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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…

Customs Automation & IDP for the Customs Brokerage Industry Manual document processing costs businesses a fortune every year. This cost is particularly significant for companies within the customs brokerage industry as they deal with high volumes of documents daily. From bills of lading and manifests to certificates, commercial invoices, and more, customs brokers and freight forwarders handle countless documents and forms in various templates, all of which must be sorted, verified, extracted, and processed. Below, we explore why customs automation and intelligent document processing (IDP) are essential for businesses large and small within the industry. Discover how a digital document extraction solution like Xtracta…

Enterprise resource planning (ERP) is an essential part of every business. We explore the role of data capture in an ERP implementation plan. Read on to learn why digital document extraction and data capture software are vital to successfully integrating your ERP implementation. But First, What Is ERP? Enterprise resource planning (ERP) is an all-encompassing business management system. An ERP application gathers inputs from various departments—from manufacturing and supply chain management to accounting, sales, marketing, human resources, etc.—to mediate business processes, offer insights, provide reporting, manage internal controls, and much more. Larger companies often have ERPs that handle all parts…

Data security should be a priority for all companies. Here, we explore practical ways businesses can ensure their data is secure. Read on to learn how security and crime have changed over time and how to increase your data security in today’s data-centred landscape. We review the importance of secure passwords, multifactor authentication, anti-malware, and more. We also discuss the security measures we have in place that clients can rely on when using our data extraction OCR software to streamline their operations. Crime These Days is Largely Committed Online The need for security has been around as long as thieves…

"I’m not sure we can implement this... the information required is complicated to access, stored in different systems, and our teams often need to request paper documents from other teams..." This is one of the most concerning answers we hear when talking to decision-makers about integrating Xtracta into their company software. Unfortunately, this situation is not uncommon. The lack of accessibility to relevant documents within organisations and the persistence of analog data (printed, hard copy documents) are key reasons why many businesses don’t have transparency around their data. Furthermore, most organisations have difficulty accessing data trapped in physical and unstructured…

The financial services sector is one of the most data-intensive sectors in the global economy. Here, we discuss the impact of big data in banking, including personal banking, business banking, and investment banking. Read on to learn the role of big data in each of these areas and how Xtracta’s automatic data extraction technology and OCR software enable financial companies to best use big data to their advantage. What Does the Term ‘Banking’ Encompass? The term ‘banking’ is a term that encompasses a wide range of areas. Banking is very data dependent. For example, personal credit (credit cards, home loans,…

Xtracta's data extraction technology caters to businesses from all industries, and we offer a range of cloud hosting solutions to suit large companies and SMEs (small and medium enterprises). Cloud computing has profoundly transformed how we live and work today. We explore how cloud development has benefited businesses worldwide, identifying what individual companies expect when adopting this technology. Read on to learn the benefits of cloud computing for enterprises and where Xtracta fits in. But First, What Is Cloud Computing? Cloud computing is storing, processing, and managing data via a network of remote servers hosted on the internet. This method…

In the article below, we’ll take you back to the basics of automated data capturing, exploring what automated data capture is and the process of capturing information through Xtracta. We also touch briefly on how data capture methods like OCR data extraction can significantly reduce associated costs and benefit businesses. Read on to learn more. The Basics of Automated Data Capturing What is data capturing? As the terminology suggests, data capture is the collection (a.k.a. ‘capturing’) of structured and unstructured data, usually to be stored inside an alternative structured system or fed into another process. For example, in a census,…

Working from home (WFH) or remotely is becoming more of a long-term reality for many of us. COVID-19 made working from home a necessity. However, most businesses saw this shift as a temporary response to the pandemic rather than a long-term work solution, and their strategies reflect this. How can organisations ensure their processes and workflows are optimised for a sustainable remote working environment? We discuss this below, exploring the benefits of process automation, including the benefits of Xtracta’s AI-powered OCR software and API integration. Read on to discover how automation helps businesses facilitate smooth processing and greater productivity in…

Accounts payable efficiency is crucial to maintaining a business’s financial planning, ensuring accurate cash flow forecasting, and building a rapport and strong reputation with its vendors. Below, we explore how automation solutions like data extraction software, powered by OCR & AI, can address inefficiencies in the accounts payable process to maximise efficiencies and benefits for companies. Unresolved AP Problems Can Accumulate Daily, accounts payable teams face numerous challenges that inhibit their workflow. An invoice with no matching purchase order in the system, for example, or a late invoice notice when no one saw the original invoice arrive. Ongoing issues like…