Top 5 AI-based document processing platforms

AI-based document processing has emerged as a transformative solution, offering several advantages to businesses and organizations. These platforms continually enhance their accuracy as they process more documents and receive feedback using AI algorithms. By automating labor-intensive tasks like data entry, verification, and classification, AI streamlines operations, reduces errors, and frees up valuable human resources for more strategic endeavors. This newfound efficiency not only boosts productivity but also leads to substantial cost savings, as businesses can scale their document processing capabilities without a corresponding increase in workforce. 

Furthermore, AI-driven document processing delves into unstructured data, unearthing valuable insights that empower organizations to make well-informed decisions and gain a competitive edge in their respective industries. From improved accuracy and scalability to enhanced data insights, the advantages of AI-based document processing are revolutionizing the way businesses handle and harness information, driving them toward success and innovation.

While there are several AI-based document processing platforms, each with its strengths and capabilities, this article will provide an overview of the top-5 performers.

1. Docsumo

Docsumo is an AI-based document processing platform that utilizes OCR and machine learning technologies to automate data extraction from various documents. This includes invoices, receipts, purchase orders, bank statements, rent rolls, and acord forms. The platform aims to streamline manual data entry processes, reduce human errors, and accelerate document processing workflows.

It offers a pre-trained invoice capture API that offers increased customization to enable users to capture data conveniently with little professional training. The captured data can be converted into different formats, such as Excel, JSON, CSV, txt, etc., allowing users to feed it into their system or any third-party software easily.

Features

• Data extraction: Can extract data from all document types, templates, layouts, and tables
• Automatic data categorization: Proprietary NLP-based classification framework that categorizes key-value pairs and line items
• Pre-trained APIs: Offers a comprehensive pre-trained API stack designed to handle loan applications and insurance compliance documents seamlessly
• Integrations: Docsumo provides seamless connectivity to industry-specific software, including CRMs, ERPs, HCMs, accounting, and payroll software. It provides custom outputs in CSV, XLS, JSON, and other formats. 
• 2-way/3-way match: Reduces risk by identifying duplicates within invoices and validating them 2-way/3-way with purchase orders and delivery notes
• Customization: Users can train the platform to recognize specific document layouts or data fields to tailor it to their needs
• Compliance: Compliant with industry standards such as GDPR, HIPAA and SOC2.

Pros

• Fast processing: Docsumo's advanced automation capabilities streamline data extraction processes. Users can obtain extracted data back in less than 1 minute. In cases where human verification is necessary, the platform still delivers the extracted data in just 30 minutes.
• Accuracy: Offers 99%+ data extraction accuracy with 95%+ STP rate for financial documents. 
• Industry-agnostic: Can handle large volumes of structured and unstructured documents, making it suitable for businesses of all sizes.
• Ease of integration:  Integrations with other applications facilitate a smooth adoption process into existing systems, thereby maximizing IT ROI

Cons

• Inability to process handwritten documents
• Limited language options

Pricing

• Growth: $500+ per month
• Business: Custom pricing
• Enterprise: Custom pricing

2. Amazon Textract

Amazon Textract is a cloud-based service provided by Amazon Web Services (AWS) that uses advanced OCR and ML technologies to automatically extract text and data from scanned documents, PDFs, and images. The service is designed to handle various document types and supports multiple languages, making it suitable for various industries and document-intensive processes.

Features

• Text and data extraction: Amazon Textract can accurately extract text, tables, and key-value pairs from documents, providing structured data for further processing and analysis.
• Support for various document types: It can handle a variety of document formats, including invoices, receipts, forms, contracts, and more.
• Built-in human review workflow: Amazon Textract is directly integrated with Amazon Augmented AI (A2I). Users can easily implement a human review of printed text and handwriting extracted from documents
• Automated data capture from forms: Its Analysis APIs help build extraction capabilities into existing business workflows, allowing data submitted through forms to be extracted into a usable format
• Automated classification of lending documents: With Amazon Textract's Analyze Lending document processing API, one can automate the classification of lending documents

Pros

• Integration of document text detection into apps: Simplifies the process of integrating text detection capabilities into applications by offering a straightforward API. Its text detection capability can be incorporated into web, mobile, or connected device applications, making it accessible and easy to implement for developers of varying backgrounds
• Scalable document analysis: Users can analyze and extract data quickly from millions of documents, accelerating decision-making
• Low cost: Users only pay for the documents they analyze. There are no minimum fees or upfront commitments. 

Cons

• Inability to extract custom fields: While Amazon Textract performs well with structured documents, it may face challenges with documents featuring complex layouts or custom fields
• No fraud checks: It does not include features for detecting document authenticity or identifying pixelated regions. 
• Difficult integration: Textract doesn't have readily available integrations or plugins that cater specifically to all third-party services
• No vertical text extraction: Doesn't support vertical text alignment. AWS currently only supports horizontal text extraction with a slight in-plane rotation

Pricing

As part of the AWS Free Tier, you can get started with Amazon Textract for free. 

3. Nanonets

Nanonets is an AI-based document processing platform that automates data extraction from various documents, such as invoices, receipts, forms, and contracts. The platform uses ML algorithms to accurately extract structured data, streamlining document-intensive processes and reducing manual data entry.

It supports multiple document types, such as ID Cards, income proofs, and POs. Enterprises can create custom categories for text detection, image annotation, and OCR review, enhancing the platform's adaptability to specific needs.

