Every company has tons of data that can be used to identify trends, make informed decisions, and gain valuable insights.
The key to data-driven decision-making is being able to extract valuable information from disparate sources. However, manually extracting data is time-consuming and error-prone, making it an inefficient process.
The challenges with manual data extraction include handling data in diverse formats and extracting data from vast volumes of documents, often with complex data structures.
That’s where data extraction tools come in. They extract information from multiple sources that can be in structured, unstructured, or semi-structured formats to gain insights and help make data-driven decisions. Along with scraping the information, the data extraction software structures it to be stored, processed, and analyzed.
So how do you select the best data extraction tool?
To answer your question and make your selection easier, we have researched the top 13 data extraction tools currently available on the market and researched their pros, cons, and top features.
Top 10 Paid Data Extraction Tools in 2023
Docsumo has a self-serve interface that requires minimal manual effort in processing documents. The document AI solution has pre-trained APIs, so you do not need to train the ML models yourself. Docsumo’s intelligent document processing enables business leaders to extract data from unstructured, semi-structured, and structured documents with more than 99% accuracy.
- Classify documents automatically and ingest them from email inboxes, scanners, and APIs.
- Train custom ML models even when your data is as small as 50 documents, and monitor the performance of the trained models.
- Excel-like formulas validate co-dependent extracted data within a document.
- Categorize tabular data to calculate advanced ratios for decision-making.
- Integrates with industry-specific business sources, including CRM, accounting, and payroll software.
- The data extraction accuracy rate is more than 99%.
- A high STP rate of 95% ensures minimal human intervention.
- Categorize data automatically using an NLP-based classification framework.
- Growth- $500 per month
- Business- Custom pricing
- Enterprise- Custom pricing
UiPath is a business automation platform that builds end-to-end infrastructure to deploy AI-powered automation to enhance efficiency. The intelligent document processing module deals specifically with data extraction from documents and offers five different extractors.
RegEX based extractor
RegEx (regular expression) extractor is perfect for simple extraction needs from structured documents, with predictable context and format.
Form extractor is best for forms with little to no variation in their formats. The extractor depends on uploaded templates and pre-fixed parameters to identify and extract information from forms.
Intelligent form extractor
Intelligent form extractor is an improved version of the form extractor with added handwriting recognition and signature detection.
Machine learning extractor
The machine learning extractor is UiPath’s most advanced document processing tool and works for structured as well as semi-structured documents.
- Specialized AI models are tailored to extract data for specific industries and domains.
- UiPath robots extract, interpret, and process data from PDFs, images, scans, and handwritten documents.
- Use pre-trained ML models for data extraction and AI document processing.
- Automated workflows only require humans to validate extracted data.
- Generative AI and no-code environments reduce training times and accelerate time to market.
- End-to-end AI-powered automation connects with hundreds of data sources at scale.
- The UiPath Documentation model struggles to extract data from unstructured documents.
- The image detection and pre-processing functionalities are subpar compared to other software on the list.
- Basic - Free
- Pro - Starts at $420 per month
- Enterprise- Custom pricing
3. ABBYY FlexiCapture
ABBYY FlexiCapture brings together ML, NLP, and advanced recognition capabilities into a single automated data extraction system. It is designed to acquire, process, validate, and deliver the right data from unstructured and structured documents into critical processes, workflows, and decision engines.
- Automated document entry from files and scanners in a single flow from office documents, email attachments, image formats, and other messaging channels
- Neural-based automatic document classification by types and custom categories.
- Highly accurate OCR/ICR/OMR and barcode recognition in 200 languages.
- 2-way matching of invoices and corresponding purchase orders ensures faster verification of documents.
- Exports a searchable PDF version of the documents to content management systems for increased accessibility.
- FlexiCapture’s software architecture can scan more than a million documents per day.
- Difficult to create multiple segmentation models using a single document section.
- Complex NLP model training methods decrease the adaptability of newer document types.
- Extraction quality decreases when multiple overlapping fields and segments are selected.
4. Adobe Acrobat Pro
Adobe Acrobat Pro is a data extraction tool that leverages OCR technology to convert scanned files and images into editable PDFs. Its native integration with Microsoft Office products makes it more attractive for customers who just want to scan files and edit texts. Adobe Acrobat’s intuitive mobile app makes it easier for people to scan documents on the go.
- The software creates signable web forms for customers to optimize the onboarding process.
- Adobe Acrobat’s font recognition and custom font generation abilities preserve the formatting of scanned documents.
- PDFs created by Adobe are highly editable. The user can split, combine, edit, and convert the PDFs into different formats.
- Regular updates consistently improve the functionality and user interface of the platform.
- The scanned documents are saved in Adobe Document Cloud, Dropbox, Box, and Microsoft OneDrive.
- The data extraction software works seamlessly on multiple devices, including mobile phones and tablets.
- The constantly evolving UI decreases the adoption rate of updated features.
- It cannot split two-page spreads into multiple pages.
- The platform consumes more computer resources, compromising other working applications.
- Acrobat Standard- $12.99 per month.
- Acrobat Pro- $19.99 per month.
Rossum is an AI-powered data extraction platform that eliminates manual processes with end-to-end document processing workflows. The extracted data is converted into machine-readable language, allowing the different business process automation to draw information and treat Rossum’s storage as a single source of truth.
- AI-enhanced data extraction modules process large format documents quickly while filtering out spam and duplicate documents.
- The AI OCR software ensures all documents are managed according to predefined policies.
- The low-code interface allows users to customize automation to fit varying business needs.
- The data extraction accuracy rate is around 96%.
- Document processing automation reduces time by 82%.
- Rossum’s ML models adapt to newer document styles without the need for templates.
- Rossum does not allow users to train custom ML models for specific documents.
