6 Best Document Processing Platforms: Features, Pricing, and Reviews

Document processing platforms automate repetitive document management tasks and extract accurate data from huge volumes of documents in minimal time. 

Research backs this with a McKinsey report showing that automation using Intelligent Document Processing (IDP) saved more than 20,000 employee hours annually for a leading North American financial institution. 

The swift data extraction helps businesses ensure compliance, expedite accounts payable operations, and improve customer satisfaction, making document processing tools a reliable asset for enterprises. 

This blog post covers the essential features of document processing platforms, tips for choosing the best one, and the importance of investing in document processing tools. 

What is a Document Processing Platform?

Document processing is a software solution that helps businesses process documents, extract information, and convert data into a digital format for further processing and analysis. 

These platforms automate monotonous, manual tasks like document preparation, data extraction, validation, and integration. 

Document processing tools convert unstructured data into structured formats using Optical Character Recognition (OCR), Natural Language Processing (NLP), Machine Learning (ML) algorithms, and computer vision technologies. 

Other key features include automatic document ingestion, document classification and sorting, data extraction and validation with internal computations, and routing to team members for approval and integration. 

The benefits of using document processing platforms are:

• Improved efficiency
• Increased accuracy
• Reduced costs
• Enhanced security and compliance
• Improved customer experience and employee productivity
• Streamlined business operations

How to Choose The Best Document Processing Platform? 

Before choosing the best document processing platform, evaluate the needs and requirements of your enterprise’s document processing workflows.

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• Are you looking to process and extract data from structured, semi-structured, and unstructured documents? 

• Does the document type contain checkboxes, handwritten notes, and complex tables?   
• Could the employees create templates for document processing platforms? 
• Are you looking for document reader AI to integrate data with existing systems to streamline business operations? 

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After noting the requirements, analyze the top document processing tools in the market. Here are some factors to consider when selecting a document processing platform: 

a. Document capture 

Document processing platform must scan and create images of documents to process later for data extraction. Some platforms also intake scanned images from scanners for document processing purposes. 

b. Technology employed for data extraction 

Document processing platforms with standalone OCR technology best suit structured documents with finite variations, as the employees can create templates in advance. 

Conversely, Intelligent Document Processing (IDP) platforms can extract data from unstructured documents by automatically adapting to the variations in layouts and templates. The best part is IDP platforms also help with data analysis, deriving actionable insights that mitigate potential risks and facilitate cost savings.

c. Data accuracy

How does a document processing platform enhance precision? To improve data clarity, it should perform advanced pre-processing techniques such as deskewing, denoising, binarization, and contrast adjustments. 

The extracted data may still contain duplicate values, missing fields, and inaccuracies, and the platform must perform strict validation checks with available databases to detect errors and ensure accuracy. 

d. Document workflow automation

For document processing platforms with plain OCR technology, employees need to create templates for changing variations so that the tool can locate data fields. 

Conversely, document reader AI can automate end-to-end workflows, from document ingestion to data integration. 

e. Integration with CRM, ERP, and other systems

Seamless integration with existing document management systems (DMS), CRMs, ERPs, SRMs, and accounting software solutions ensures data integrity across systems and streamlines operations. 

f. Security and Compliance 

Consider a platform that provides advanced security features to store sensitive information securely. Some must-have features include cloud storage, role-based access controls, encryption, password protection, and multi-factor authentication. 

Additionally, the platform must offer compliance with national, international, and local regulations such as GDPR, SOC-2, and HIPAA, ensuring compliance and preventing legal repercussions and penalties. 

g. Scalability and customization options

Consider a platform that can handle increasing volumes of documents with higher efficiency and fewer errors. 

Top Document Processing Platforms in 2024

Let's explore the top 6 document processing platforms in 2024 and review their best features and limitations: 

1. Docsumo

Docsumo is a one of the most leading intelligent document processing tools that helps enterprises capture accurate data from structured, semi-structured, and unstructured documents such as invoices, bank statements, contracts, tax forms, etc. Pre-trained API models automatically process documents to extract vital data without human intervention. 

The platform also allows businesses to train custom ML models and extract specific data catered to their needs. With Docsumo, businesses can automate document processing and capture data at unprecedented speed and unmatched accuracy levels.  

a. Key features

• Ingests documents automatically from DMS, scanners, and emails using API integration
• Preprocesses documents to remove skew, noise, blur, and dots 
• Extracts key-value pairs, checkboxes, and line items accurately using pre-trained API models
• Validates the data with public databases and source documents to correct errors 
• Sends the extracted data automatically to the relevant professionals for final review and approval
• Integrates with existing CRMs, ERPs, and accounting solutions 

b. Limitations 

• Lacks features to create new documents from scratch

c. Pricing

• Growth: $500/month 
• Business: Custom pricing 
• Enterprise: Custom pricing 

d. Reviews

• G2: 4.7/5
• Capterra: 4.6/5 

2. Amazon Textract

Amazon Textract is an ML-powered OCR document processing platform that primarily helps government, financial, and healthcare enterprises extract data from any document. It automates document processing workflows using pre-trained models. 

