New product launches and investments to improve data extraction capabilities

Data extraction capabilities have made it easier than before for analysts to avail data insights and forecasts. The introduction of new technologies has made it possible to eliminate repetitive tasks and improve overall efficiency. New products have been launched for enabling automated data extraction through innovative artificial intelligence (AI) solutions. Elimination of manual errors and saving of costs are possible through the new solution. In addition, market players have been raising funding to develop better products than before and help the financial institutions with improve capabilities. New technologies will be developed and repetitive tasks will be eliminated to help analysts focus on their core jobs. The demand for automated data extraction capabilities will increase in the coming years. According to the report published by Allied Market Research, the data extraction market is estimated to reach $4.90 billion by 2027. Following are some of the activities taking place across the world.

With increased in demand for advanced business intelligence tools, market players have been launching innovative solutions for automated data extraction. etherFAX launched an innovative artificial intelligence (AI) solutions for automated data extraction. These AI solutions include OCR, searchable PDFs, and document data extraction. These solutions are helpful for organizations operating in the finance, healthcare, legal, and enterprise sectors.

Microsoft’s Cognitive Services have been used by etherFAX to extract data from different unstructured documents and forms. This streamlines the workflow and eliminates the manual entry, saving hours of labor. Moreover, manual search may lead to errors, so utilizing the AI solution would eliminate the errors as well. Ben Manning, the Director of Product at etherFAX, highlighted that utilization of cognitive services to enable data extraction would transform the content locked in unstructured forms into structured data and fields. This will lead to automated workflows and save hours of manual work. Such advanced business intelligence tools would improve overall efficiency of organizations.

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Tech companies have been trying to solve issues such as manual entry into spreadsheets and a huge time consumed into carrying repetitive tasks. In order to do that, the companies have been raising funding. Daloopa raised a funding of $20 million in a Series A round backed by NEXT Investors of the Credit Suisse Asset Management. The funding would be utilized for developing data extraction technology to help financial institutions improve efficiency. The founder and CEO of the firm Thomas Li found out that analysts need to carry out repetitive tasks for gaining insights and forecasts. Joining hands with other co-founders Daniel Chen and Jeremy Huang, the company began development of AI-driven data extraction software and offering advanced capabilities of data extraction.

The newly-received funding will be utilized for R&D activities of its products, acquiring additional staff members, and developing the tech stack for the additional and existing members. In addition, it will be utilized for improving marketing, sales, and operational efficiencies. The firm has been instrumental in disrupting the way data has been consumed and extracted. Moreover, the automation approach developed by the firm reduces costs and makes the data extraction capabilities accurate and scalable.

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