Businesses have to deal with a lot of structured as well as unstructured documents. Invoices, Account Statements, Salary Slips, Income Tax Forms, Identity Proofs, and many other complex documents are generated daily. Businesses, often, employ a team of data entry operators to process each document and extract key details manually. But this process is cumbersome, lends itself to human error, and is not scalable at all.
A better way to capture data is OCR (Optical Character Recognition), whereby documents are scanned character-wise, and the information is transferred to your backend. The proliferation of artificial intelligence (AI) and machine learning (ML) technologies has given rise to an advanced form of OCR known as Intelligent Document Processing (IDP), which can handle any type of document, regardless of its layout.
In this article, we’ll compare two popular IDP services - Docsumo and Infrrd. Let us first look at the things they have in common:-
The smallest mistake - typo, field mismatch, and invalid entries - that creep into the system can snowball into something catastrophic for the business. You might end up spending countless hours rectifying it, hours that you could have allocated for more urgent and high-priority tasks. Both Docsumo and Infrrd come with high data accuracy guarantees that ensure even the noisiest documents are parsed with little or no errors.
Gone are the days when you needed a system integrator to install, maintain, and troubleshoot issues in your business software. Docsumo is a cloud-native SaaS application that comes with a free trial (you get 100 credits) to test and become familiar with all the features. It has a friendly, self-serve interface and is easy to set up. Infrrd is available both as a cloud-based solution as well as on-premise. Both come with a free demo, which you can utilise to get familiar with the functionality and ascertain whether it meets your requirements. Both are built with the enterprise in mind.
Most documents can be read using standard IDP technologies, but Docsumo and Infrrd go above and beyond if you come across complex documents.
Docsumo uses one-shot technology (auto template matching) for common documents. But it also comes packed with Deep Learning (object detection, NLP) and Rule-based Learning (regular expressions, keyword lookup) techniques for more powerful and dependable data extraction. Infrrd leverages five robust AI technologies (Computer Vision, NLP, ML, Neural Networks, OCR) to break down any document into useful chunks of data passed downstream.
Both Docsumo and Infrrd are template-independent and work with all types of documents. Docsumo gives you the flexibility to automate accounts payable, CRE underwriting, logistics documents, financial statements, and more. Infrrd seamlessly processes complex tabular data, graphs and diagrams, unstructured invoices, multiple languages, and more. All your document processing headaches get solved under one roof.
No SaaS service should operate in silos. And neither do we. Docsumo comes with plug-in APIs and various input/output connectors to integrate with any of your existing workflows. Docsumo is easily integratable with Salesforce, Zapier, Google Drive, Dropbox, Xero, Quickbooks Online Advanced, and other third-party apps, saving you valuable time and boosting your productivity. Say goodbye to the tedious process of manual data transfer between applications.
Docsumo operates on a simple and clean pay-as-you-go model whereby you are charged based on your document volume requirements. There are no hidden costs or sneaky usage policies. You get a no-strings-attached free trial in which you can explore all the features end-to-end and experience the service in full-glory. Infrrd doesn’t offer a straightforward, out-of-the-box free trial as such, instead urging you to discuss your requirements with their consultants and fixing on a price right out of the gate.
Every Docsumo experience is crafted with the end-user in mind. We have eliminated all friction points in the product, making it easier for a layperson to use. We’ve made it a breeze for non-technical folks by removing the need to write any line of code. And even if you do hit a snag, we have a vast and rich library of documentation, blogs, FAQs, and a YouTube channel where you can get answers to most questions. Still, facing issues? Don’t worry, and our top-notch support team will guide you till your issue is resolved.
So, which service should you go for? Well, it depends on your specific use-case and business requirements. The lack of a free trial and paying a mandatory upfront cost for Infrrd might be a barrier for some. So we recommend you give the Docsumo free trial a shot and make the most of it. Book a free demo today and experience document processing nirvana!
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.