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  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…

For companies faced with hundreds of documents to process, accurately extracting the data within meant a lot of time and effort, until automated data entry software changed the game forever. Unfortunately, many types of this software aren’t configured to handle many documents once. Either that, or their cost structures make it impossibly expensive to process more than a few documents a day. This is what separates Xtracta from other data entry software; our cost structures and processing capabilities make it easy to churn through large amounts of data efficiently. Discover how Xtracta can process many documents in a row, and…

A few decades ago, machine learning and artificial intelligence (AI) were terms seen mostly in science fiction, heralding a future that we could only marvel at. However, thanks to speedy advancements in technology, the neural networks of the 1950s have quickly shifted to the deep learning networks of the present day. Before we get into the nitty-gritty, it’s important to know that machine learning and artificial intelligence are not separate from each other. Machine learning is in fact a branch of artificial intelligence, facilitating the wide array of tasks the modern AI can accomplish. Whether it’s creating a self-driving car…

Whether it’s receipt scanner software or a full-service data extraction program, good data capture will always benefit from machine learning. With an adaptable approach to template creation and document types, data capture can change the way your business operates. Here at Xtracta, we believe in the power of learning software. That’s why we’ve developed our data capture software to give businesses a versatile, adaptable, and intelligent companion in the data collection process. So, why is data capture is made better by machine learning and how is it pushing the field forward as a whole? Find out below! What are the…

Running a business is all about managing your resources, both in terms of how much money you have and how many employees you need to get the work done. Despite this, many businesses still opt to leave data entry, processing, and other busywork to their employees when these tasks could be completed using automated data extraction. Corporate competition has never been more intense, and in an age of aggressive technological advancement, shockingly few companies are opting to automate their data entry processes. Beyond that, automation could be a key aspect of a business’ recovery strategy during the pandemic. Automation is…