Data is the lifeblood of many businesses today. But what good is data if it’s locked in unstructured formats like emails, PDFs and invoices? This is where Artificial Intelligence (AI) comes in, revolutionizing the way we extract information and unlocking the true potential of our data.
Traditionally, data extraction was a manual, time-consuming process. Imagine teams spending hours poring over documents, typing in information – a process prone to errors and inconsistencies.
Artificial intelligence has revolutionized processes in many industries, and data extraction and processing is no different. With the help of artificial intelligence, document workflows can now be automated to extract and convert data into actionable form in seconds.
Export data from invoicesIDs or documents on autopilot with Nanonets AI-powered workflows!
Data mining is the process of retrieving data from a source into a structured format for further analysis. By structured, we mean that it is organized into columns and rows so that it can be easily imported into another program or database.
This may involve extracting specific pieces of data, such as contact information or financial data, or extracting data from a larger dataset and organizing it in a way that facilitates analysis.
Data extraction can refer to scraping information from web pages or emails, but includes any other type of text-based file, such as spreadsheets (Excel), documents (Word), XML, PDF files, etc. The goal of data mining is to get the raw data so you can do something with it—for example, run analytics on your CRM contact list or create mailing lists using customer emails and addresses.
Today, with the help of AI, data extraction has become much more accurate and intuitive. Through artificial intelligence models trained on thousands of documents, data extraction tools today can extract all required information with over 90% accuracy through zero-shot models and continue to improve in accuracy as more documents are processed.
AI data extraction, also known as Intelligent Data Extraction (IDE), uses a combination of technologies:
- Optical Character Recognition (OCR): Converts scanned documents and images into machine-readable text.
- Machine Learning (ML): Algorithms trained to recognize patterns and recognize specific data points within documents, such as names, dates or invoice amounts.
- Natural Language Processing (NLP): This allows AI to understand context and meaning within documents, not just individual words.
- Effortless automation: Automate repetitive tasks, freeing up human resources for high-level analysis.
- Improved Accuracy: AI can handle complex data formats and variations, minimizing errors compared to manual processes.
- Scalability: AI systems can efficiently handle massive amounts of data, making them ideal for large-scale data processing.
- Disclosure of hidden information: AI can spot patterns and trends in data that humans might miss, leading to valuable insights.
- Increased efficiency: Simplified workflows and faster data processing save significant time and cost.
- Improved data quality: Accurate and consistent data is essential for reliable analysis and decision making.
- Improved productivity: Employees can focus on strategic tasks, maximizing their expertise.
- Better Compliance: Automated data extraction ensures consistency and reduces the risk of errors, helping with regulatory compliance.
Want to automate data extraction with the help of AI? Save time, effort and money while increasing efficiency with Nanonets!
Nanonetworks is an AI data extraction software for businesses that want to automate document processes and eliminate manual tasks using code-free workflow automation. Nanogrids can extract data from PDF files, documents, images, emails, scanned documents or unstructured datasets with greater than 95% accuracy.
Nanonets intelligent document processing platform can reduce costs by 50% and processing times by 90%.
Advantages of using Nanonets
- Handy
- 97%+ Accurate
- Great support team
- Quick information recognition
- Ability to download large volumes of documents
- Reasonable pricing – Check pricing
- 200+ languages supported
- 24×7 customer support
- Free plans + cost-effective pricing plans
- Personal training sessions
- Built-in powerful OCR software
- Cloud and On-premise hosting
- White label options
500+ businesses trust Nanonets to automate real-time data extraction processes. Here is a snapshot of their experiences.
![Nanonets customer reviews](https://nanonets.com/blog/content/images/2024/06/image-35-1.png)
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The role of AI in data mining is constantly evolving. As AI techniques continue to develop, we can expect even greater accuracy, improved handling of complex data formats, and the ability to extract information from a wider range of sources.
AI doesn’t just make data extraction faster. it makes it smarter. This paves the way for a future where data becomes even more valuable, enabling businesses to make data-driven decisions and achieve new levels of success.
Try Nanonets AI powered data extraction platform to extract data from documents, PDFand pictures on autopilot.