Every business today spends a lot of time (eventually money) on data processing. For critical business processes, the data is even more important, and businesses still rely on manual processes to extract data from documents and verify the data.
Today, we live in a time where augmented intelligence tools are available to help businesses extract data from documents and verify the data on your behalf.
What is Document Data Extraction (DDE)?
Document Data Extraction (DDE) is the automated process of capturing and converting information from physical and digital documents into structured, machine-readable data. Think of it as a smart digital assistant that reads documents like invoices, contracts, or forms and pulls out specific information you need – just like a human would, but faster and more consistently.
How can Document Data Extraction (DDE) help your business?
Document Data Extraction (DDE) can help you run a tighter business by leaving less room for human error. Here are some of the benefits of using a Document Data Extraction (DDE) tool like S1 EDGE:
- Increased Accuracy: DDE tools can read and extract data with high accuracy, reducing the risk of errors in financial reporting, compliance, and other critical areas.
- Time-Saving: Automating document processing can save your team hours each week, allowing them to focus on more strategic tasks.
- Cost-Effective: By reducing manual data entry, you can save money on labor costs and improve your overall operational efficiency.
- Improved Compliance: DDE tools can help you stay compliant with regulations by ensuring that your data is always up-to-date and accurate.
- Scalability: DDE tools can handle large volumes of documents, making them ideal for businesses with complex document workflows.
Difference between OCR (Optical Character Recognition) and DDE (Document Data Extraction)
OCR (Optical Character Recognition) is a technology or method that allows computers to read text and numbers from scanned images of documents, such as invoices, receipts, and forms. It’s a form of machine learning which uses computer vision algorithms to analyze the images to extract the text.
DDE (Document Data Extraction) is a much more advanced form of OCR which simulates human intelligence to understand the context of the document, and extract the data from the document which tends to be much more accurate than OCR.
How can I prototype a DDE solution today?
You can start your DDE prototyping today using S1 EDGE, which offers a free trial to get you started. S1 EDGE is built by custom-built computer vision frameworks that are trained to extract data from business documents like invoices, receipts, contracts, and more. What’s better is that you can convert currencies, dates, and other data types from the document into structured data.
From the observation, we have seen that most businesses using S1 EDGE’s DDE has saved them hundreds of hours of manual data entry efforts, accuracy, and eventually cost for the business.
What are some ready-to-use Document Data Extraction (DDE) tool using AI?
Skcript’s S1 EDGE is a ready-to-use Document Data Extraction (DDE) tool assisted by AI to help you extract data from scanned documents into a powerful excel spreadsheet.
Since Skcript S1 EDGE is built at enterprise-scale, it can handle large volumes of documents and can be scaled to handle millions of documents in a matter of minutes. Even better, you can also automate the data extraction process to run on a schedule or setting up a workflow to run the data extraction process as per your business schedule and send you a report based on the data extracted.
Demo of Document Data Extraction (DDE) tool
You can schedule a demo with our engineering team to learn in general about how Document Data Extraction (DDE) works and how it can help your business. Reach out to us here.