In this blog, we gather collective insight into industry-best OCR software and draw a comparison. We're not trying to determine the best OCR solution in the industry but help you familiarize you with different features of most-popular automated data extraction solutions and help you find the most suitable one for you.
We start with a quick definition of OCR.
Let's jump right into it:-
Optical character recognition (or, in short, OCR) is simply an awesome task that helps in automatically extracting text from images. A variety of modern OCR tools and services makes it pretty easy for users to comprehend complex tasks with relative ease.
By the end of the blog, you will get a complete overview of OCR and how the related software transforms the entire mechanism with absolute precision.
When we consider an OCR, we compare the technology with its performance. Normally, an OCR must identify the text of certain scanned documents, images, or photos. It also extracts scanned data from tricky documents and PDFs. This takes place by converting these data into machine-readable data for additional processing.
The technology is so appealing that many tech giants have shown a keen interest in leveraging its usage and productivity. Countless OCR text recognition technology paved the way for the user to perform ardent tasks with scanned PDF documents and different image types such as XML & CSV.
Not to forget that most companies determine different OCR based on their device compatibility, efficiency, performance, and data extraction capabilities. Here are some of the best software in the OCR business that you can't skip through:-
Document AI software backed by Intelligent OCR technology converts unstructured documents such as bank statements, invoices, and pay stubs to actionable data. The best part is that there is minimal setup involved, and it is compatible with any file format.
There are certain things to look into while picking Docsumo over other software. These are
OCR can identify various invoice layouts and essential fields with over 95% accuracy. With this high percentage, there are fewer chances of any errors.
Data capturing and Docsumo OCR APIs can perform validation on scanned images. They can also convert them into CSV/Excel/JSON for quick analysis.
Users can capture data through scanned images and HD images for further operation.
Data extraction is what gives Docsumo an edge over other platforms. The user can extract any amount of data with an accuracy of about 99%+ without any interruptions.
With the help of AI, you won't find the need for any Docsumo template whatsoever. All you need to do is upload the documents to Google Drive and capture the necessary data through your ERP.
Training a new document type using Docsumo comprises two main phases, i.e. constructing a new document type and then operating on it. An API could be of great use in such scenarios.
When it comes to the parameter, Docsumo holds over 99%+ accuracy with a high success rate in key line item and key-value pair extraction.
Docsumo is the go-to solution for SMB lenders, insurers, CRE lenders, and logistics service providers.
Docsumo contains various APIs such as Acord Forms, Bank Statement, Income, Invoice, IRS Forms and Identity verification documents. Users can also switch to other APIs to annotate new document types.
Docsumo offers 95%+ STP for common financial document types.
Nothing beats the OCR software from Google. In fact, it is one of the widely used AI software across the globe. The software employs ML (Machine learning) that automatically enriches data and unlock crucial data insights within scanned documents.
Since the technology also operates on AI and ML, it is one of the fastest OCR technology and works without excessive lags. Here are some of the fascinating features of Google Doc AI to look for:-
Google Docs AI easily recognize text from even unstructured documents for users to manipulate and make changes.
Presently, Google Docs AI can identify PDF, GIF and TIFF data formats.
Google Docs AI can operate on any image quality.
Google Doc AI works on cloud-based processing with AI integration.
Google Doc AI possess over 95+% of text recognition accuracy, which is simply phenomenal.
Template-based documents are quite common and necessary to expand the business workflows. Google Doc AI allows developers to train and deploy a detailed extraction system using inputs such as target schema and a small collection of documents using a training set.
Pre-trained Document AI uses ML through a scalable cloud-based platform that efficiently analyses, scans, and comprehends the document. The software can train itself for a new document type through pre-trained APIs.
With quality text and comprehensive overview information about a specific document, Google . But according to users, Manual data extraction can be a daunting task with a slight error-prone. The problem can also arise when documents are scanned as images and not text. Data stored in key-value can link two data items where the key acts as a unique identifier.
The software consists of innumerable benefits where you can access the data from scanned documents using data capturing techniques through NLP and computer vision. The software accelerates automated data capturing and contract lifecycle management at a large scale. It also boosts mortgage document processing required for the business to flourish emphatically.
The software allows functionalities like parsers, solutions and tools through unified API. It also allows end-to-end document solutions with effortless creation and document customization processing workflows. Through Form 1040, Invoice, Payslip, US Driver's License, one can easily make their on boarding process easier.
AWS Textract is a refined way to pull out text and other data through scanned documents. It requires machine learning and OCR for extracting critical content from the documents.
Textract is also known for extracting, identifying, and understanding data through forms and tables. Here is the detailed breakdown of AWS Textract to look for:
Amazon Textract gives an insight into the control of grouping text as input through NLP. However, Textract can only provide an accuracy of about 90+%.
Amazon Textract supports input formats such as JPEG, PNG, PDF, and TIFF formats. A user can submit images via S3 object and byte array through synchronous APIs.
A user can work on Amazon Textract with moderate to HD image quality.
Amazon Textract uses AI & machine learning (ML) service for extracting handwritten text and data along with scanned documents. Unlike other optical character recognition software, data extraction in Amazon Textract does not take place through manual configuration.
Amazon Textract is designed such that it does not require unnecessary templates whatsoever. Using artificial intelligence (AI), the software extracts text and structured data through tables and forms.
It is not possible to train the software for a new document type. However, a user can perform limited actions such as analyzing a document or detecting text.
