What is Data Extraction?
Data extraction or scraping from documents is a process of retrieving data from unstructured documents or other various data sources for further data processing or storage. Data extraction is the process of getting data from a pool of documents to further process it for analysis. Well, it’s not an easy job, and it is hugely dependent on skilled resources to efficiently perform this task that consumes a lot of time. As we all understand time is the essence and a crucial aspect of every business to succeed in today’s competitive world.
When it comes to banking, healthcare, logistics industries, etc. They deal with a lot of documentation or document processing tasks on a day to day basis. Every industry has a different requirement for documentation analysis for more precise data extraction or scraping from numerous documents.
Companies in the logistics industry and transportation process a large amount of documents like freight of bill (FOB), Custom Forms, Proofs of Delivery (POD), etc.
Manual processing of such documents is not only labor-intensive but time-consuming and quite tedious to perform, it is also costly and error-prone.
Unstructured Data from Various Sources
If we talk particularly about NBFC’s which caters to loan processing, a lot of documents are required in this process which becomes quite tedious for an organization to skim structured data from various documents to streamline processes and cut costs efficiently. When it comes to bank statements and transactions of various applicants, there is a certain way of verifying and analyzing the bank statements to focus and extract key details in the bank statements. Currently, the process is heavily dependent on specialized resources that perform data extraction and processing analysis over the period. As mentioned earlier, such processes consume a lot of valuable time since bank statements vary. Hence it is a very tedious task to perform and it is a person dependent work.
There are apps available for the same that work very well along with the Salesforce platform. The entire loan processing is implemented through Salesforce and the bank statement verification is done by parsing apps like doc parser, box, etc.
What does it do exactly?
Doc parser extracts the data from pdf, scanned images, specified data e.g. transactions specific to debit or credit entries or keyword transactions from statements, etc. It uses the OCR (Optical Character Recognition) technology which recognizes the text from any images, photos, etc.
Optical Character Recognition is the electronic and mechanical process or conversion images of handwritten, typed or printed text into machine-readable or machine-encoded text that is sourced from either a scanned document or a photo of the document or a scene-photo or a subtitle text superimposed on an image.
It works on a custom rule that is created as per the needs of data extraction from documents. Which also helps to automate the entire workflow. The extracted data can be stored on salesforce objects or VF pages whichever way is convenient. It is a cloud-based application, hence the need to download any files doesn’t arise. Doc parser integrates with salesforce easy and quick.
So, by using such tools or apps Docparser, Box, FullContact API, Scribe Online, Grepsr etc. save a lot of man-hours, reduce the error in document processing.