Data extraction refers to the method of gathering or retrieving various types of data from multiple sources. This process involves consolidating information, processing it, and refining the data for storage in a centralized repository. According to Tomasz Tunguz, “The best-run companies are data-driven, and this skill sets businesses apart from…

While the advantages of data extraction have been discussed, it is important to explore its common applications. The first step in utilizing data extraction effectively is to pinpoint the areas that stand to gain from this process. The following categories of data are typically extracted: Bank statements. These documents are…