What is data extraction, and how can you profit from it?

March 27, 2020

Over the past few years, scanning and processing data has become more accessible and more efficient than ever before. Private users were able to get rid of their hardware scanners and switch to consumer apps such as Scanbot, while companies can now implement our Scanner SDK into their apps to capture documents and data.

As technology is a fast-paced field, we are constantly confronted with innovation and features, which can be overwhelming at times. Yet it is safe to say that the recent changes in data extraction are something to keep an eye on. 

What is data extraction?

Some of you might wonder now: What is data extraction, and how can my company or I benefit from integrating this feature in our app? You have probably heard of OCR technology the text recognition solution to turn images into text. It enables fully automatic processing, but the problem is that you start with all the data of the document. Including fill words, payment info, explanation texts, and so on.

Data extraction describes the process of analyzing unstructured or poorly structured documents by using machine learning to extract relevant information only. This refers especially to documents that contain individual formats such as tables or repetitive data like invoice numbers, dates, or total amounts. Information contained in those kinds of documents is therefore collected smoothly and efficiently and can be used for further processing within seconds.

A common solution for the industry?

This information is already quite impressive, one question which is more interesting though is, “How can your company benefit from using data extraction?”. The answer is quite easy, especially looking at healthcare, logistics, or banking. 

Identification

By making use of data extraction, or SDK can extract information contained in ID documents of more than 150 countries by analyzing the machine-readable zone (MRZ) included in passports and ID cards. Furthermore, it can be used to process data contained in receipts or bank transfer forms

Health care

Additionally, data extraction can be used for various purposes in the healthcare sector, as it can extract information contained in European health cards or medical invoices. It accelerates data processing in your company and helps you to create more efficient workflows. Regarding the German healthcare sector, the ability to extract information from “Arbeitsunfähigkeitsbescheinigungen” is especially striking since it saves lots of time that otherwise has to be spent on collecting the data manually. 

How about privacy?

Since the scanned documents are processed and stored exclusively on the user’s device, our SDK solution is compelling data handling standards such as GDPR/DSGVO.

Learn more about the digitization of the insurance sector here and check out our blogpost about mobile document scanning solutions.





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Max Stratmann

Chief Sales Officer

Find the best scanning solution for your app. Our expert team will be happy to assist with all of your questions concerning functionality, integration, best practices and the license model.

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