Handling large volumes of data from business documents, scanned PDFs, and images often feels overwhelming.
Tasks such as extracting structured data, identifying patterns, and organizing text for analysis demand significant effort.
Take a common scenario: a company receives hundreds of financial documents or legal contracts every week.
Employees must manually extract specific information like invoice numbers, payment terms, or customer details. AI tools leverage optical character recognition (OCR), machine learning, and natural language processing (NLP) to automate these processes.
With its focus on precision and speed, Odin AI redefines document processing. With advanced features like generative AI, large language models, and support for multiple languages, Odin AI helps businesses handle structured and unstructured data.
Extract data from documents effortlessly – Sign up for Odin AI now!
What is AI Text Extraction?
AI text extraction refers to the automated process of extracting text from various document types, including:
- Scanned PDFs
- Images
- Complex business documents
AI can process structured and unstructured data, identify patterns, and extract data to provide valuable insights with minimal manual effort.
For example, it can extract structured data such as names, addresses, or invoice numbers from financial documents while also handling unstructured text like customer reviews or feedback.
With tools like Odin AI, businesses can handle document processing automatically, reduce errors, and improve efficiency across various industries, all while processing large volumes of data accurately and efficiently.
Top 5 AI Text Extraction Tools
Finding the right AI text extraction tool can change how your organization handles document processing.
1. Odin AI
Odin AI is a comprehensive platform designed to simplify and automate complex workflows using AI-powered text extraction and other advanced tools.
It offers advanced solutions to process structured and unstructured data from various document types which includes scanned PDFs, images, and legal contracts.
With its focus on the text extraction process, Odin AI allows businesses to extract specific information with precision.
The platform’s AI text extraction process leverages advanced technologies such as machine learning, optical character recognition (OCR), and natural language processing (NLP).
Odin AI’s adaptability to multiple languages and ability to process large volumes of text data make it a trusted choice for enterprises looking to automate their workflows efficiently.
Key Features of Odin AI
- AI Text Extraction: Extracts text and data from scanned documents, PDFs, and images with unmatched accuracy.
- Integration with APIs: Automate workflows and connect Odin AI to existing systems through customizable API calls.
- Large Language Model (LLM) Access: Offers tailored LLM support to suit specific business needs.
- Document Automation: Processes financial statements, legal contracts, and purchase orders automatically.
- Notetaking and Summarization: Transcribes and summarizes meetings for easy collaboration and decision-making.
The Pro Plan is priced at $79 per seat/month and offers up to 50 seats and 2,000 credits per seat each month.
The Enterprise Plan features custom pricing tailored for large-scale operations, including API access and additional credits to meet specific business needs.
Ready to see how Odin AI can improve your document processing? Book a demo today and experience the power of advanced AI text extraction firsthand!
2. Google Cloud Vision
Source: Cloud.google.com
Google Cloud Vision API uses artificial intelligence to help businesses extract insights from images, videos, and documents.
As part of Google Cloud Services, it offers features including optical character recognition (OCR) powered by Generative AI. This allows for accurate text extraction from scanned documents and images.
Additionally, the platform works with other Google Cloud Services, such as BigQuery and AutoML, to improve data analysis and simplify complex workflows.
Custom pricing is available upon request. Pricing will depend on the feature and number of monthly units.
3. Amazon Textract
Source: Aws.amazon.com
Amazon Textract is a machine learning service for extracting text, handwriting, and data. It can scan documents such as PDFs, forms, and files with tables.
Unlike traditional optical character recognition (OCR) solutions, Textract recognizes layouts, relationships, and structured data within documents.
It processes complex documents and automatically adapts to dynamic form changes. Businesses can then save time from manual updates and configurations.
Pricing is available through the AWS Pricing Calculator. Sample pricing includes:
- Free Tier: Free for three months with 1,000 scannable pages per month with limited document analysis.
- API Pricing: Varies per region, functionality, and number of pages. Can range from $150 to $2,500 and above.
4. Azure AI Document Intelligence
Source: Azure.Microsoft.com
Azure AI Document Intelligence uses machine learning to extract text, tables, key-value pairs, and structured data from documents.
This tool allows businesses to automate workflows by turning raw, unstructured text into actionable insights. It supports customizable models for tailored results and supports security with enterprise-grade compliance standards.
Microsoft Pricing Examples for AI Document Processing:
- Free Tier: Up to 500 pages per month for free.
- Read Instance:
- 0-1M pages: $1.50 per 1,000 pages.
- Over 1M pages: $0.60 per 1,000 pages.
- Prebuilt Models (e.g., Document, Layout, Receipt): $10 per 1,000 pages.
- Custom Classification: $3 per 1,000 pages.
5. ABBYY FineReader
Source: Pdf.abbyy.com
ABBYY FineReader PDF is an AI tool for businesses and individuals to digitize, edit, and manage documents efficiently.
