Xtracta Blog

Automated Carbon Accounting with AI Data Extraction Environmental responsibility is becoming more important for businesses due to growing concerns about climate change. With a heightened focus on sustainability, carbon accounting has become a valuable tool for measuring a business's climate impact and identifying ways to reduce it. However, the process can be time-consuming due to the extensive data collection required to cover the volume and variety of information involved.   This challenge can be addressed with the help of document data extraction software like Xtracta, which automates carbon accounting by quickly processing documents and extracting relevant information. Third-party consultants and…

Driving Business Innovation with Enterprise Automation Despite advancements in digital technology in recent years, many workers still spend hours at work manually completing repetitive tasks. Time-consuming workflows and monotonous routines remain the status quo for many businesses. These inefficiencies often result in missed opportunities, underutilised talent, and staff disengagement. Enterprise automation software offers one solution to improving processes and optimising outcomes.   This blog post will explore how to apply enterprise automation to your business using Xtracta and how it could be simpler than expected to set up.   What is enterprise automation? Enterprise automation refers to any area of…

API in Digital Transformation – How Data Extraction Software Connects Systems Efficiently   Data extraction technology has made significant advancements in the last ten years. Initially rooted in basic optical character recognition (OCR), it has evolved to accurately read, interpret, and analyse a wide range of documents at scale, extracting specific information with precision. While other AI-driven tools have seen rapid growth and adoption, data extraction technology has yet to achieve widespread use. This article will explore how document data extraction can serve as a disruptive technology, driving digital transformation by seamlessly connecting different platforms and systems. This is particularly…

Top 5 eInvoicing Benefits – Going Paperless Electronic invoicing, or eInvoicing, represents one of many shifts in how businesses process invoices in 2024. Moving away from traditional paper-based or PDF methods, eInvoicing benefits all parties involved, making invoicing faster, more accurate, and easier to manage.   eInvoicing enables the quick digital exchange of invoice information between suppliers and buyers across different financial systems via a common network like Peppol. In its legacy form, it has been available for some time now as EDI (electronic data interchange), but historically, it would typically cost thousands of dollars to set up between trading…

Reconcile Payments Faster with Remittance Advice Extraction Remittance advice are important documents that many businesses rely on to help reconcile payments. Used to confirm customer payments and match them with invoices and credit notes, payment remittance advice documents assist the finance team with their day-to-day operations and keeps the business running efficiently. It is also instrumental in managing productive relationships with other businesses.   A remittance advice document typically includes a list of invoices that the client is including in a payment to their supplier. It will usually provide a table of the invoices being paid and the total amount…

Harnessing Contract Data Extraction for Business Success   Contracts are an important part of every business and often touch on all kinds of business functions, from sales and HR to procurement and facilities management. They play a pivotal role in the operation of different business units. Whether dealing with a high volume of lower value contracts or a small number of critical ones, managing contracts well is critical for business success.   If drafted and managed badly, a contract can lead to huge detriments to a business. For example, a multi-year, auto-renewing contract may require the purchase of goods or…