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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…

With the effects of COVID-19 still prevalent worldwide, what changes can we expect to see for logistics and shipping companies? We explore this question below, looking forward to the future of logistics and supply chains. Learn more about the benefits of cloud-based solutions and how automated OCR software powered by artificial intelligence can help. If you haven’t yet, please check out the first part of this article, where we discussed the benefits of automation in logistics. The Future of Logistics and Supply Chain The serious economic implications of COVID-19 within the logistics and supply chain industry will likely be felt…

Staying afloat on mountains of paperwork is one of the biggest struggles for logistics companies, especially those that use outdated processes. Below, we explore the benefits of automation in logistics and transportation and how automated document management solutions enable efficient workflows for precise record-keeping, tracking, and shipping of goods. Read on to discover how OCR data capture solutions like Xtracta can mitigate or prevent costly errors and increase efficiency for your logistics document management software. What is Document Management in Logistics? Document management software in logistics and transportation allows companies to efficiently manage document flows in their supply chain. All…

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…