Top 7 Intelligent Document Processing Solutions in 2021
September 29, 2021
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IDP
INDUSTRY-INSIGHTS

Traditional Optical Character Recognition(OCR) solutions are limited in their capabilities to identify contextual key-value pairs in a document. For this specific reason, businesses don't find OCR solution suitable for extracting data from semi-structured documents. That's why more and more businesses are adopting IDP in their system for improved data extraction accuracy and quicker turnaround time.

If you are not already familiar with the basics of IDP and differences between IDP and OCR, refer to the articles listed below as the focus of this article is to help you find the best-suited IDP solution for your business:-

So, let's get right into it:-

7 Best Intelligent Document Processing Software in 2021

Although there are a ton of tools out there that claim to possess all the features an enterprise would require in order to function smoothly, there is only a handful of them that could be considered the best of the lot. As such, let’s look at some of the features and the pros and cons of the top 7 intelligent document processing software:- 

1. Docsumo

Docsumo is an intelligent OCR platform that uses a combination of AI and Machine Learning to read data from unstructured documents. Docsumo comes with common pre-trained APIs such as invoices, bank statements, purchase orders, and receipts. That means the user can integrate Docsumo into their system and start using it. The solution can be trained for multiple other document types and users can also set custom data parsing rules for extraction processes.

Features
  • Intelligent Data Processing (IDP) for documents.
  • Advanced Natural Language Understanding (NLU) and Optical Character Recognition (OCR).
  • Data Entry capabilities for all kinds of businesses.
  • Transfer and capture data with a few clicks.
  • Batch processing
  • Document auto-classification and data validation
  • Maintain the quality of your files with quality control.
  • Data Extraction from documents and images.
Pros
  • Docsumo provides a free trial demo, so you can see how well its features work for you.
  • Simple pricing structure to suit your business requirements.
  • Best-in-class data extraction, and data entry features.
  • Easily accessible shortcuts and hotkeys.
  • Around-the-clock support in case of queries or issues you might have with Docsumo.
  • Extensive integration capabilities.
Cons
  • Trained APIs need more diversity and details
Pricing

Growth - Upto 10,000 Documents / month.

Enterprise - ‍ More than 10,000 Documents / month.

2. Docparser

Docarser lets users automatically fetch documents from multiple sources, process data in real-time, and make data extraction easy. It supports scanned documents, custom parsing tools, OCR support, barcode and QR Code detection, and has powerful image preprocessing capabilities. Users can also download their parsed data and share with other users through various Cloud apps.

Features
  • Save time and parse documents easily with Layout Parsing Presets.
  • Data Extraction from images.
  • Scan QR codes and access pages easily.
  • Automation features to save time and resources.
  • Easily share your processed documents with just a few clicks.
Pros
  • Responsive customer support.
  • Docparser is one of the quickest solutions in terms of how fast it can process multiple files at a time.
  • Automation capabilities are especially well developed.
Cons
  • The advanced user interface can offer a challenge to complete beginners.
  • No way to sort/filter files.
Pricing

The various packages available are -

Starter: $39 / month

Professional: $69 / month

Business: $149 / month

Enterprise: Price is available on request.

3. Infrrd

Infrrd is an AI-focused IDP platform that uses Natural Language Processing (NLP), Machine Learning, and computer vision technologies to boost enterprise productivity. It can read data from scanned images, detect patterns in large volumes of information, derive actionable insights, and make further recommendations after intelligent analysis. It’s a great solution for businesses that need to leverage the power of predictive analytics and make future marketing decisions based on data collected and used by them.