Equipped with AI-based OCR technology, it simplifies text extraction from scanned documents. Users can create fillable forms, protect PDFs, and compare documents across various formats.
Its user-friendly interface allows teams to collaborate and approve PDFs while advanced security features safeguard sensitive data.
Pricing is available upon request with their sales team. There are 1-year and 3-year subscription plans, with options for businesses and individuals.
Experience precision in AI text extraction – Try Odin AI for free.
Recommended Reading
How AI for PDF Analysis Can Boost Your Workflow
Importance of AI Text Extraction
Understanding the importance of AI text extraction helps highlight its role in modern business operations. By addressing common challenges in data processing, AI-powered tools provide unparalleled speed, accuracy, and adaptability.
Saves Time and Increases Efficiency
Manual data extraction is a slow process that requires hours of data entry and verification.
AI text extraction tools automate this process by handling large volumes of documents automatically.
For example, businesses can process hundreds of scanned PDFs or financial documents in minutes which frees up employees to focus on more important tasks.
Reduces Errors in Data Processing
Human errors are common in manual data entry and traditional data extraction methods, especially when dealing with complex documents or unstructured data.
AI-powered solutions use technologies like:
- Optical character recognition (OCR)
- Natural language processing (NLP)
This allows higher accuracy to reduce the likelihood of mistakes in extracted data.
Handles Both Structured and Unstructured Data
AI text extraction tools can process structured data like tables and forms, as well as unstructured text from emails or customer feedback.
This capability allows businesses to extract relevant information from diverse document types which includes:
- Legal contracts
- Financial statements
- Handwritten notes
Supports Scalability for Large Data Volumes
For organizations managing large volumes of business documents, manual methods quickly become unmanageable.
AI text extraction processes scale effortlessly which allow consistent performance across millions of documents while maintaining high accuracy and speed.
Improves Decision-Making
AI-powered tools help businesses make informed decisions by delivering accurate and timely text. For instance, extracting insights from financial statements or customer reviews enables data-driven strategies.
Simplify complex document processing – Learn more about Odin AI’s text extraction features.
Recommended Reading
The Ultimate Guide to No-Code Workflow Automation for Teams
Practical Applications of AI Text Extraction
AI text extraction tools are changing how businesses handle document processing by automating the way they extract data from various sources.
Legal Document Analysis
AI text extraction simplifies the processing of legal contracts and other documents by identifying and extracting specific:
- Clauses
- Terms
- Key dates
This not only saves time for legal teams but also supports accuracy in important tasks.
For instance, Odin AI can extract data like renewal terms or compliance clauses from thousands of contracts.
Businesses can also integrate AI tools through an API call to automate workflows further and simplify document processing.
Financial Document Processing
Banks and financial institutions use AI-powered tools to process financial documents such as:
- Invoices
- Expense reports
- Financial statements
These tools extract text like amounts, account numbers, and transaction dates which reduces errors and expediting operations. With Odin AI, companies can handle large volumes of other documents automatically and integrate them into financial systems via API calls for better efficiency
Healthcare Records Management
Healthcare organizations rely on AI text extraction to manage medical records, prescriptions, and lab reports. By extracting data like patient names, diagnoses, and medication details from scanned documents, these tools improve administrative workflows and reduce errors.
Automate text extraction for better accuracy – Schedule your free demo today!
Recommended Reading
Invoice Processing: From Manual to Automated Solutions
Why Odin AI is the Best AI Text Extraction Tool
Odin AI stands out as the ultimate solution for AI text extraction by combining advanced natural language processing, machine learning, and optical character recognition (OCR) technologies.
Its ability to process structured and unstructured data allows businesses to handle complex documents like scanned PDFs, financial statements, and legal contracts with precision.
By automating the data extraction process, Odin AI eliminates errors, reduces manual effort, and improves decision-making capabilities.
Book a demo today and experience how Odin AI can transform your document processing needs!
Have more questions?
Contact our sales team to learn more about how Odin AI can benefit your business.
FAQs About AI Text Extraction
AI text extraction is the process of using artificial intelligence to automatically extract text and text data from various sources, such as documents, images, and scanned files, for easier analysis and organization.
AI tools use natural language processing (NLP) to understand and process unstructured text data. This helps them identify patterns and extract meaningful information for structured use.
Yes, advanced tools like Odin AI use optical character recognition (OCR) and machine learning to extract information from handwritten notes or low-quality scans.
Absolutely. AI tools can process financial documents, such as invoices and statements, to extract specific information like amounts, dates, and account details.
Developers can use code samples provided by AI text extraction tools, like APIs, to integrate these solutions into existing applications for custom data extraction workflows.
AI tools speed up the data extraction process, reduce errors, handle large volumes of text data, and minimize the need for manual effort.
Industries like finance, healthcare, legal, and e-commerce leverage AI tools to extract information from contracts, medical records, and customer feedback.
Yes, tools like Odin AI use OCR technology to extract text from images, PDFs, and other scanned documents, even if they include tables or complex layouts.
