Data extraction is a critical step in title production. It helps you get the information you need from source documents to complete your transactions accurately, efficiently and quickly. However, manual data extraction can be time-consuming and error-prone. Also, if your team does not have access to quality data, it could lead to poor results.
To ensure that you are getting all of the necessary details to empower your workflow process, consider using an ML-powered solution that can help with data extraction tasks quickly and accurately. In this article, let’s talk about 4 ways you can use data extraction.
Support double-check data entry
Manual review is another laborious step in the data extraction process, as it involves humans manually reviewing data extraction and making sure it’s accurate before entering them into an automated system or database.
Enhance your workflow with automated data extraction to help your data entry team – let an extraction system be one half of the double check process. You’ll gain extra support if you use an extraction system that fits directly into your workflow, like an API – no extra logins needed.
Reduce Time Consuming Tasks
On average, title teams spend about 25% of their time collecting data from various sources. This process can also be time-consuming. Partnering with a system to automatically extract valuable data from documents for a title report can let your team focus on the important work in verifying the legal description of a property along with the history of ownership.
Drive Operational Excellence
Data extraction can help you meet your operational goals. For example, if your company is looking to decrease title fraud and/or improve customer satisfaction, data extraction can allow you to take several steps.
- Identify patterns in the documents that are submitted by customers and agents, giving you a better understanding of their behaviors.
- Identify who is submitting these types of documents so that you can reach out directly and proactively educate them on best practices.
- Automate key processes, such as document validation and approval workflow.
Improve Scalability to Meet Demand
Scalability is the ability to meet demand. In the title industry, it’s a must-have. Data extraction can help your team scale up in several ways.
Data extraction works best with large volumes of data. The more you have, the better your results will be—so long as it’s handled well.
If you’re in need of scaling up due to increased business volume or seasonal spikes, look into automating your processes. They’ll run automatically without manual intervention required from members of your team – who are already busy enough during high seasons like Spring and Summer months when closing cycles tend to speed up considerably.
With the right tools, data extraction can help your team supercharge its efficiency and accuracy. This is especially true for title teams, who rely on information from numerous sources to complete their work quickly and accurately.