Query-based extraction in Amazon Textract allows businesses to specify the data they need to extract to reduce post-processing and manual reviews. The platform also provides a confidence score after data extraction, helping businesses decide how to use the data for operations. 

a. Key features

• Extracts printed texts, handwritten notes, layout elements, and key-value pairs using pre-trained features. 
• Detects signatures on forms such as cheques, loan application forms, and insurance claims
• Table extraction preserves the data composition stored in tables to integrate into a database using a predefined schema directly. 

b. Limitations 

• Low accuracy rate when extracting data from documents with handwritten notes.
• Doesn't extract data from all types of documents.

c. Pricing 

Custom pricing

d. Reviews

• G2: 4.4/5

3. Adobe Document Cloud

Adobe Document Cloud is a document management platform that helps businesses store and manage PDF documents in the cloud for easy access and collaboration. Convert images, spreadsheets, Word docs, and PowerPoint slides into PDFs and share with anyone (no login required). 

With the PDF protect feature, you can prevent other team members from copying, editing, or printing your PDFs without your permission. The platform provides integrations with Adobe tools such as Adobe Scan, Adobe Acrobat Reader, and Acrobat Sign, allowing teams to route documents and get approvals using a single platform. 

a. Key features

• Create and edit PDFs and add comments 
• Sign documents and request signatures from stakeholders on any device 
• Take help from an AI-assistant who answers document questions with quick insights 

b. Limitations

• Gets slow and unresponsive when processing large files.
• The user interface is old-fashioned and not intuitive.

c. Pricing 

• Teams: $23.99/month per license 
• Enterprise: Custom pricing 

d. Ratings and reviews 

• G2: 4.5/5
• Capterra: 4.7/5

4. IBM Automation Document Processing

IBM’s Automation Document Processing solution combines AI with deep learning algorithms to automatically capture information from business documents. It accelerates the document processing workflows by eliminating traditional methods and automating data extraction and analysis. 

With its human-in-the-loop capabilities, employees can flag issues, add missing data, and validate the extracted data. Integrating IBM Document Processing with Cloud Pak allows businesses to automate end-to-end workflows, which can speed up processes and reduce customer wait times. 

a. Key features 

• Classifies documents based on their type for effective storage and data extraction 
• Processes new documents and extracts vital data using deep learning 

b. Limitations 

• Training and documentation aren't detailed and informative
• The platform crashes when processing a large volume of documents

c. Pricing 

Custom pricing 

d. Ratings and reviews 

• G2: 4.3/5
• Capterra: 4/5

5. Microsoft SharePoint

Microsoft SharePoint is a content management platform that simplifies document sharing and enables seamless collaboration for growing businesses. With SharePoint, share documents and resources and collaborate across PCs, Macs, and mobile devices. 

Microsoft SharePoint’s intranet portal helps organizations provide centralized access to internal communication, enterprise information, and applications. Integrating Power Automate with SharePoint automates simple tasks and complex operational workflows, accelerating an organization's productivity and efficiency. 

a. Key features 

• Share documents and engage with team members on home sites 
• Locate documents and discover information quickly with a powerful search 
• Create rich digital experiences for employees using custom apps and workflows

b. Limitations 

• Takes time when uploading large documents.
• Quite difficult and confusing to navigate through the platform.

c. Pricing 

• SharePoint (Plan 1): $5 per user/month
• Microsoft 365 Business Standard: $12.50 per user/month 

d. Ratings and reviews 

• G2: 4/5
• Capterra: 4.3/5

6. Google Workspace

Google Workspace offers tools like Gmail, Meet, Chat, Drive, Docs, Calendar, Forms, and Sites for effective document management. Google Drive allows businesses to organize documents systematically in folders and swiftly locate files using the search bar. 

With its robust security features, such as permissions and granular access controls, sensitive data is secured even when collaborating with individuals. 

a. Key features 

• Share documents and collaborate with team members in real-time
• Categorize documents in separate folders for easy access
• Integrate with existing CRMs and other software solutions

b. Limitations 

• Lacks more advanced features compared to Microsoft SharePoint.
• Cannot create folders within Google Docs and Sheets and requires more document organization features.

c. Pricing

• Business Starter: $1 per user/month 
• Business Standard: $8 per user/month 
• Business Plus: $16 per user/month 
• Enterprise: Custom pricing 

d. Ratings and reviews 

• G2: 4.6/5
• Capterra: 4.7/5

Reasons Why You Should Invest in Document Processing Tools

Document processing tools significantly improve operational efficiency and employee productivity. Apart from these obvious benefits, here are some reasons that reinforce the importance of document processing tools for enterprises: 

1. Increased efficiency

Manual document management processes require several hours or days of employee time, leading to significant delays and inefficiencies in business operations.

