Data Extraction and Industries: Where Automation Fits In
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.
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 made their way through an airport knows, there are many processes to go through before anything can cross a border.
Products—whether individual or in bulk—must meet many different specifications before the import or export can pass over the border. Put simply, a lot of checklists are involved. What you tend to have is customs brokers needing to go through and check all these documents, then submit reports on the imports to customs agencies. Done manually, this takes a very long time.
Instead of doing this manually, Xtracta can eat up the importer’s documents, compare them to specified documentation, then submit the processed information to the customs agencies. For large companies such as this, the reduction in labour costs is tantamount to a cash injection.
Property Finance and Lending
Another application of data extraction growing in popularity is around the processing of lending documentation and applications. If anyone wants to borrow money to develop or invest in a property, the lender will ask for documentation to prove they can handle the loan. This process involves myriad documents, including bank slips, appraisals, credit checks; lots of documents.
Through automation, Xtracta can find the salient information from the different documents and submit completed applications to the banking system to check against credit. From the perspective of the lender, this is a huge timesaver. Manual submission is a thing of the past, allowing for real-time mortgage pre-approvals (which is a huge draw).
A final example lies in the share trading sector, bridging the gap between manual data processing and financial analysis. Investment firms, lenders, and others with their fingers in the financial pie would benefit from the efficiency, accuracy, and automation of Xtracta. Most of these places want to do analysis on companies for share trading, predicting the market’s path and getting in front of it. To quickly produce reports on profit and loss, financial forecasts, and share breakdowns, nothing beats data extraction technology.
Rather than having to manually process this information, rather than having to open up all the reports and extract the values, they can instead configure Xtracta’s contract OCR to split up the annual financial reports of the companies in their portfolio and find the salient points. Different companies will have different formats, but Xtracta can find the data in all of these thanks to its adaptable, AI-powered data recognition engine.
Talk to the Xtracta team about implementing data extraction technology in your company.
Regardless of your industry, our versatile invoice, contract, and receipt OCR can inject efficiency into your data processing. Talk to a member of our expert team about how you can integrate Xtracta into your in-house company software today.