Choosing the right data extraction tool that fulfils your enterprise requirements is vital for data management. The tool you select should be able to retrieve data easily from all your enterprise systems and process it to generate actionable business insights.
Here are 6 must-have features in a data extraction tool:
Extract Data from Unstructured Document Formats
Businesses get data from various unstructured sources, such as Excel, PDF, TXT, and RTF, etc. Extracting data from these sources is challenging due to their format, which complicates data retrieval. Data extraction tools eliminate this challenge, by giving users a code-free interface that helps them collect data easily.
Real-Time Data Extraction
When you have access to timely data, you can make better decisions and smoothen your business operations. Numerous companies depend on batch data extraction in which data is processed sequentially based on the operator’s requirements.
As a result, the info available for analysis may not reveal the latest operational data or you may have to base critical business decisions on past data. Therefore, an effective data extraction tool should allow real-time extraction via automation features to prepare data faster for BI.
For example, a worker is in charge for evaluating the inventory levels at the time of a year-end sale. For this, the company will require real-time extraction of data points, comprising order ID, products sold, and quantity from the sales invoices to track the inventory levels.
Create Reusable Extraction Templates
An ideal data extraction tool should allow you to construct an extraction logic that can be applied to all documents with a similar layout. As a result, you don’t have to build a new extraction logic for each new incoming document.
In-Built Data Quality and Cleaning Functionality
The data extraction solution should be capable of recognizing any discrepancies and clean the data automatically as per user-defined business rules. For instance, if you use an extraction model to extract order quantities and details from bills, the software should be capable of detecting and deleting any orders with negative quantity values.
The data extraction tool should have an intuitive interface so that users can easily design various data extraction templates. It should allow easy data management with little to no coding involved.
An ideal data extraction tool should allow operators to export the transformed data to prevalent destinations, like Excel and visualization tools. It should enable companies to access useful info faster for better decision-making.
Are you switching from manual to automated data extraction? Some solution providers give users the option to calculate business savings using a data extraction automation calculator. This can help you compare your operational cost when using manual extraction vs. tools.
Use these tools to decide the right solution for your business.