However, a document processing platform takes only 30-60 seconds to extract data from documents. The best part is it can extract data from large volumes of documents simultaneously.

2. Improved accuracy 

Document processing tools ensure high accuracy by reducing human involvement in document management processes and eliminating the chances of human errors. 

Moreover, trained API models accurately capture data from IRS tax forms, purchase orders, invoices, contracts, equipment manuals, bank statements, and tax reports.  The extracted data undergoes validation using Excel-like formulas, and humans can review the final data, ensuring greater accuracy and fewer errors. 

3. Enhanced compliance 

A document processing platform automatically captures relevant and up-to-date data from customer documents and internal databases and validates this information with standard regulations to detect compliance issues and inconsistencies. 

Automating compliance audits and validations helps enterprises avoid penalties and legal complications.

4. Cost savings 

Advanced document processing platforms reduce operational costs by 60-70%, as businesses no longer need to spend on additional labor as document volume grows. The tool also helps reduce costs related to inaccuracies and missing fields by capturing error-free data from all types of documents. 

5. Streamlined workflows 

Another reason to invest in document processing platforms is that they streamline document processing workflows. From ingesting documents, extracting and validating data, sending data for approvals, and integrating it with existing systems, the process happens without any manual intervention.  

6. Scalability 

Document processing platforms can efficiently scale up and down according to business needs and process large volumes of documents without compromising speed and accuracy. Manual data extraction does not allow this scalability, providing a strong reason for enterprises to invest in document processing solutions. 

7. Better customer service 

By capturing data in quick time and ensuring accuracy, document processing tools help enterprises deliver exceptional customer service. For instance, a lending business can extract borrowers' data in minutes using automation and sanction loans in days rather than weeks. 

Considerations When Implementing a Document Processing Platform

Some effective tips to successfully implement a document processing platform: 

1. Successful implementation

While implementing the document processing platform, customize it according to business needs and integrate the tool with existing systems. Align business goals with the platform's expected outcomes before you start processing. Process sample documents and fine-tune the system as needed. 

2. Training and support 

Provide adequate training for stakeholders involved in data extraction to maximize user adoption. Make use of user manuals and train employees on the features to optimize productivity and resource utilization. 

Signing up for a free trial or booking a demo session with the vendor can help employees explore the document processing platform with sample datasets. 

3. Measuring success and continuous improvement

Once implemented, monitor the platform's performance continuously and measure KPIs such as field-level accuracy, automation rate, processing time, and Straight Through Processing. Depending on the results, work with the vendor to improve the platform’s capabilities and find ways to achieve greater efficiency and accuracy. 

Where Does Docsumo Stand Amongst Leading Document Processing Platforms?

Unlike other document processing platforms that use standalone OCR technology, Docsumo integrates OCR with advanced AI technologies to automate data extraction from documents. Hence, it automatically adapts to changing variations in document formats, layouts, and templates without human effort. 

Docsumo best suits document-heavy industries like finance, healthcare, insurance, utilities, real estate, and logistics. With Docsumo, enterprises can immediately automate document processing using pre-trained API models and train custom API models. 

Here’s how Docsumo transforms business processes with numerous benefits: 

• Ensures 99%+ accuracy rate of the extracted data 
• Captures data in 30 seconds 
• Offers 95% straight-through processing rate 
• Improves operational efficiency by 10X 
• Reduces operational costs by 60-70% 
• Provides compliance with GDPR, HIPAA, SOC-2 
• Integrates with CRMs, ERPs, and accounting software solutions 
• Provides role-based access, encryption, and cloud storage 

Streamline Workflows with Document Processing Platforms 

Document processing platforms offer several advantages for enterprises, including reduced operational costs, seamless data extraction and validation, improved data accessibility, secured storage, and enhanced accuracy and compliance. 

The growing advantages of cloud-based document processing platforms include enhanced scalability, document adaptability, and data accessibility without compromising accuracy and security. 

Adopting AI-led document processing solutions that align with industry-specific needs and requirements will help enterprises achieve their document management goals faster and at reduced costs.

Schedule a free demo to learn more about using Docsumo's document processing solution for your business. 

FAQs: 6 Best Document Processing Platforms

1. What is Intelligent Document Processing? 

Intelligent Document Processing (IDP) automates the process of extracting, validating, and integrating data from several documents. IDP tools eliminate manual data entry tasks, reduce errors, and improve employee productivity. 

2. What are some challenges businesses face when implementing a document processing platform? 

Some challenges businesses face are incompatibility with data formats, inaccuracies when extracting data from handwritten notes and tables, and security issues. When choosing from intelligent document processing tools, enterprises must carefully evaluate features like accuracy, data protection, validation, etc., to avoid these challenges.