In the current era of technological and digital advancement, automation is being adopted in almost every field to streamline repetitive tasks humans do. 

One of the fields that uses a lot of technologies and tools for automation is data extraction and digitization. I mean, why not? Manual data extraction requires a lot of human labor and hours of continuous work. Even then, it is prone to errors. 

Therefore, automation is the best solution to address this problem. Want to adopt it? If so, you should know the technologies and tools available that can help with data extraction and digitization. Read on this guide to learn!

Technologies Being Used for Data Extraction and Digitization

The main technologies used to extract data and digitize documents are:

1. Optical Character Recognition (OCR)

OCR is the pillar technology in the field of data extraction. It converts the text or data saved on non-editable documents into editable, copyable format. 

The documents can be:

1. Images
2. PDFs
3. Paper documents
4. Scanned files

OCR technology finds, identifies, and extracts text from characters, words, and layout structure images—this is the initial yet important step in digitization. 

2. Artificial Intelligence (AI)

Artificial intelligence (AI) is a vast field with many algorithms and technologies to mimic human intelligence. It enables systems to: 

1. Learn
2. Reason
3. Make decisions on their own, as humans do.

In data extraction, the role of AI is to support OCRtechnology to improve accuracy and efficiency. 

For example, AI models can analyze document context, identify text patterns, and differentiate between similar characters (like “O” and “0”). This helps reduce errors and improve the overall quality of extracted data. 

AI also supports the extraction of metadata, which enables better organization and categorization of information.

3. Machine Learning (ML)

Machine Learning (ML) is a subset of AI that focuses on building algorithms that learn from data and improve over time without being explicitly programmed.

ML algorithms can be trained on large datasets to recognize various document types and structures. Machine learning is the technology that works closely with OCR to recognize the location and data type of any image or text that it encounters. 

Machine learning capabilities also allow OCR technology/tool to discover new versions of a character, which are then added to the platform's database for future comparison.

ML can also help in classification tasks, distinguishing between different types of content (e.g., invoices, contracts, etc.), which is essential for effective data management.

Tools Assisting in Data Extraction and Digitization

There are many tools that can be used for data extraction and digitization. However, a few of the most famous ones are the following.

1. Imagetotext.io

Link: https://www.imagetotext.io

Imagetotext.io is an online tool (with both free and paid versions) that aims to convert images containing text into editable text formats. Later, the text can be edited and downloaded in TXT file format.

It leverages Optical Character Recognition (OCR) technology to extract text from various image formats, including JPG, PNG, GIF, etc. 

Who can use this tool? Anyone who needs to extract text from images and/or digitize paper-based documents, whether student, marketer, or professional.

Top Features:

• Has an easy-to-use interface.
• Supports 18+ languages, so anyone can use it from all around the globe.
• Process images in any format for accurate data extraction—even the ones with complex backgrounds.
• Extracts text accurately with advanced OCR technology.
• Requires no installation or sign-up to use it.

Best for: Quick and efficient text extraction from images and scanned documents.

Pricing: Imagetotext.io is freemium, and in the free version it is unlimited to use for up to 3 images in one go.

2. ABBYY FineReader 15

Link: https://pdf.abbyy.com/finereader-pdf/

ABBYY FineReader 15 is powerful AI-based OCR software. It lets the users do the following things to their documents. 

1. Digitize, 
2. Retrieve, 
3. Edit, 
4. Protect, 
5. Share 
6. Collaborate on all kinds of documents in one workflow.

It can even digitize documents, convert paper documents into editable formats, and make comparisons between multiple documents. 

Considering all the features, it is suitable for businesses, legal professionals, and anyone who requires high-quality text recognition and conversion.

Top Features:

• Uses advanced AI-based OCR technology to achieve accurate text recognition.
• Works best for complex layouts and fonts.
• Compares different versions of documents side by side to easily identify changes and revisions.
• Supports various formats, including PDF, Word, Excel, and more.

Best for: Professionals and organizations who require advanced document conversion, editing, and digitization tool

Pricing: ABBYY FineReader 15 costs $69/year for Mac, $99/year (Standard) for Windows, and $165/year (Corporate) for Windows. 

3. Google Document AI

Link: https://cloud.google.com/document-ai

Google Document AI is a machine learning-based tool designed to help businesses extract unstructured information from documents and convert it into a structured format. 

It works best for invoices, receipts, contracts, bank statements, Excel sheets, passports, and more. Structured data is much easier to understand, analyze, and save for later use. 

It offers advanced features for automating data extraction, so it becomes a good option for organizations who want to streamline their workflows.

Top Features:

• Features advanced artificial intelligence and machine learning capabilities.
• Intelligently extracts relevant information from various document types.
• Integrates with other Google Cloud services to ensure a smooth workflow for businesses already using Google’s ecosystem.
• Handle high volumes of documents without compromising performance.

Best for: Businesses that need a cloud-based solution to automate document processing.

Pricing: Google Document AI operates on a pay-as-you-go model. It costs differently for different features you use. (See its Pricing page to learn more.)

Conclusion

Automation has become a key essential in this field, and data extraction and digitization are no exception. Want to do so? Many technologies and tools can do this for you. 

Key technologies are Optical Character Recognition (OCR), Artificial Intelligence (AI), and Machine Learning (ML). They may be used collectively for the best results.  

As far as the tools matter, some popular options are Imagetotext.io, ABBYY FineReader 15, and Google Document AI. Each tool is designed to ease data processing and improve labor and business efficiency.