A large majority of Xtracta’s client base is comprised of other software vendors looking to build our technology into their platforms. In this article, we discuss the benefits of automated data extraction for companies that develop and sell software solutions used by the larger market. Using some successful case studies, we explore how industry-specific software and OCR AI solutions such as invoice and contract data capture have been incorporated to meet unique accounting and data processing needs within different industries.
Where is Industry-Specific Software and Automated Data Extraction Needed?
Xtracta works with a range of different third-party vendors to create Optical Character Recognition (OCR) AI solutions that offer smooth integration with their platforms. While most vendors we serve are industry agnostic, we do have some customers who focus on creating industry-specific software.
- Industry Agnostic Software: This is technology such as expense management software or accounts payable automation software that is built to function across a variety of industries
- Industry-Specific Software: Industry-specific solutions that are created to cater to the unique needs of one industry
Advantages of incorporating data automation into industry-specific software include improvements in data accuracy alongside major efficiency improvements it can bring to the users of software vendors with the technology incorporated. As we explore below, each industry has unique challenges to consider and different benefits to gain from automated data extraction.
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Data Capture Software for Healthcare
For example, within the healthcare industry, automation involves the use of different software to facilitate the efficiency of medical services (e.g., enabling fast data retrieval and access to past prescriptions for patients, as well as improving clinical notetaking, and customer orders). By integrating data extraction, vendors of medical software can provide their clients with medical accounting and document processing solutions that maximise the efficiency and accuracy of healthcare services for practitioners and their patients.
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Data Capture Software for Insurance
Insurance is another industry that has unique document requirements, such as application forms for getting insurance approved. Without automated data capture solutions to process these forms, businesses will need to rely on manual data entry, which—in terms of time and labour expenditure—is much more costly and prone to errors. Software vendors providing to the insurance industry can dramatically improve the experience and efficiency of users of their software by cutting out this process. There are countless other examples of process improvements software vendors in the insurance space can also offer—another popular application is for claims processing where documents submitted in support of a claim can be automatically analysed with pertinent data capture captured, for example from repair bills, etc.
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Accounting Software for Farming and Livestock
One of the companies that we work with creates accounting software for farmers. The accounting requirements and needs for farming are very different compared to manufacturing or logistics-based business.
For example, farmers who sell livestock are dealing with a product that is naturally created and grown, and naturally expires. When farmers send their livestock for slaughter, the abattoirs are the ones who determine the price of the stock based on the grade of the animals (e.g., the different grades of meat).
In terms of accounting, this process requires unique buyer-created invoices from the abattoir, which is quite a different process compared to standard stock-based business accounting. This is because the value of the product is only known when the buyer processes them, so the buyer is in a better position to determine the price of the goods than the seller.
Automated data extraction solutions can alleviate a lot of challenges farming businesses are dealt. For example:
- Farmers must meet set criteria when selling livestock and industry-specific documents are also needed. Automated data capture can simplify this process and provide greater accuracy, making it easier for farmers to meet these requirements.
- For abattoirs, data automation provides a fast and efficient way to send and allow their customers to process buyer-created invoices, giving them more time to spend on other aspects of the business.
- Additionally, if farmers are purchasing from rural suppliers, they may have monthly statements rather than individual invoices to deal with. In this instance, automated data processing can facilitate smooth transactions for their end-of-month payments, which include all purchases made within that timeframe. This process is not typical within most other industries, where payments are made on specific invoices.
Discover how Xtracta’s receipt OCR and data capture technology can bring value to your company
Xtracta works with software companies and developers to build or integrate data extraction technology into their applications. Whether it’s large volumes of invoices, receipts, contracts, or other complex documents, we can help organisations of all sizes save time and money by streamlining their document processing.
If you’re interested in discovering how Xtracta’s receipt OCR and data capture technology can bring value to your company, get in touch with our team today.
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