Blog

OCR vs AI Data Extraction: Why Machine Learning Matters Optical Character Recognition (OCR) has long been used to digitise physical documents, transforming printed or handwritten text into machine-readable data. But as document formats grow more complex and business needs become more demanding, traditional OCR technology is reaching its limits. Additionally, there is an industry shift away from paper with ever growing numbers of documents being produced and sent as digital files such as PDFs.   Today, AI-powered data extraction offers a more advanced, flexible alternative. Let’s compare OCR vs AI Data Extraction, unpacking the differences and examining why intelligent solutions…

Why Generative AI Isn’t Enough for Invoice Capture For businesses aiming to reduce manual workloads and embrace automation, invoice capture is often one of the first areas explored. Traditional paper invoicing can take around 23 days to process, provided there are no issues. When errors are involved, processing times can stretch to as long as 90 days, a delay many businesses can’t afford while waiting on vital cash flow.   At first glance, using generative AI (GenAI) for invoice capture may appear to be the most accessible solution, especially if your team is already familiar with it in other areas…

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…

How Automated Data Capture is Empowering the Insurance Industry The insurance industry is notoriously entangled with extensive paperwork. From policy creation to claims processing, there's a seemingly endless trail of documents to navigate. However, AI-powered data extraction technology is simplifying how insurance companies manage these papers, enhancing both efficiency and accuracy across the board.   Xtracta is helping to lead this movement, enabling insurers to process information more quickly and with fewer errors than ever before. Join us as we explore how insurance companies achieve unprecedented operational excellence through data extraction.   Streamlining Onboarding with Automated Document Handling Data extraction…

How Receipt Capture Technology is Influencing Consumer Behaviour Analysis In today's world, where virtually everything we buy can be tracked, analysed, and turned into actionable insights, the simple shopping receipt is becoming increasingly valuable for market research. Many companies are using receipt capture technology to unlock the secrets of consumer habits and behaviour. Join us as we uncover the impact of this groundbreaking technology on consumer behaviour analysis and how it's reshaping the market research landscape.   What is Receipt Capture? Xtracta's receipt scanner API automatically captures and extracts information from physical receipts. This AI-powered technology supports practically all receipt formats and offers multiple…