Moreover, the platform ensures seamless integration with popular cloud storage services like Google Drive, Dropbox, and ERPs such as Salesforce, Yardi, and Netsuite. Furthermore, it enables integration with databases like MSSQL and MySQL, offering a comprehensive and interconnected solution for efficient document processing and management.

Features

• Field extraction: Nanonets captures only the required fields, even from unstructured documents. It keeps the data crisp and clean
• Seamless integration: Nanonets allows users to import data from their own platforms and export captured data directly to their existing workflows. API feeds captured data to CRM, WMS, DB, email & more.
• Workflow automation: Its in-built no-code workflows can automate manual processes like approvals, document processing, vendor checks, PDF lookup, data matching, and more.
• Global payments: It offers the capability to process international payments through wire transfer and ACH (Automated Clearing House) directly within the platform, eliminating the need to switch to another system
• Multi-lingual support: Supports multiple languages, making it accessible to businesses operating globally and catering to diverse document types

Pros

• Flexible and adaptive: The platform is a flexible and adaptive tool capable of extracting diverse data types from random documents. Its zero-shot models exhibit impressive performance, and the capability to convert the extracted data into the requested format provides substantial assistance
• Enhanced financial workflow: Nanonets enables the processing of international payments through wire transfer and ACH without leaving the platform, simplifying payment management and ensuring timely transactions
• Scalable: It can efficiently handle large volumes of documents, making it suitable for businesses with growing document processing needs without compromising performance

Cons

• Delayed results

Pricing

• Starter: Free
• Pro: $499 per model per month
• Enterprise: Custom pricing

4. Docparser

Docparser is a cloud-based document data extraction solution that helps businesses of all sizes retrieve data from PDFs, word docs & image files. By automating the document-based workflow, it can extract data fields such as shipping address, purchase order number, and date to put it in a tabular format and move information to where it belongs. Docparser caters to manufacturing, logistics, wholesale, accounting, retail, hospitality, and other industries. The platform helps users with accounts and invoice payable processing, purchase and sales orders, delivery notes, standardized contracts, agreements, price lists, bank statements, and HR forms. The solution enables users to derive actionable insights from enrollment forms, reports, and payroll. Docparser integrates with Dropbox, Microsoft, Box, Zapier, Salesforce CRM, Workato, Rest API, and Webhooks.

Features

• Tabular data output: Docparser allows users to extract and format repeating text patterns and tables from PDF files, word & image docs
• Inbuilt barcode and QR detection: Reading barcodes from documents allows users to identify a specific form layout or detect parcel shipping numbers
• Powerful image preprocessing: Advanced image preprocessing options (deskewing, noise removal, removal of scanning artifacts) guarantee superior OCR accuracy levels
• Direct integration: Docparser offers direct integrations with prominent platforms such as Google Spreadsheets and Salesforce, enhancing the platform's versatility and usability for users across various industries
• Advanced zonal OCR: Advanced Zonal OCR techniques employed by the platform ensure precise text data extraction from the exact locations where it is needed

Pros

• Time-saving: It takes less than a minute to import a document, preprocess it, extract all data fields, and send it to other apps
• Customizable: Users can customize parsing rules according to their specific needs when using Docparser. Additionally, the platform allows seamless integration with various other tools, allowing users to tailor their document processing workflows
• Accuracy: Customizing parsing rules further enhances the accuracy, allowing users to fine-tune the extraction process for specific document layouts and formats
• Seamless integration: The API integration offered by Docparser with existing software systems eliminates manual data entry errors, sparing users the need to learn and adapt to additional software

Cons

• Parsing rule complexity: Creating and setting up parsing rules may be challenging for some users, requiring back-and-forth navigation between different screens and testing, which can be time-consuming and confusing.
• Pricing complexity: Need to have more precise pricing in local currency instead of $USD only
• Learning curve: Managing the outputted data structures in Docparser may involve a learning curve, as users need some time to familiarize themselves with the format and understand how to handle the extracted data effectively

Pricing

Starting price: $39.00 per month

Free trial: Available

Free version: Available

5. Google Doc AI

Google Doc AI utilizes advanced ML techniques, NLP, and OCR to analyze and extract valuable data from structured and unstructured documents such as invoices, receipts, forms, and contracts. 

Its suite of AI solutions offers a range of powerful tools. These include pre-trained models for data extraction, the Document AI Workbench for creating custom models or uptraining existing ones, and the Document AI Warehouse for efficient document search and storage. By harnessing the capabilities of Google Doc AI, businesses can optimize document-intensive processes, minimize the need for manual data entry, and significantly improve data accuracy. 

Features 

• Unified console: The document AI platform is a unified console for document processing that lets users quickly access all models and tools
• Human in the loop AI: Integrates human review into ML predictions to help companies achieve higher document processing accuracy with the assurance of human judgment
• Google knowledge graph: With the aid of Google knowledge graph technology, the parsed information can be validated and enriched, further enhancing its utility. This involves cross-referencing company names, addresses, phone numbers, and other details against entities available on the internet 

Pros

• Flexibility: Improves operational efficiency by extracting structured data from unstructured documents and making that structured data available to business apps and users
• Compliance: Automates and validates all documents to streamline compliance workflows, reduce guesswork, and keep data accurate and compliant
• High accuracy: Ensures a high level of accuracy with Google's AI and Human-in-the-Loop (HITL) reviews

Cons

• Customization learning curve: Customization of existing modules and libraries in Google Doc AI may present challenges, requiring time and experience for users to grasp and learn
• Privacy concerns: For sensitive documents, businesses might have concerns about security and data privacy when using a cloud-based service like Google Doc AI

Pricing

50 USD/user annually