Big Data: How it Drives Intelligent Data Extraction

By April 23, 2021 Blog
A person sitting at their laptop with figures representing big data spread out on the table around it.

Big Data: How it Drives Intelligent Data Extraction

At the core of many pieces of modern software lies big data. It’s the future of data-driven industry—a new way to identify patterns that might have otherwise gone unfound. When it comes to intelligent document processing, big data is a cornerstone of the practice.

As one of the technological leaders in this space, we use big data to create a highly accurate data extraction platform powered by a well-fed artificial intelligence (AI). Discover what big data is and how we’re using it here.

What is Big Data?

Big data is a computing term used to refer to extremely large data sets that are analysed with computers to identify any patterns that may have gone unseen with smaller sets. As a practice, big data is particularly useful when analysing data that pertains to humans, whether that be based in language, behaviour, or interactions.

Think about the YouTube algorithm. If you’ve ever gotten a scarily accurate YouTube recommendation, it’s because they’re using a large data pool from other users with a similar watch history to you. The more information an AI is exposed to, the more accurate it is (no matter the field).

Some other fields benefiting from the recent popularity of big data practices include:

  • Healthcare
  • Media and entertainment
  • Manufacturing and logistics
  • Education
  • Transportation
  • Banking

How We’re Using Big Data

At Xtracta, we’re using big data to take our data extraction software’s accuracy to the next level. Alongside other technological leaders, we’re using big data to collect a massive pool of information with which to ‘feed’ our optical character recognition powered by AI. The artificial intelligence learns from a wide pool of diverse information, amassing knowledge of hundreds of different document types.

From there, through a combination of machine learning and natural language processing, the software can interpret human language in complex, unstructured documents. The more clients we attain, the greater our pool grows, and so too does our AI’s accuracy.

As a cloud-first company, we usually have clients submit data through our machine platform to be processed in the cloud. Because we have so much data in that cloud, we can allow data from many different industries, business types, and language variations to build off each other, thus providing a better experience for all our customers.

A Departure from Traditional Software

Traditionally, in non-cloud software, data is isolated with each user. The ability for machine learning to produce as accurate a result as would be the case with combined data is therefore virtually impossible to produce, because the data simply isn’t there.

The data Xtracta processes is often quite similar across clientele in terms of use cases and even formats. Other clients who have similar use cases to one client can take advantage of the work that that client has done. Though we do offer isolated deployment of the Xtracta platform, we are primarily a cloud-based company precisely because it allows us to cross-reference document formats from other clients.

In combination with our comprehensive feature set and hands-on customer support team, using Xtracta to automate your document processing should feel like a breath of fresh air.

Discover what it’s like to use Xtracta for your document automation.

From invoice scanning and data capture to capturing salient points from unstructured contracts, Xtracta is equipped for it all. Save money, time, and manpower by implementing it into your in-house software today. Talk to an Xtracta team member about implementation here.