- It lacks an auto-alert feature for reviews, exceptions, and discrepancies.
- It cannot auto-detect errors in documents.
Intelligent document processing platform Docparser uses Zonal OCR, advanced pattern recognition, and anchor keywords to identify and extract data from image-based documents, PDFs, and Word files. You can select Docparser rule templates or build custom document rules to extract data from business documents.
- Smart layout-specific rules extract formatted data like dates, emails, addresses, and invoices.
- Create powerful parsing rules tailored to cater to the company’s needs.
- Advanced image pre-processing cleans up documents and prepares them for data extraction.
- Docparser converts documents into multiple editable and structured document formats, like CSV, Excel, JSON, and XML.
- Integration with cloud applications allows the user to directly send extracted data for archiving.
- Low-code environments allow users to create custom parsing rules and templates for data extraction.
- The lack of AI integration prevents the IDP platform from auto-learning new document formats and layouts.
- Even with automation, Docparser requires human intervention for final approval and lacks straight-through-processing capabilities compared to other data extraction tools.
- Starter- $32.50 per month
- Professional- $61.50 per month
- Business- $133 per month
- Enterprise- Custom pricing
7. Ephesoft Transact
AI-powered data extraction using OCR and supervised machine learning classification are the two greatest tools in Ephesoft Transact’s arsenal. The combination of these tools enables the user to extract data from newer document styles with as few as one sample. Ephsoft can extract data value pairs from unknown document types without any prior configuration.
- Semantik AI engine, a deep neural network technology, improves document automation without templates, training, or extensive configuration.
- The key value extraction feature is useful for developers and allows them to set up multiple extraction rules and debug and identify the rules that pull the value from documents.
- XFA and XML form architectures are more common variants of PDF and are more malleable compared to the standard PDF format.
- Ingests documents in electronic and paper formats.
- Intelligent classification and separation of document types, along with adding context to pages.
- Improves data extraction with the REST API.
- Ephesoft Transact requires multiple manual inputs to upgrade to the latest version.
- Needs constant monitoring to ensure the completion of processes without any errors.
- No provision to train custom ML models.
Bisok, the parent company of the data extraction tool Grooper, created the IDP platform when they faced challenges while processing their internal documents. The software uses OCR technology to extract data from unstructured documents and classify and store extracted information.
- The capture tool extracts information from different document types and electronic files.
- Image-processing systems ensure blurry images and poor scans are rectified using pre-processing technologies like binarization and deskewing.
- Native integration with business systems enables no-code data transfer with a simple point-and-click method.
- Iterative OCR runs the system multiple times to capture any missing text from the documents.
- Cellular validation ensures that OCR captures rows and columns of tables by splitting the documents into multiple cells.
- Bound region detection first captures text within boxes and prevents them from creating overlaps or complications with other extracted texts.
- A steep learning curve.
- The navigation tree is confusing and can get more complicated without a proper naming convention in place.
- Troubleshooting guides lack detailed solutions.
- Desktop OCR- $2500 per user
Kofax TotalAgility harnesses the power of cognitive data capture and AI to automate the extraction of information from unstructured data. The RPA models automate the acquisition, understanding, and integration of extracted data across an organization. The multichannel document capture technology allows users to capture data from unstructured documents as well as straight from emails.
- AI and cognitive capture technology in robots increase workforce capacity. It can apply cognitive service to act upon and interpret data without human intervention.
- RPA’s integration with legacy systems and new enterprise technology reduces system disruption and enhances workflows.
- Low-code environments encourage developers and business users to create and deploy RPA without technical input.
- Kofax’s data extraction functionality captures data from scanned images.
- The data extraction software is scriptable, allowing users to create custom templates to deal with unusual documents.
- The use of SBL and .NET platforms improves the integration process with existing systems, thereby increasing its scalability.
- The software cannot recognize and extract data from handwritten documents.
- The UI can be difficult to navigate for first-time users.
- Updates only fix critical bugs, not simple ones.
- ImageNow Control Suite- $5000 to $50,000
- Extracts web page data, including drop-down lists, images, and product pages.
- Smart scraping tools collect information beyond just the physical placement of data on the website.
- Offers the option to highlight the URLs with each extraction.
- Extracts data from millions of web pages.
- An expansive knowledge base with tutorials, self-help videos, APIs, and online chat helps users easily troubleshoot their problems.
- New users might require 1-3 hours to learn how to launch their first scrapper.
- Users can set only 10 scrapping conditions.
- No explanation for data extraction failures.
- Everyone- Free
- Standard- $189 per month
- Professional- $599 per month
- Enterprise - Custom pricing
Top 3 Free Data Extraction Tools
If you’re looking to implement a data extraction tool or take a test drive before buying paid data software, here are the top 3 free data extraction tools to get you started.
Tabula is a free data extraction tool, best used for extracting tables from PDF files. It converts the data into CSV or Excel files for easier editing.
Octoparse is an automated web scraping tool that emulates human behavior, like logging into an account and interacting with web pages. Its no-code browser and point-click interface make it a popular choice for first-time users.
3. BeautifulSoup (Python Library)
BeautifulSoup is a Python library used for capturing data from HTML and XML files. It integrates easily with existing parsers.
Now that you know the best data extraction tools available on the market, it is time to understand your business requirements.
- Do you have structured, unstructured, or semi-structured documents?
- For structured documents, you can have rule-based or AI/ML-based generic data extraction solutions.
- But for semi-structured, you will need a custom solution like Docsumo for high straight-through processing (STP).
- Another aspect to look for is integration capabilities. Does the tool integrate with your existing tech stack?
- If you are in a regulation-heavy industry, look for data processing tools that follow international guidelines. For example, HIPAA for healthcare companies and GDPR compliance.
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