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Pattern Recognition : Another alternative is pattern recognition – an approach that has been in use for much longer than OCR and computer vision. AI-Based Data Extraction : Another alternative is AI-Based Data extraction, which uses purely AI-based extraction methods that utilize machine learning techniques like NLP and CNNs.
While many finance leaders plan to address the skills gap through hiring and employee training and development, a significant percentage of leaders are also looking to dataautomation to bridge the gap.
The majority, 62%, operate in a hybrid setting, which balances on-premises systems with cloud applications, making data integration even more convoluted. Additionally, the need to synchronize data between legacy systems and the cloud ERP often results in increased manual processes and greater chances for errors.
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Moving data across siloed systems is time-consuming and prone to errors, hurting dataquality and reliability. Manual processes and juggling multiple tools won’t cut it under the ever-changing CSRD regulations. Inconsistent formats and standards across different tools further hinder comparison and aggregation.
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