5️⃣ Benefits of a Data Extraction System
Building an efficient workplace benefits both your employees and your organisation. By removing unnecessary steps and reducing tedious tasks, you create space for your staff to develop their skills and knowledge. And when your employees can grow and work efficiently, everyone benefits.
One way to create an efficient workplace is by utilising automated data extraction systems.
What are data extraction systems?
While traditional systems use a template-based approach to find information on an x/y axis, a data extraction system finds the information and data points you need and collects them into a database for you.
Systems powered by machine learning understand documents just like humans do, and locate information independent of the document layout. You can use the information to analyse trends, company spending, trouble spots, and other areas of your business.
Additionally, you can customise data extraction systems to look for targeted information. Using an automated system can save your organisation valuable time and hours of human resources. Other benefits include:
Benefits of a data extraction system
- Customisable to your business needs
- Increased efficiency
- Easier access to your information
- Saving time and money
- More accurate results
Customisable to your business needs
You can customise a data extraction system to meet your business needs and wants. The system can be set to search for specific information from any sources you choose. Further, you can customise how your data is displayed and how often data is collected and even modify your system to redact personal information to protect data privacy.
Once you have an automated system in place, your employees have time to handle other tasks. Additionally, computerised systems can collect and sort information faster than people, so the information is accessible to use quicker, giving you a leg up on deadlines. You can even create real-time access to data collected.
One example of increased efficiency are PDF files. Extracting data from a PDF file can be particularly difficult and time-consuming. The PDF format can be challenging to work with when you need to access certain information. Using a PDF extractor saves a lot of time and headaches. This type of extraction is perfect for organisations and companies that need to repurpose information and data.
Easier access to your information
Creating a central data extraction system makes it easier for personnel to access the information they need whenever they need it. It’s easier to share data between parties as well. Using an automated system gives your staff full visibility on vital records, simplifies organisation and eliminates frustrations of searching for documents and information.
Saving time and money
Paying for automated systems may seem expensive, but an automated system will save you money. Numerous studies have shown that management spends up to 8 hours per week, or over 10 weeks per year, on tasks like analysing data and responding to emails. Automating data extraction can eliminate tedious tasks from your staff so they can focus elsewhere. The long haul investment will be well worth it. You’ll spend less money investing an automated system than paying an employee an hourly wage to extract information over time.
More accurate results
Human error is the most common cause of mistakes in data collection. An automated system helps focus your efforts on collecting your specified data and collecting only the information you need. Additionally, an automated system enables you to avoid transcription and transposing mistakes. Inaccurate data is problematic for most organisations. By updating your automation software regularly, you can assure more accurate results.