Choose Data Extraction Tool. A product is a data extraction tool when it can extract data from sources like unstructured and semi-structured data.
Most data sources are not easy for machines to understand. When someone has a company, they can use data extraction software to get the information out of them.
However, it is not always easy to choose the right tool for this. The choice of the extraction software depends on a lot of factors which can be understood in detail by considering different types of products available.
The factors that are listed below can help you in making your mind about which product to use: Market Presence Metrics
Searches with brand name
This is the number of times people search for a brand name on Google. Compared to other products, Data Extraction Tool (DET) has more people searching for it in general, but the top companies have 20% more searches than the average company.
There are companies that have a lot of people visiting their websites for Data Extraction Tool. These three companies get 72% of the visitors on websites for these companies. They have 38% more than an average company in this category.
Data Extraction Tool is more popular and has more reviews than the average. A lot of people say that it’s very good, but there are a few bad reviews too.
Product satisfaction is higher for more popular data extraction tool products. The average rating for the top products is 4.6 vs the 4.4 average ratings for an average data extraction tool product review.
Number of Employees
A typical company in this category has 49 employees, whereas a typical company in the average solution category has only 22 employees.
Most companies need at least 10 employees to work on other businesses. The top companies have multiple products. Only a portion of these employees is working on the top products.
How is document extraction software different than OCR?
OCR technology captures all the text in images. But document extraction does something even better and converts text into structured data. Structured data is like it has key-value pairs, like bank account numbers or customer names on invoices.
What is Data Extraction Tool?
Document capture software specializes in extracting data out of unstructured data.
There are 3 types of data: Structured, semi-structured, and unstructured:
Structured data is about 5% of all data. It goes in tabular form and can be used by machines. So, structured data include most tables in Microsoft Excel, databases that are SQL-based, files that follow strict rules for requirements like XML or JSON.
Semi-structured data is not tabular in form, but it still has a structure. This structure isn’t always followed 100%. It makes up 5-10% of all the data.
Semi-structured data can be processed with low error rates. But it is hard to process them without mistakes. The semi-structured data includes invoices, PDF forms, and XML or JSON files that do not follow strict requirements.
Unstructured data makes up 80% of all the data. Hence, unstructured data is text and images that do not follow any explicit structure. It is hard to extract structured data out of these documents with low error rates.
If you find that unstructured data follows a structure, then it is considered to be semi-structured.