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How to Calculate ROI When Choosing an IDP Solution

How to Calculate ROI When Choosing an IDP Solution Implementing an Intelligent Document Processing (IDP) solution is one of the most compelling investments any business can make. The investment can pay off quickly, often in just a few months. So, how do you determine its potential value to your business? In this article, we'll explore  how to calculate ROI  when selecting an IDP solution, factoring in crucial variables such as labour costs and location. Understanding the Basics of IDP ROI Calculation Businesses typically invest in IDP to save time and costs. AI-powered IDP solutions automate manual, repetitive tasks that hinder…

Xtracta Admin2023-09-23

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Innovative AI Models – Going Beyond Language

How Xtracta Uses AI Models The evolution of artificial intelligence has impacted businesses worldwide, and Xtracta is at the forefront of this rapidly changing landscape. Our AI models have become invaluable tools for organisations across various sectors. But how do our models differ from the rest? Join us as we explore Xtracta's AI-powered data extraction software solutions and how they are reshaping industries for a more efficient and productive future. Xtracta's Multi-Modal-Models: Going Beyond Language The growing popularity of deep-learning based AI language models like ChatGPT has skyrocketed as businesses seek new ways to become more efficient. These models often focus on a single…

Xtracta Admin2023-08-23

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Simplifying B2B Operations: How Xtracta is Transforming the Purchase Order Process

Simplifying B2B Operations: How Xtracta is Transforming the Purchase Order Process Within the B2B realm, exchanging purchase orders is vital in facilitating smooth transactions between buyers and suppliers. Recognising the significance of these processes, Xtracta, a leading provider of  data extraction software, has introduced an innovative service that aims to revolutionise how businesses handle incoming purchase orders from their customers. In this article, we'll delve into the details of Xtracta's purchase order data extraction API and how it can boost operational efficiency. The Significance of Purchase Orders in the B2B Realm Before delving into the benefits of Xtracta's…

Xtracta Admin2023-07-23

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Five Key Advantages of IDP Solutions for SMEs

Five Key Advantages of IDP Solutions for SMEs SMEs face numerous challenges in today's competitive business landscape. Time constraints, tight budgets, and limited resources can hinder growth and efficiency. Fortunately, SMEs now have a powerful tool to streamline their operations: Intelligent Document Processing (IDP). Typically powered by AI, IDP automates the extraction of valuable information from various document types. So, how does this help small and medium-sized enterprises (SMEs)? Below, we cover the advantages of IDP solutions for SMEs, exploring how they can use automatic data extraction software to save time, reduce costs, and maximise productivity. 1. Save Valuable Time Time is a valuable resource for…

Xtracta Admin2023-06-23

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Opportunities for Bank Statement Extraction

Opportunities for Bank Statement Extraction Xtracta is a highly flexible system that supports data extraction from numerous document types, including bank statements. The digital revolution has driven an increasing demand for such services, particularly as banks and other lenders switch to more digital platforms. As a result of this trend, we have seen a rise in demand for bank statement data extraction software across various industries, particularly finance. Today, we explore the importance of bank statement data extraction, its various use cases in different industries, and the benefits of Xtracta’s bank statement extraction capability. Bank Statement Data Extraction and Its Use Cases Bank statements…

Xtracta Admin2023-05-23

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Xtracta’s New ID & Passport Data Capture Capability

Xtracta’s New ID & Passport Data Capture Capability In today’s fast-paced world, more people want convenient document processing solutions that cut inefficiencies and improve accuracy and security. One crucial area worth optimizing is the manual processing and verification of identity documents. Today, we’re happy to introduce Xtracta’s new ID and passport data capture capability! Recently launched to meet market needs, this data extraction capability enables users to extract data from virtually any identification document, from driver’s licenses to national ID cards. Read below to explore this new capability, its benefits, and use cases. You’ll also discover why Xtracta’s automated data…

Xtracta Admin2023-04-24

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The Benefits of Document Automation for Law Firms

The Benefits of Document Automation for Law Firms Today, we cover the benefits of document automation for law firms, exploring how lawyers can save time on document management while improving client experience both in the production and review of documentation. Learn how document capture software relates to e-discovery and how lawyers can utilise automation software like Xtracta. Document automation can review client data and find relevant information, no matter how many documents there are. We break down the primary benefits below. Increases Document Processing Efficiency In regards to document production, document automation for law firms increases efficiency by streamlining the process of identifying,…

Xtracta Admin2023-03-23

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IDP Fundamentals & The Stages of Data Processing

IDP Fundamentals & The Stages of Data Processing Intelligent Document Processing (IDP) is critical to any organisation looking to turn vast amounts of unstructured data into actionable insights or optimise existing workflows. This article explores the basics of IDP and the different stages of data processing. Learn how your enterprise can use Xtracta’s data extraction software to drive real business value. Different Needs, Different Approaches to IDP Intelligent Document Processing (IDP) is a process that leverages technology to extract valuable information from various document types. IDP enables businesses to convert unstructured and semi-structured data into meaningful data that is easy to use in accessible…

Xtracta Admin2023-02-23

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When to Automate Your Data Processing ?

When to Automate Your Data Processing? Knowing when to automate your data processing software is critical to stay competitive and resilient regardless of your industry or company size. Below, we explore common signs indicating a need to automate your company’s data processing software. Facing Labour Shortages Labour shortage is one of the most pressing reasons companies automate their data. As a global issue affecting businesses and people worldwide, research predicts that by 2030, more than 85 million jobs may be left unfilled due to a shortage of specialised people. Some driving forces behind the labour shortage include COVID-19, low wages, an ageing population, and…

Xtracta Admin2023-01-23

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How Automated Inventory Systems Improve Inventory Management

How Automated Inventory Systems Improve Inventory Management As a sub-element of supply chain management, inventory management has been around for more than 20 years. Here, we explore the current state of inventory management and delve into the possibilities offered by automation solutions such as Xtracta’s OCR & AI data capture technology. Learn about the importance of automated inventory systems for supply and demand, the importance of data for company resilience, and more. Why Is Inventory Management for Supply and Demand So Important? Inventory management is fundamental for every company dealing with products, but why is it so important? As every business that survived…

Xtracta Admin2022-12-23