The modern world relies on data. There’s a huge amount of data that runs through an organization with every process, regardless of the size of the business. From invoices and payroll to customer surveys and call logs, each business area has valuable insights that can drive better outcomes for your enterprise. Taking the data from these different sources, which are often unstructured, extracting useful information before cleaning it up, and finally analyzing it is essential for making key business decisions. Data extraction through different methods such as data scraping tools reveals enlightening metrics about data that can boost company growth.
Fortunately, thanks to modern technology, it’s relatively easy to process documents that are in the form of structured data. However, complete automation when extracting unstructured data sources is still an issue for organizations. It also makes up for a large and time-consuming part of back-office activities.
The Challenges of Manual Data Extraction
According to a study, over 40% of employees spend approximately a quarter of the week in performing manual repetitive tasks that can be automated. Most organizations still rely on manual data extraction to retrieve pertinent data from unstructured sources for business use.
However, the process is not only resource intensive but also has several downsides that can impact the business growth. Manual data scraping has a high error rate compared to automated data scraping tools. The error rate can be attributed to inadequate training of people involved in data entry. It also includes human error, misinterpretation of the data, or incomprehensible information. These issues can cause serious delays in various business processes, especially the ones dealing with high volumes of data on a daily basis.
Another key issue with manual data scraping is the cost and effort that goes into verifying the extracted data. Regular data quality checks are an essential step in the data extraction process, they prevent issues arising due to inaccurate data being sent forward for analysis. Quality verification with manual data process requires hiring additional personnel that spend hours ensuring the accuracy of the entered data by going over each file and checking for errors or inconsistencies. This ends up costing the organization both time and money. With data scraping tools that include automation, this can be done easily at a lower cost and in less time.
And finally, manual data extraction can divert employees from completing more value-adding tasks. This can be detrimental to an organization and keep it from achieving its strategic objectives that require timely delivery of specific data.
Automating Data Extraction Using Data Scraping Tools – A Better Alternative
Usually, organizations outsource the data extraction process when the source is unstructured. Businesses can accelerate their data-to-insights process by delegating the task to third party organizations. While that might be feasible for some organizations, outsourcing data extraction can result in delays for certain businesses processes and data-related tasks within the organization.
Fortunately, with rapid technological advancements and business process automation, data extraction can easily be automated by using simple data scraping tools. Users can easily configure most modern data scraping tools to extract relevant information from various documents. Advanced data extraction software, such as ReportMiner, allows users to build an automated process to extract data from unstructured sources and deliver it to its desired destination.
Data scraping tools also allow you to perform near real-time data extraction. The process orchestration features enhance these capabilities, allowing businesses to set up workflows to manage how and when different extraction processes are executed . This means that the business can enjoy a constant stream of extracted data at desired intervals. Employees can easily analyze and use the data received for effective decision making.
Automated workflows also ensure faster data extraction. This allows managers and other stakeholders to optimize their business processes in the most effective way by getting up-to-date data from previously untapped sources. As a result, the management can make informed decisions that will help the business grow and expand.
With a data extraction software, you can build extraction logic for incoming documents. You can also apply this logic to other unstructured documents with a similar layout. This cuts down the time required to extract data from bulk incoming documents. The process can run in the background with minimal supervision.
Business Growth with Data Extraction Automation
Automated data extraction is rapidly becoming an indispensable factor in business growth within any industry. Major industries all over the world are making use of data scraping tools to automate their data processing. Whether it’s for more accurate insights, faster access to data and essential information, or reducing data processing costs. With features like OCR (Optical Character Recognition) and table extraction offered by advanced data scraping tools businesses can identify and extract data from unstructured documents with high accuracy and minimal manual power.
Industry-Wise Applications for Data Scraping Tools
A good example of an industry that could benefit from data extraction automation is logistics. Logistic service providers deal with a lot of incoming data. From invoices and purchase orders to customer information, people need to process these documents promptly. Any delay or error can lead to serious issues for the service providers.
By using data scraping tools to automate the process, logistic service providers can create rule-based templates. These templates easily identify key fields in different unstructured documents, such as PDF files, text files, etc. This allows the data scraping software to collect required information from the documents based on the template created. Employees can easily extract information from all incoming documents with the same layout. The user can do this without any coding or recalibration of the data scraping software.
The aerospace industry is another prime example of businesses that can benefit from automated data extraction. Most businesses within this sector deal with extensive information onslaught from various sources. This includes internal sources or from stakeholders connected with the business. For example, flight booking information, visa processing, cancellations, boarding information, and flight logs among others.
Not automating the data extraction process can lead to several operational issues such as data backlog, information delays, etc. These issues end up costing the business a lot of money. Not to mention wasted resources and a poor customer experience due to these issues.
Automating data capture using effective data scraping tools can boost productivity and increase cost-efficiency within the organization. Aerospace is among several industries that need to constantly scale their business. They have to make changes according to global economic changes and provide a seamless experience for their customers. Automated data scraping software allow them to handle more operations and processes at a faster and smoother pace.
Is Automated Data Extraction the Right Choice for Your Business?
There is no denying the benefits of opting for automated data extraction. However, it is equally important to find the right data scraping software that works well for your business needs. With Astera ReportMiner, you can streamline the entire data extraction process and gain useful insights from your unstructured documents in no time.
Astera ReportMiner offers unique functionalities such as table extraction, reusable templates, OCR, and built-in data quality and cleansing features. With a user-friendly interface, the no-code data scraping tool simplifies template-based data extraction from numerous unstructured document formats, including TXT, XLS, COBOL, PDF, RTF, and more.
To learn more about how Astera ReportMiner can help your business automate the data extraction process, download a 14-day free trial today. Test out all the features and gain faster insights from data trapped within your incoming documents to boost your business growth.