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While there are countless companies providing data extraction software, most of them use template-based software, requiring users to input a document map first. In this blog post, we discuss why Xtracta is different, and how machine learning allows our software to discover, classify, and understand new and complex documents with far greater efficiency than template-based processing software. To establish how Xtracta’s machine learning approach is different from other data capture models, let’s briefly explore traditional forms of data capture and template-based processing.   Traditional Forms of Data Capture Before the days of OCR data capture, documents such as invoices and…

When it comes to cloud hosting options for businesses, Xtracta’s public cloud is the most common option clients choose. However, did you know that Xtracta offers more than one type of cloud hosting? In fact, we have three different hosting options for clients to consider. Public Cloud Xtracta’s public cloud platform is similar to cloud platforms such as Gmail, where all users share the same underlying infrastructure with their own set space on those servers. Because the infrastructure is shared between users, it is often cheaper. Another benefit of this option is the speed of setup - the public cloud…

  Recently, there has been a push towards deep learning and the opportunities it offers within the realm of artificial intelligence (AI). From self-driving cars to voice and image recognition, deep learning stands behind many technological innovations and already impacts multiple aspects of human life. Today, we break down the fundamentals of deep machine learning, exploring its relevance within document data extraction software and explaining why—for Xtracta—it may not always be the best approach for our software or clients. A Definition of Deep Learning Deep learning is a class of machine learning algorithms that uses a multi-layered filter system to…

  While Intelligent Document Processing (IDP) helps SMEs to grow, it also plays an instrumental role in the internal operations of larger companies. Below, we explore the importance of Document capture software and OCR technology for large businesses and companies looking to grow.   Data Processing for Small and Large Companies Data is a fundamental part of every organisation’s workflows as it enables the daily progress of many business processes. Furthermore, for many businesses—especially large organisations or companies looking to advance in their industry—the pressure to reduce company costs, satisfy the demand of an ever-growing client base, and comply with…

  No matter the industry, when data entry is involved, the same concern crops up again and again—our human tendency to make mistakes. The prevalence of human error is undeniable—and it can often take up more time in business than people think. Below we explore the impact of incorrect data input for organisations and discuss the benefits of OCR data capture and data extraction software in comparison to manual data entry, and the human tendency to err.   To Err is Human Fundamentally, we all know humans are prone to make mistakes, especially when overworked, tired, distracted—the list goes on.…

  Data arrives in many forms and formats, and a streamlined business will have a strategy to input that data effectively. Today, businesses must strike the right balance between the adaptability of hands-on manual data entry and the efficiency of automated data capture, bridging the divide between the past and the future to develop a successful, holistic approach. Below, we break down the principles of automated data capture versus manual data entry, discussing how each plays a role in business operations and what companies can do to leverage them successfully.   What is Manual Data Entry? Manual data entry is…

  Many companies are embracing automation to save time and money with their document processing practices. That said, there is one step of the process that still takes up valuable employee resources: verification. Despite the advancements of automated data extraction, many hours are still being lost to manually verifying data that has already been processed. Enter straight-through processing (also known by its acronym STP). Thanks to improved accuracy, artificial intelligence algorithms, and confidence margins, systems like Xtracta can eliminate the verification step. Dive in as we explain what straight-through processing is, how it saves time on a big scale, and…

  When most people think of automated data extraction, they think of invoices, structured documents, and reconciliations. In other words, most people’s idea of potential data extraction applications is restricted to numbers, billing, and money. But there are so many other ways in which programs like Xtracta can help businesses thrive. In this blog post, we’re delving into the ways that automation can revolutionise any business, no matter the industry.   Customs Brokerage One of Xtracta’s largest clients is in the North American customs brokerage vertical, assisting importers and exporters with navigating the intricacies of customs regulations. As anyone who’s…

At the core of many pieces of modern software lies big data. It’s the future of data-driven industry—a new way to identify patterns that might have otherwise gone unfound. When it comes to intelligent document processing, big data is a cornerstone of the practice. As one of the technological leaders in this space, we use big data to create a highly accurate data extraction platform powered by a well-fed artificial intelligence (AI). Discover what big data is and how we’re using it here.   What is Big Data? Big data is a computing term used to refer to extremely large…

Intelligent Document Processing (IDP) is the core of Xtracta. It’s the reason we offer a ‘set and forget’ approach to document processing—a result of artificial intelligence and machine learning combining to interpret documents of all structures, lengths, and styles. But why does this exist in the first place, when standard data capture software already exists? The answer has to do with efficiency and scalability. While companies have happily dealt with templating their documents for many years now, unstructured documents like emails, notes, and industry reports are now being seen as the information gold mines they truly are. Additionally, the sheer…