System and method for automatic entity relationship (ER) model generation for services as software is disclosed. ER model generation by automated knowledge acquisition is disclosed, and automation of knowledge generation process is disclosed. Information extraction process is automated and multilevel validation of information extraction process is provided. System comprises training module to train information extraction model, and knowledge generation module for population of ER model. Standard Operators are generated based on the ER model so generated (populated). Context aware entity extraction is implemented for the ER model generation. System and method leverages existing ER model to make the system self-learning and intelligent, and provides common platform for knowledge generation from different data sources comprising documents, database, website, web corpus, and blog.