introduction of AlgoDocs OCR
Sometimes dealing with PDFs can be the worst boring task ever, especially when all of them need reviewing, approving, extracting, and organizing. Like, who has time to pore over page after page searching for key details?
There’s got to be a better way than printing, scanning, or—the forbid idea—manually retyping all that vital information. What if I tell you that you can turn those PDFs into structured data with just a few clicks? It’s time for you to take a sigh of relief, and depend on AlgoDocs optical character recognition to transform those jumbled documents into neatly organized data your systems can read.
Let’s learn how AlgoDocs’ AI-powered OCR can help your business achieve its goals faster. You’ll be shocked at how easy it is.
What Is Data Extraction?
You might have already heard this term a countless time in your company. Data extraction refers to the process of retrieving information from scanned documents, images, and even handwritten data sources and then organizing it into a structured format for further analysis or consumption. Think of it as a way to take information that may be messy or disorganized, like a PDF document or images, and pull it into a standardized digital format.
How Does Data Extraction Work?
The data extraction process typically involves using software or a tool like AlgoDocs that uses advanced AI-based optical character recognition (OCR) to detect text in PDFs, images, and other documents. The extracted data can then be exported so you can easily load it into databases and other systems for further processing and analysis.
Why Is Data Extraction Important?
Save Time and Money
If you want to run a business smoothly, you need to save time and money. As an employee, if you need to work efficiently, try working smartly. You don’t need to spend hours and effort manually entering the data. Your work will be tedious and error-prone. Instead, try using an automated data extraction tool like AlgoDocs. Rather than paying employees to manually enter data from documents like invoices, statements, or receipts, such a tool can automatically extract and organize the data for you.
Improve Data Accuracy
As Alexander Pope says: To Err is Human. It is in human nature to make mistakes. However, AlgoDocs uses advanced OCR and machine learning algorithms to identify and capture data from documents with a high degree of accuracy. This means the extracted data can be validated, cleaned, and standardized before being exported to your required format.
Scale Easily
As your business grows, the volume of documents and data you need to process also increases. Now don’t you go on hiring staff for tedious data entry work, wasting all that money. Use a strong AI based tool to handle small or high volumes of documents. AlgoDocs has the computing power and algorithms to efficiently extract data from PDFs even if there are thousands of them per day.
Integrate with Your Systems
AlgoDocs can extract data from many common file types like PDFs, JPGs, and TIFFs. The extracted data can then be exported in a format that works with your existing systems and software like csv, Json, excel, accounting platforms, ERPs, CRMs, and databases. This allows you to easily integrate AlgoDocs into your current business processes and workflows.
Data Extraction Methods
OCR-based data extraction
Optical character recognition or OCR is a common method for extracting data from scanned documents or PDFs. OCR software converts images of text into machine-readable text data. It can recognize text in various languages and fonts. However, OCR isn’t perfect and can make mistakes, especially with handwriting and tables. It often requires manual data extraction, so work along with your expertise to make full use of the software.
Manual data extraction
Teams of data entry clerks or outsourced staff extract specific data fields and enter the information into spreadsheets. While time-consuming and labor-intensive, it is often used to validate or correct data extracted via OCR.
AI-enabled data extraction
Modern AI and machine learning techniques have enabled automated data extraction with human-level accuracy. Literally every modern thing is going AI. Interesting, right? AI-based tools can learn to identify and extract data from documents, even those with complex layouts. They use computer vision and natural language processing to detect data fields, read text, and understand the context to accurately extract information.
No matter where you need to extract the data, AI-powered data extraction ensures you get the information you need quickly and affordably.
Automation- The Need of the Hour
Automation is the talk of the town in today’s business world. The simpler businesses are way below average compared to the new ones integrating automation.
Every industry is looking to automate processes to work more efficiently and boost productivity. Think how much time your staff spends on repetitive data entry each week. Automating just one of these time-consuming tasks can free up hours.
Introducing Automated Data Extraction with AlgoDocs
Say goodbye to manual data entry
AlgoDocs uses optical character recognition (OCR) technology to automatically extract data from PDF or your scanned documents. This means no more manually entering information from invoices, receipts, bills of lading, and other paperwork. AlgoDocs can extract data like vendor names, invoice numbers, line items, totals, and more in real time.
Export data how you want
Once AlgoDocs has extracted your data, it can be exported directly to your accounting, ERP or other business systems. You can also export the data to JSON, Excel or CSV files for further analysis. You’ll see a lot of export options; therefore, it works seamlessly with all types of businesses.
Accurate and affordable
AlgoDocs makes use of machine learning to become more accurate over time and offers scalable pricing for businesses of any size.
They have forever-free plan suitable for small businesses and individuals just getting started with automated data extraction as well as enterprise-level options for large organizations. The free plan enables you to parse documents effortlessly for up to 50 pages monthly. This is such a blessing in a world full of heavily paid tools with no free plans.
Secure and compliant
Worried about uploading private documents? AlgoDocs stores all your documents and data in a secure cloud database. They are compliant with regulations like ISO 27001 (Information Security Management System) and ISO 9001 (Quality Management System) certified and GDPR ready and do not share or sell your data to third parties. You maintain full control and ownership over all documents and data processed through the AlgoDocs system.
Free up your team to focus on what matters
Now that AlgoDocs has taken the duty of handling the PDFs, your staff can work on other more useful tasks meanwhile. They can spend less time entering data and more time analyzing reports, optimizing processes, and other high-value tasks. This can help reduce costs over the long run and enable business growth.
Flexible Data Extraction
Now here is the fun part, you can actually customize the data fields and formats to your needs. You can define data fields, data types, and extraction rules to control exactly what information is pulled from your PDFs. AlgoDocs learns to become increasingly accurate at identifying and extracting the correct data.
Integrations and APIs
AlgoDocs offers developer APIs to build custom integrations and automate your document processing workflows.
Final Thoughts
The takeaway? Tools like AlgoDocs can be a game-changer for your business. With its powerful OCR, you can turn those dusty old PDFs into usable, searchable data in no time. Extract tables, analyze text, and export it all into formats your other software can read.
Sign up for a forever free subscription today and see how AlgoDocs can transform your processes. This could be the missing piece to help your business run smarter. Don’t let this opportunity pass you by.
For further insights into data extraction techniques, don’t miss our companion article Extract Data from Images to Excel with AlgoDocs.