Features
  • With the aid of computer vision and Natural Language Processing, the software cleans, fixes, arranges, classifies, and enhances documents.  
  • Retrieves complex data. 
  • Provides predictive analytics for deep insight.
  • Inference for predictions and Natural-language generation. 
  • Learns to adapt to changing document types, document layouts, and extraction points in order to ensure accuracy. 
  • Employs a Rules-based Automation approach. 
Pros
  • Is able to extract data such as stamps, handwritten notes, and complex table layouts that traditional OCR and document processing companies are generally unable to.
  • The application programming interface is simple to use and understand. 
Cons
  • The Data Review UI is not user-friendly.
Pricing

Starting from: $2000/month

Pricing model: Subscription

Free Trial: Available

4. Xtracta

Features
  • With its Optical Character Recognition Software, Xtracta Is able to retrieve both text and image data from documents.
  • Has the functionality to process documents from a number of sources like API upload, SFTP, email, web portals, mobile apps, and so on. 
  • Data scanning and capture tool that takes seconds to do its job. 
  • The software is able to integrate itself into a variety of other applications such as Enterprise Resource Planning, Human Capital Management, and so on. 
Pros
  • The setup is simple and easy to use. Customers do not have to worry about arranging things manually for long hours. 
Pricing

Pricing model: Subscription-based

5. Hyperscience

Hyperscience works best with scanning and reading handwritten documents. The downside is that it is limited to configuring a maximum of 400 PDF documents and there is a lack of customer support with the newer releases. Hyperscience can classify diverse document types, transcribe cursive texts, and can also read machine-printed text with up to 95% data accuracy.

Features
  • The Machine Learning platform is able to classify a variety of document types such as invoices, checks, forms, and so on automatically. 
  • The software is capable of transcribing text that is handwritten (whether it is in cursive or not) as well as machine printed. The process is 95% automated with an accuracy rate of 99.5 percent. 
  • Is able to convert any type of document into a digital format. 
  • The program processes structured data files, thereby aiding companies in lessening manual effort and time taken to complete tasks. 
Pros
  • Its handwriting OCR capability is advanced and is, therefore, able to achieve a number of tasks. 
  • Easy to use interface as well as front-end usability. 
Pricing

A free demo is available upon request.

6. CaptureFast

Features
  • It is a cloud-based, mobile-friendly, and data capturing software. 
  • Through the creation of a variety of templates via their web application, businesses can organize, retrieve and manage a number of company document file types. 
  • Has the ability to retrieve information from field operations without having to lose time in conversion and going back and forth between the field and HQ operations. 
  • Its online data extraction system allows users to set up pricing extractions, web data extractions, collaborations, phone number extractions, and document extractions all in one platform. 
  • The software’s solutions are end-to-end in that it is designed for web applications. 
Pros
  • Its SAS services are simple and easy to use. 
  • Easy to define and set up templates so that the ensuing scanning process is seamless.
Cons
  • Its Artificial-Intelligence tool is not very effective when it comes to capturing texts. 
Pricing

Basic: $69.00/month

Professional: $69.00/month

They do not offer free trials but do have a free version.

7. Docuclipper

Features
  • Data extraction from images, bank statements, legal documents, and more.
  • Intelligent Data Processing (IDP) for documents.
  • Easily share documents directly from within the Docuclipper application.
  • Create annotations on your documents for later reference.
  • The added benefit of advanced Robotic Process Automation (RPA).
  • Easily perform data entry functions.
  • Accounting features like Audit Trail and more.
  • Scan, process, and publish your documents via Quickbooks, Excel, and more.
Pros
  • Accurate data processing with low rates of error.
  • Excellent user interface even for complete beginners.
  • Minimally resource intensive.
Cons
  • Occasional inaccuracies are still possible.
  • No Free Version.
Pricing

The various packages available are -

Starter: $29 / month

Business: $99 / month

Enterprise: Price is available on request.

Key Takeaway

Because of the diverse range of powerful features, excellent integration capabilities, and pricing , Docsumo offers good value for money. When it comes to AI-based automation and document processing solution, Docsumo is a must-have option in your consideration list. With Docsumo, you don't have to worry about working through a manual setup or feeding unstructured data into Quickbooks, Xero, Tally, or any other software.

Schedule a demo with us and figure out if Dosumo is the right fit for your business use-case.

Is document processing becoming a hindrance to your business growth?
Join Docsumo for recent DocAI trends and automation tips. Docsumo is the Document AI partner to the leading lenders and insurers in the US.
Written by
Pankaj Tripathi
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Top 7 Intelligent Document Processing Solutions in 2021
IDP
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April 23, 2021
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