In 2019, the global data extraction market was valued at over $2.1 billion, with experts at Allied Market Research projecting that valuation to reach nearly $5 billion by the end of 2027. The market is booming, with an average annual growth rate of 11.8%, which begs the question - how will companies continue to successfully manage vast amounts of data and remain ahead of the curve?
For most businesses, there’s simply too much at stake to keep the growing task of data extraction in the hands of their employees. Instead, companies now turn to automation-based software that uses AI and ML technology to extract and process data.
Base64.ai, one of the most successful automated data extraction tools on the market, boasts an accuracy rate of over 98% - collecting and processing weeks’ worth of data in just seconds. The tool allows companies to enhance their operational efficiency by huge margins, reducing the risk of human error and allowing teams to focus on more critical tasks. Not all data extraction software is created equal, though, and you should carefully choose an automation solution that ticks all of the boxes for the success of your business.
Below, we outline the primary features to consider when evaluating an automated solution for your data extraction needs in 2022.
Key Features of Automated Data Extraction Software
While many data extraction solutions offer “similar” capabilities, platforms like Base64.ai stand out from the crowd with unique functions and features. Here’s what to look for in data extraction software in 2022.
1) Complex Document Capabilities
Most automated data extraction tools do a relatively good job of understanding standard document types (e.g., receipts) - and users that only process simple data from a small list of documents may find those solutions adequate. However, most businesses have data needs that extend beyond a single document type, and many companies need to extract data from considerably complex and lengthy forms. Unlike other OCR tools on the market, Base64.ai can understand and handle complex documents of any size - with its proprietary software analyzing changes and updating its algorithm in real-time, dialing in the accuracy of its data extraction capabilities with every execution.
2) User-Friendly API with Low-Code Integration
Businesses that have already integrated automation software into their workflows know just how important it is to simplify the process as much as possible. Unfortunately, many automated data extraction tools require complex coding and staff with deep expertise in Machine Learning technology for integration. Base64.ai’s automation software allows businesses to easily integrate the solution into their existing processes with a user-friendly ‘low-code’ integration that doesn’t require a Machine Learning expert to handle. In fact, even users with limited API experience can navigate the process - eliminating the need for in-house or outsourced Machine Learning engineering labor.
3) Handles Robust File Types
When it comes to data extraction, there’s seemingly no limit to the types of documents that businesses manage, and many data extraction tools have trouble processing numerous different file types. If you choose to implement data extraction software into your processes, you need a solution to handle even the most abstract documents. With Base64.ai, there is almost no file you can’t process. The AI/ML software accurately recognizes and pulls data from all image formats as well as PDFs, ZIPs, Microsoft Office (Word, Excel, Powerpoint) and their Open Office counterparts. The technology is so unique that it can even recognize blurs, glares, and sloppy text - making way for endless possibilities, regardless of your industry.