Manual data entry is one of the biggest time thieves in business. Know why? Because, it’s costing companies time and money every day. Businesses lose $3.1 trillion annually in the U.S. alone due to poor data quality, according to an IBM report. That’s an eye-opening statistic!
Data extraction is a critical process in industries like finance, healthcare, and e-commerce. There are two ways to do it: the traditional method, which involves manual entry and rule-based automation, or AI-powered data extraction, which is smart, automated, and efficient.
Here’s a quick question: What if you could reduce errors, save time, and extract data at lightning speed? That’s exactly what AI-powered extraction offers.
In this blog, we’ll compare manual data extraction and AI-driven extraction to see which method truly comes out on top. Let's explore this further!
Remember the last time you copied and pasted data for hours? Frustrating, right? Traditional data extraction is exactly that: slow, tedious, and error-prone.
But, what is traditional data extraction?
Traditional data extraction means manually collecting and organizing data from different sources, like typing, copying, or scanning documents, and then turning it into a usable format.
Traditional methods involve the following steps:
Think about this: nearly a third of your revenue could be slipping away due to bad data. A study found that data entry errors cost businesses 30% of their revenue.
That’s a heavy price to pay for inefficiency!
Sticking to traditional methods might feel familiar, but it’s far from efficient. These outdated approaches not only drain valuable resources but also lead to costly errors and bottlenecks.
Here are some major challenges businesses face:
Time-Consuming
Every second counts in business, yet manual data processing eats up hours or even days, delaying critical decisions.
Error-Prone
A single misplaced digit can lead to costly mistakes. Fat-finger errors are all too common, resulting in inaccurate data that skews insights.
Lacks Scalability
As data grows, traditional methods buckle under the pressure. They simply weren’t designed to handle the massive influx of information businesses deal with today.
There’s an old saying: "Work smarter, not harder."
That’s exactly what AI-powered data extraction does - it streamlines processes, reduces errors, and accelerates workflows. Therefore, businesses no longer have to rely on outdated methods when AI can do the heavy lifting in seconds.
Now, let’s look at how AI-driven data extraction works:
Data is only as useful as your ability to extract and process it efficiently. Traditional methods often fall short, leading to inefficiencies and errors. AI-powered solutions offer a smarter way to process data with speed and precision.
Here are the core technologies that make it possible:
Optical Character Recognition (OCR) combined with AI reads and extracts text with near-perfect accuracy, even from scanned or handwritten documents.
Goes beyond simple text recognition to understand context, making data extraction smarter and more reliable.
Handles unstructured data, turning messy formats into structured, actionable insights.
Numbers don’t lie!
Forbes reports that, according to Gartner, 85% of AI models may fail due to poor data quality or insufficient relevant data. It means that most AI models fail because they rely on inaccurate, incomplete, or irrelevant data, leading to poor outcomes.
Data is the backbone of any business, but getting useful insights from it shouldn’t be a struggle.
Manual processes often slow things down, introduce errors, and limit growth. AI-powered data extraction simplifies the process, ensuring businesses can access accurate information without the hassle.
Here are some of the benefits of AI-powered data extraction:
We’ve all seen how manual data entry leads to delays, mistakes, and frustration. Businesses need a solution that keeps up with the pace of data growth without compromising accuracy.
Here’s how AI stacks up against traditional methods:
|
Feature |
AI-Powered Extraction |
Traditional Extraction |
|
Speed |
Fast, processes large volumes in real-time |
Slow, manual data entry required |
|
Accuracy |
High accuracy with AI-driven validation |
Prone to human errors and inconsistencies |
|
Scalability |
Easily scales with big data and automation |
Limited scalability due to manual effort |
|
Data Formats |
Extracts from structured & unstructured data (PDFs, images, emails) |
Limited to structured formats (spreadsheets, databases) |
|
Automation |
Fully automated with machine learning |
Requires manual intervention |
|
Adaptability |
Can learn and improve over time |
Static rules, requires updates for changes |
|
Cost |
Higher initial investment, but reduces long-term costs |
Lower initial cost, but high operational expenses |
|
Integration |
Seamlessly integrates with modern business applications |
Often requires custom development for integration |
|
Error Handling |
AI can detect and correct errors automatically |
Requires manual review and correction |
Looking at the comparison, it’s clear that traditional methods are holding businesses back. On the contrary, AI-powered data extraction offers speed, accuracy, and scalability, making it the smarter choice.
So why stick to outdated processes when a better solution exists?
Data is the backbone of every industry, but extracting and processing it manually is slow and error-prone. AI-powered solutions are transforming how businesses handle vast amounts of information with speed and precision. Here’s how different industries are benefiting:
Data overload shouldn’t stand in the way of smart investments.
Splore simplifies extraction, turning raw financial data into accurate, structured insights without the manual effort.
Here’s How Splore Works:
Financial data is only useful if you can access it quickly. Splore extracts key metrics, fund terms, and compliance data with precision, saving hours of manual work.
Wasted time on manual processes can mean missed opportunities. But, no worries! We automate data processing, eliminating inefficiencies and ensuring faster, more accurate results.
Scattered data leads to fragmented decision-making. Scary, right? Splore brings everything together, providing a clear and comprehensive view for smarter investment insights.
Still Wondering Why Splore Is The Best?
Well, the right data at the right time can make all the difference in investment decisions. If you're looking for speed, accuracy, and scalability, Splore delivers.
Here are a few more reasons why professionals rely on it:
Still relying on manual data extraction? You’re not just wasting time, you’re missing out on smarter, faster decision-making. Data-driven industries demand efficiency, and outdated methods can’t keep up. The longer you wait to upgrade, the more opportunities you lose.
Traditional methods come with delays, high costs, and frequent errors. On the other hand, AI-powered extraction delivers speed, accuracy, and scalability. That’s why businesses are making the shift to streamline data workflows, enhance portfolio analysis, and stay ahead in asset management compliance.
Don’t let outdated processes hold you back. Discover how Splore can transform your data extraction. Book a demo today!