In the past, managing documents from scanning to extraction was done manually. Employees spent hours entering data one by one into the system and conducting multiple checks to reduce errors. As technology evolves and the volume of business data increases, traditional methods can no longer keep up. Today, most businesses across various industries are shifting toward digital transformation with AI-powered document scanning and data extraction. Instead of spending hours copying data from invoices or other documents, businesses can now simply upload their documents, and key data will be automatically scanned, extracted, and converted into structured data in seconds. This transformation brings significant benefits, helping businesses improve efficiency and productivity. In this article, we will explore in detail how to scan documents online and extract data automatically.
Challenges with Manual Scanning and Data Entry
Relying on a manual method to scan and extract documents can be challenging and becomes a bottleneck as a business grows. Here are some of the most common issues that businesses face:
1. Time-consuming manual typing
Manually entering data from invoices, receipts, or bank statements takes a significant amount of time. Employees can spend hours or even days conducting repetitive tasks. This reduces productivity and causes delays in decision-making.
2. Risk of human error
Besides being time-consuming, the manual method is also prone to mistakes such as typos and missing fields. Small errors can result in inaccurate records, which have an impact on compliance.
3. Limited scalability
As a business expands, the volume of documents also increases, thus manual processes are ineffective for processing large volumes of documents since they cause delays, backlogs, and additional labor costs.
How to Scan and Extract Data Using AI Technology
1. Collect your documents
Start by gathering all of the documents you want to extract. Some tools require specific file formats, such as PDF, JPG, or PNG, so make sure your files are in a supported format. If not, then convert them first before uploading.
2. Upload the documents
Upload digital or scanned documents into the system. Some AI tools allow you to drag files or connect to Google Drive or cloud storage for faster access.
3. AI scans and analyzes the content
After uploading the document, AI automatically scans it and reads the key information using OCR (Optical Character Recognition). AI-powered systems can recognize the data even if it is complex, such as tables, handwritten text, and transactions with high accuracy.
4. Extract and review the data
The system extracts and converts key data into structured data. Some tools like Fintelite allow you to review and modify the data to enhance its accuracy.
5. Export the data
After reviewing the documents, export your extracted data to formats you want, such as Excel, CSV, or JSON, or integrate it directly into your ERP or popular accounting system to minimize the manual input data.
Automate Scanning and Extracting Documents With Fintelite
Using an AI-powered solution to scan and extract documents is one effective strategy for business efficiency. Fintelite can be the best option to consider. It processes 10 times faster with more than 90% accuracy. This helps businesses significantly cut time spent on manual data entry and minimize human errors. Fintelite also supports seamless integration with internal business systems and popular accounting software, ensuring that data flows smoothly without the need for manual storage or input.
Experience its powerful capabilities for yourself with a free trial, or consult a Fintelite expert about your specific needs.
