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.
Docsumo and DocAI: Common Features
Here is a low-down on the features and functionalities common between Docsumo and DocAI:
1. Data extraction and validation
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.
2. Centralized document processing
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.
3. Multiple document creation
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.
4. Automatic document classification
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.
5. Document analysis
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.
6. No need to install software
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.
What makes Docsumo better?
While DocAI is still in its nascency, Docsumo has grown in its respective niche. Here are some clear advantages that it holds above DocAI:
1. End-to-end document automation
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.
2. Custom training
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.
3. Process management
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.
6. Competitive pricing
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.
7. Industry-wide presence
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:
- Lending - to verify data from bank statements, identity documents, and pay slips.
- Insurance - to read insurance certificate details.
- Logistics - to read purchase orders, bill of lading, shipping label, and other such receipts
- Commercial Real Estate - to analyze t12 statements, rent rolls, offering memorandums, and other documents.
- Accounts Payable - to automate invoice processing and validate the same.
So, in a way, Docsumo already enjoys a competitive edge over Google’s DocAI.
Is Docsumo a good alternative to 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.
Hi, I’m Rushabh.
Everyday I speak to people who use our product to automate their workflow. Contact us and we will be happy to see how we can improve your processes.
Download PDF File
We’d love to show you how you can increase your productivity, process your documents faster and save operations cost!
A guide to automating data capture from reports, payroll or any other HR-related document into actionable format Accuracy?
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.
Financial Statement Spreading — Everything You Need to Know
Financial statement spreading is a time-consuming, repetitive, and yet quite a fundamental process for banks on multiple fronts. In this article, we are going to expand on the meaning of the term, talk about what this process hopes to achieve, and how it helps in credit analysis.
Robotic Process Automation (RPA) in the Finance and Accounting Industry and Latest Trends
RPA solutions make it convenient for bank employees to process enormous volumes of customer data without sacrificing accuracy or precision. RPA has also introduced recent innovations which make it possible for firms to process transactions seamlessly.
Benefits of Loan Processing Automation with Docsumo and How it Works
Financial institutions and NBFCs are always looking to diversify their investment portfolio, enhance customer experiences, and scale up by generating enough profits. They can meet these milestones by using Robotic Process Automation (RPA) and other automation technologies for loan processing.