existing data and information and publicly available records and data. This adds value to the extracted data and contributes to the advanced processing of data.
5. User-friendly interface
A data extraction software adds to easy and smooth digital data workflow and management. This implies that it should have an intuitive interface and it should be easy to work with for any beginners. This means that it should not require any high technical knowledge or skills to operate.
Automated data extraction acts as another layer of extraction solution over the foundational technology and helps solve specific problems. Challenges in terms of processing documents that are practically available in every form are avoided and inference is derived from each one of them.
Infinity by Dox and Box keeps all your worries regarding such trivial yet crucial matters at arm’s length and helps you build an understanding of all your digital data. With its exclusive features like cloud-hosted model, state-of-the-art algorithms, automated driven solutions, advanced OCR integrated with AI and ML, custom training, and many more, it is the perfect solution to your document digitization and automated data extraction.