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OCR, data extraction, and AI are common terms in today’s media, but the distinction between them is often blurred (e.g., OCR AI and OCR data extraction). So, what does OCR mean and how is it related to AI and data extraction? Below, we’ll clarify these terms for you. Read on for a quick overview of each and what sets them apart. Learn what makes these terms more than just buzzwords, how they should be used, and how they relate to each other within the context of Xtracta’s automatic data capture technology. Optical Character Recognition (OCR) Optical character recognition (OCR) lets…

Manual invoice processing is slow, costly, and resource-intensive. Through accounts payable automation and invoice data capture software, businesses can save time, resources, and successfully maintain business continuity. Invoice scanning software and process automation can benefit your business in numerous ways. Below, we explore the benefits of automated invoice processing for accounts payable and how it can benefit your business. Read more. Reduced Carbon Footprint With invoice scanning software, companies can receive invoices as PDFs, scanned images, Google docs, and other digital formats instead of printing, filing, and storing paper documents. These digital documents can be stored in the cloud, making…

In a world driven by technological advancement, artificial intelligence (AI) has a significant impact on the progress and transformation of industries worldwide. For example, through Xtracta’s AI engine (which has full OCR support), businesses can now achieve fast and accurate data capture for use cases like invoice scanning, contract extraction, and more. This simplifies the way they deal with data and minimise the need for time-consuming manual data processing. The possibilities of AI are endless, and today, we will discuss current artificial intelligence trends, exploring everything from the potential of AI in supply chain automation to cybersecurity, and more. Below…

Here, we discuss the role of automation and data extraction software in invoice management systems. Read on to learn all about invoice processing, including traditional methods of invoice processing, the basics of invoice automation, and where AI fits in. What is Traditional Invoice Processing? Traditional accounts payable invoice processing is usually a manual, paper-based process, often drawn out into multiple steps—inputting invoice data received from multiple sources (e.g., mail, fax, and email), matching purchase orders, approval routing, filing, and more. Within this process, accounts payable is responsible for processing invoices. Through traditional methods, this can be a very tedious task…

When it comes to fast and efficient document processing, how beneficial is it to have automation technology to process data? Does intelligent document processing (IDP) apply to unstructured data? We’ll explore these questions below, elaborating on the difference between structured and unstructured data and why it’s important to have data capture technology that can process and classify documents. What is Unstructured Data? Unstructured data is the most abundant form of big data and can come in textual and non-textual formats. It is so abundant because of its diverse nature; it could be anything from text data, media, and images to…

Knowing how to scale your business effectively can be challenging. Here, we explore key difficulties companies are often faced with when scaling their business, elaborating on ideas for effective scaling, including the advantages of nurturing an automation-first mentality and implementing scalable processes and digital document extraction technology. What Are the Key Challenges for Business Scaleups? When it comes to scaling a business for long-term success, some of the most common challenges or setbacks for companies include: Getting substantial investment. Investment is the most obvious prerequisite that most new companies need to obtain to scale up. Implementing scalable processes. Investing in…

When it comes to the growth versus scalability of a business, is there a difference? While these two terms are often used interchangeably, there are some key differences between the two that every business should be aware of. Here, we explore the difference and why it matters, and delve into the value that automation solutions such as Xtracta’s data extraction API and data capture software bring to the table when talking about growing vs scaling.   Business Growth vs. Scalability: The Basics First, let’s start by defining the most common distinction between these two terms. Growth is a concept that…

A large majority of Xtracta’s client base is comprised of other software vendors looking to build our technology into their platforms. In this article, we discuss the benefits of automated data extraction for companies that develop and sell software solutions used by the larger market. Using some successful case studies, we explore how industry-specific software and OCR AI solutions such as invoice and contract data capture have been incorporated to meet unique accounting and data processing needs within different industries.   Where is Industry-Specific Software and Automated Data Extraction Needed? Xtracta works with a range of different third-party vendors to…

How We’re Progressing Artificial Intelligence Today, we discuss how Xtracta is progressing within the realm of OCR AI technology and machine learning, including deep learning and its relevance within the development of general training models. Controlled Feature Set Machine Learning When it comes to introducing learning models to new clients, one of the decisions we have made is to utilise controlled feature set machine learning models. By doing this, the number of training sets and the number of samples customers need to train with can be significantly decreased. One advantage of using this approach to training models is significantly reducing…

Building Integration with Xtracta’s API Today, we explore the advantages of Xtracta’s API, offering a benefits breakdown for organisations looking to integrate Xtracta’s OCR solution into their pre-existing software. What’s an API Integration? Through API integrations, companies can automate repetitive tasks and integrate their databases and programs with the latest industry applications. API integrations enable workers to gain the advantages of multiple cloud-based apps and deliver fast and continuous communication between applications. APIs also enhance product development, allowing organisations to launch innovative initiatives smoothly and efficiently while reducing the associated costs of the process. How can APIs help your business?…