What is data extraction and why is it better than OCR? How can Hypatos Community Edition help developers? How can developers use the Community Edition? Hypatos Community Edition is the first and only free data extraction tool. Community Edition extracts the most used named entities...
Hypatos Community Edition is the first and only free data extraction tool. Community Edition extracts the most used named entities from invoices so developers can automate data extraction part of accounts payable or travel & expense processes of their clients at no cost.
There are numerous free OCR solutions but only one data extraction solution in the market because data extraction is a recent, more advanced technology. While OCR extracts characters from an image, data extraction extracts structured data from a document.
Data extraction example:
Structured data from data extraction consists of machine-readable entities which can be automatically processed by machines. For more, feel free to read our in-depth guide on OCR and data extraction.
Companies spend valuable resources to process
Manual processing is expensive, inaccurate, slow and demotivating for employees. However, they can be automated freely using Hypatos Community Edition.
Any business receives invoices that need to be paid, checked for VAT compliance and processed as accounting entries. Hypatos Community Edition allows developers to auto extract machine readable data from invoices so the most important next step (i.e. payment) can also be automated.
Hypatos Community Edition extracts 16 core data points from German and English invoices including sender details and payment details so payment can be completed based on the Community Edition output.
Extracting data from receipts is necessary to make timely payments to employees and to record VAT payments so they can be netted off from company’s own VAT payments during purchases. Hypatos Community Edition enables developers to auto extract data from receipts freely so they can automate receipt payments and build more advanced solutions for their clients.
Hypatos Community Edition is available as a cloud API. Following the API documentation, developers can send images to the API and receive JSON files including the extracted data in the response.
Developers can sign up to the cloud API from Hypatos website by signing the API terms and sharing their name, email and contact information.
How were documents processed before the advance of modern AI? What are modern AI approaches for document processing? What is Hypatos’ approach of using AI in document processing?
What is the difference between data extraction and OCR? How can we determine the best data extraction solution? What is the most accurate data extraction solution? Are there other criteria that could affect a companies’ procurement decision? What are the areas where data extraction solutions fail?