Document processing has been the most time-consuming and labor-intensive task for businesses. The sheer amount of resources that go into reading, processing, analyzing, and categorizing data is simply phenomenal. And as AI makes headways into various industrial sectors, we can see it make a difference in this area as well. Artificial intelligence is occupying a greater role in transforming common documents into structured data, which increases the operational speed and improves decision-making capabilities.
Google Cloud recently released its DocAI (Document AI) platform that comes with powerful document processing functionalities. It claims to automatically classify and extract the data buried within documents and unlocks measurable insights. Let’s take a look at how Docsumo performs against DocAI, and whether it can act as a suitable alternative for the latter.
Here is a low-down on the features and functionalities common between Docsumo and DocAI:
Since Docsumo and DocAI are both positioned as intelligent document processing tools, they are both highly capable of extracting structured data from various sources.
DocAI can convert images to text using the AI-driven OCR and Cloud/AutoML Vision. Docsumo can also extract usable information from structured, semi-structured, and unstructured data sources using AI/ML OCR. However, Docsumo takes the extracted data one step further, and validates it against a centralized database wherever it may be necessary to do so.
Both the tools operate through a unified dashboard that contains all the functions accessible through a detailed taskbar. Further, having a centralized document processing center leaves room for creating a centralized database, which offsets the dangers of data silo formation. As such, it leaves behind enough flexibility for future additions, such as automation.
Apart from merely extracting data, Docsumo and DocAI can also create new documents. The Google suite contains several tools, which makes document creation easy. Needless to say, DocAI will bear seamless integration with these tools. Similarly, Docsumo also allows its users to edit the documents and create new ones by introducing changes to the source document. As a result, you can add new fields to an existing document or create an entirely new layout in a matter of a few clicks.
Google Cloud’s Natural Language API, along with AutoML Natural Language products, can help in document classification based on various parameters. In this regard, Docsumo is no different as it can classify and categorize documents intelligently too. It can classify documents into their respective document type categories without the user having to open them. Users can also train the classification engines by defining their own category labels and rules.
Both Docsumo and DocAI can analyze your inputs to identify known entities, such as company branding, celebrity names, etc., along with the following values, such as addresses and phone numbers. They can, then, convert these into granular data, which will help make informed, data-driven decisions.
Docsumo and DocAI are cloud-based SaaS and do not require any installation of any software. As a result, they are platform-independent and do not require any machine specification to serve their purpose correctly.
While DocAI is still in its nascency, Docsumo has grown in its respective niche. Here are some clear advantages that it holds above DocAI:
Docsumo goes beyond mere data extraction. It can classify, analyze, and validate documents with unlimited customization capabilities and scalability. Users can define the workflow as per their needs and instantly draw the benefits that it has to offer. Given this holistic approach to document processing, Docsumo makes automation more feasible. With the incorporation of rule-based deep learning, the tool will get smarter at making the best of every document.
As a result, Docsumo can act as your one-stop solution where you will not have to depend on any other vendor for your document processing requirements.
Docsumo employs a multiple learning mechanism that includes one-shot learning, deep learning, and a rule-based approach. As a result, the core algorithm offers sufficient room for users to modify the tool and tailor it to their needs.
When dealing with high-volume tasks, Docsumo leverages auto-classification of data, along with automation, to assign and batch process the documents. These documents get automatically assigned to the respective teams for quick and necessary action.
While DocAI is still in its developmental stage and can emerge really powerful in this segment, Docsumo is already integrating with several software solutions. Docsumo makes use of its plug-in API that comes with out-of-the-box input and output connectors, which allow you to add it to any existing workflow. It can operate seamlessly with well-known ERPs like Zapier, Salesforce, and Webhooks, as well as platforms like Google Drive, Google Suite, and Dropbox.
The single-dashboard feature of DocSumo also offers a bird’s eye view of all the processes. Administrators can use it to monitor the daily performance of the teams and create review queues at a single location. The insightful performance reports can help measure organizational and team productivity and help with identifying bottlenecks, if any.
Since DocAI is intended to work with other Google Cloud products, you will be paying for other tools like Cloud Vision, Cloud Natural Language API, and/or AutoML Natural Language. Additionally, the form parsing and document OCR pricing will cost you anywhere between USD 50-65 and USD 0.60 to .50 respectively for 1000 pages.
On the other hand, Docsumo offers a transparent pricing structure, divided into three tiers based on your organization size. You can even test the tool through the free trial that offers its services for a limited period.
While DocAI is slowly finding traction in the lending industry, Docsumo is already an established entity across various sectors. Docsumo finds favorable use in the following industries:
So, in a way, Docsumo already enjoys a competitive edge over Google’s DocAI.
One of the greatest advantages that Docsumo possesses over DocAI is its plug-and-play feature. DocAI requires the user to create a processor, while Docsumo covers all the basics even before the user is ready to use it! As such, DocAI may require relatively greater technical literacy, while Docsumo makes the very same technology available to all. And for those who argue that this may offer flexibility with DocAI, Docsumo is highly customizable, which essentially serves the same purpose.
In today’s dynamic business world, filing and archiving official documents in the digital form makes it handy, and works wonders in the future or in unforeseen circumstances.
With an automated data extraction solution, loan documents can automatically be processed end-to-end without any human errors and delays. Automation in loan document processing prevents downtimes, eliminates data redundancy, and allows companies to respond faster to client queries. By combining machine learning with deep learning and OCR, companies can eliminate huge costs, derive actionable insights, and streamline loan processing and approvals through efficient data extraction and analysis.
Mortgage lenders receive multiple identity and income verification documents along with different forms from loan applicants in a variety of formats and styles. Traditional OCR solutions fail to extract data from these semi-structured documents and that’s why more and more lenders are adopting intelligent document processing solutions. IDP solutions not only extract data correctly, they are able to validate extracted data against predefined rules in order to improve accuracy.
Intelligent Document Processing is an automation technology that captures information from a myriad of documents and data sources, extract data, and organizes it for further processing. IDP solutions enable businesses to seamlessly integrate with core processes, eliminate manual labour, address challenges faced in reading different document layouts, and meeting legal & compliance requirements. Accurate data is the foundation of every organization, and IDP assists businesses in dealing with the complexity of processing huge volumes of documents, helping them automate manual data entry processes, and move away from traditional semi-automated OCR workflows.