What is Optical Character Recognition (OCR) and what does it have to do with data extraction?
Data is everywhere.
Data is the building block of all operations, and managing huge amounts of data has become a challenge for human workers. With such a wealth of data, the biggest challenge facing businesses today is to use data in the smart way that is most relevant to their success.
There is a way to automate the process, which is Intelligent Data Extraction.
Known as Intelligent Document Extraction, the technology is gaining popularity in many areas. As the name suggests, intelligent data collection is about intelligently capturing certain data and streamlining document processing. Technological advances allow computers trained in algorithms to scan, read, and understand digital and paper documents as humans do. Since these types of documents are much more difficult to process than digital or paper papers, the aim of Intelligent Document Extraction is to extract information from them in a more efficient and efficient way than humans.
This information is central to the workflow of an organization and must be well organized. For this reason, data collection solutions are critical to the success of an organization.
When technologies like IDE (Intelligent Data Extraction) emerged, it became clear that the adoption of these technologies would be a fundamental change for many companies. Ideally, those using IDEs should consider the following: first, you need to understand what kind of technology is required to extract the necessary data from documents. It also depends on what type of data you are looking for: structured data would require less advanced technology. Unstructured or partially structured data would require more sophisticated technology, and structured data would require more advanced technologies.
Read More about Intelligent Document Extraction
Companies can outsource their unstructured data to a service provider and receive organized information that allows them to focus on the most important aspects of their business, such as business strategy and strategy. Ideally, an intelligent data processing system will be able to recognize and classify distilled information, extract it, and extract the required document workflows. The first step in this process is to classify the type of document to be processed and also to determine the beginning and end of the document. One of these types of documents can therefore be an electronic document and the other a paper document and vice versa. This classification is done by machine learning - based on OCR technology (Optical Character Recognition).
What is OCR?
Optical Character Recognition (OCR) technology is designed to transform images and text into digital data that can be read by a machine using machine learning. OCR Software is trained in nearly several languages to interpret the data it scans in documents. It scans images and photos and recognizes the characters and symbols in the documents and classifies them into different categories.
Once the document is classified, the next important step in the process is to extract valuable information from it.
OCR itself cannot perform this extraction process; it can only create a document that is a black and white image with color dots known as raster images. This is where intelligent document extraction comes in. Intelligent document extraction is one of the most advanced ways to extract text data from a document. It can be used to read, identify, extract, and then categorize the target data fields. For example, we have an invoice in PDF format that we can extract in certain data fields. Intelligent Document Extraction automatically extracts the data from the PDF invoice and stores the extracted data in Microsoft Excel based on the corresponding data in this field and automatically stores it in Excel.
This technology supports machine learning and identifies, understands and provides self-learning capabilities to precisely extract and categorize data fields. This flexible and tailored document extraction can be tailored to your needs, while machine learning A / I allows a robot to handle documents even in the most challenging conditions.
Choose your software vendor wisely!
In this context, assessing the tools and software you choose is as important as saving your project from failure. It is really important to choose the right intelligent software vendor for your document extraction because this influences the overall success of the project.
OCR and Intelligent Document Extraction complement each other, so make sure you recognize this and recognize it before you select the right document extraction software. Although OCR plays a remarkably important role in intelligent document extraction, you should prioritize its presence in the software of your choice. Intelligent data extraction can save resources before manual invoicing and help streamline the process of collecting, processing and analyzing documents and other documents in your organization.
Intelligent data extraction can help businesses like finance, banking, and legal with loads of paperwork and invoices to streamline their processes and save the resources on manual invoicing. Gleematic RPA is created to solve the challenges of different industries and is designed as a beginner-friendly software for you to experience: without coding, programming, or APIs
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