![]() Besides that, the information needs to be entered into your digital systems. ![]() Sadly, the data is unstructured resulting in the fact that you need a backoffice team to identify the presence of information on documents, such as the salary on the payslip. This information has to land in your database, or decision making system. To do so, customers send in documents containing this information. By law, you are obligated to do KYC checks, register the buyer’s income and probably more. Imagine you are a bank, giving out mortgages to home buyers. Now that the definition of data extraction is clear, let’s continue with the importance of the process. Manual, automated and human in the loop (which is a combination of the first two). There are three forms of the extraction of data. It is the foundation for doing a critical analysis in the decision making process. Those types of data are typically used to improve the company’s operations. These sources are usually poorly organized and completely unstructured.Įxtracting the data allows you to process, store and analyze the data even further elsewhere. ![]() So, what does it mean to extract data from documents? It basically comes down to retrieving various types of data from one or multiple sources. In this blog, you will gain a better understanding of the meaning, the techniques, the process, the importance and you will get an example and an answer to the question: “What is data extraction?”. This speeds up the entire process.Īre you curious how this works? Or do you want to familiarize yourself with an overall better understanding of the extraction of data? Continue reading then. ![]() Luckily there’s an answer: automatically extracting data from documents. It is quite easy to get started with, but realizing what it can do for your business might take a while.ĭo you or your employees have to process hundreds, thousands or even millions of documents per month manually? Is this a process you would rather get rid of? You’re not alone. ![]() The use of automated document data extraction can transform your business. Verify the extracted data with third party sources
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