Amazon Textract comes with a 90%+ success rate in the case of key-value pair and table data extraction.
The software is an amazing option in financial services, the public sector, and life sciences.
There are various pre-trained APIs available for onboarding, such as Federal tax forms, Insurance forms, IRS Forms, and Invoices.
ABBYY FineReader PDF is the finest OCR software produced by ABBYY that supports text extraction through PDF file editing. It also allows users to convert bulky image documents into different electronic formats.
Not only that, but ABBY FineReader has a keyboard-friendly OCR tech recognition that can correct data manually. Through a cloud-based approach, ABBYY needs system integrators for its operation. There are certain functionalities that a user can get through ABBYY FineReader:
ABBYY FineReader works on AI & ML driven technology that recognizes text through different formats. This ensures that a user fetches accurate data up to 95+%.
The best part about the software is that it can be exported to multiple file formats. However, it can take inputs through PDF formats.
A user can fetch data by extracting data through moderate to HD image quality. However, there may be discrepancies while collecting data through low-quality images.
Thankfully, a user can extract the data through the software without any hassle. The user can fetch the data with an accuracy of about 95%+ accuracy.
You can create a template through ABBYY software so that you can fetch the data through it.
The software comes with pattern training that helps to recognize the text of the doctype.
7. Key-value pair and table extraction
Data extraction through a key/value pair is not supported in the default FineReader Engine. However, field-level recognition can be a great help for users where they need to input these fields. A user can extract table content through ABBYY FineReader.
ABBYY FineReader can be of great benefit for schools, colleges, and enterprises committed to OCR technology.
Users can hop into pre-trained APIs offered by ABBYY FineReader. They can also switch to other APIs in case they need to annotate the new document type.
Rossum works well with automated invoice capture. It also uses artificial intelligence (AI) that extracts data from data invoices. Also, unlike traditional template-based OCR solutions, Rossum’s software eliminates the hassle of constructing new templates and unnecessary rules for each invoice layout.
There are several functionalities that you might want to look forward to switching to Rossum.ai:
Unlike any other traditional OCR, Rossum.ai works well for diverse invoice layouts with over 98+% accuracy. Improved efficiency save time and costs that arise due to manual data entry.
Rossum.ai supports various file formats such as DOCX/DOC, JPEG, PDF, PNG, TIFF, and XLSX/XLS. However, the scanned documents should be in A4 format for smoother functioning.
Rossum.ai requires scanned invoice and save that scan as an image file (PNG or JPEG) in moderate and high-quality.
The software is pretty fast and captures the data from a document within 1 minute with high precision.
The best part about Rossum.ai is that they require no template for its execution.
Using a dedicated AI engine, users can train the system to the new doctype. However, it should pass through a Rossum verification process that carries ahead through the Rossum validation screen.
The user can proceed by parsing an annotation in a key-value structure. Users can fetch APIs using GET to retrieve the CSRF token along with POST to create the supplier invoice.
Rossum.ai can be used to extract text from bank statements, invoices, and several other documents. Through Rossum.ai, users can import and export using versatile API data integration. They can also send data straight to ERP and other document management systems.
Nanonets is an OCR software that automates through AI in capturing data for quick fast document processing of certain invoices, ID cards, receipts, and many more.
Nanonets utilises advanced OCR and ML image processing with Deep Learning that extract appropriate information from unformed data. Along with it,
Nanonets helps in identifying text through invoices and other formats. The recognized text fetches the data with 95%+ accuracy.
Nanonets can function in file formats such as DOC, JPEG, PDF, and XLSX/XLS.
Nanonets AI can easily handle handwritten text, low-resolution images, images with varying fonts and sizes, shadowy text, blurred images, and many more.
With top-notch technologies such as AI and ML, Nanonets can extract data with 95+% precision.
Nanonets does not require any template to operate upon.
Nanonets self-learning OCR helps extract appropriate information from unstructured text and documents. You can train the doctype as per the requirements.
Nanonets can help users fetch APIs through key-value structure and table extraction.
Nanonets is proven to be most effective with financial and accounting documents. Nanonets comes with free version of pre-trained APIs as well through which users can build their own custom deep learning models.
Docparser is a document cloud-based processing and OCR software that can ease tasks and workflows for businesses.
The software extracts and identifies data through PDF, Word, and image-based documents through OCR technology and advanced pattern recognition.
Below are several parameters with which we can judge the performance of Docparser.
Docparser improves data fetching with an accuracy of 90%+.
Docparser can also function in file formats such as DOC, JPEG, and PDF.
Docparser can work in extracting data from moderate to high-level HD images.
Users can extract data through Docparser through zonal OCR.
Due to the zonal OCR approach, there can be problems handling unknown templates.
With the help of a custom PDF parser, the user can parse the new document.
Docparse can handle key-value pair and line items extraction from invoices.
Docparser is proven to be most effective in cases involving purchase orders, invoices, and bank statements. The user can work on Rest APIs based Docparser APIs to obtain the required parsed data.
There is a reason why the above OCR technology is currently the best in the business. These solutions acquire data from different file formats with the proper scalability and performance.
To see OCR in action, schedule a free demo with Docsumo today.
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.
Processing mortgage loans requires tons of paperwork, followed by a lengthy waiting period for document verification, resulting in a tiresome customer experience. Automation, specifically RPA (robotic process automation), helps you perform these routine tasks more efficiently so underwriters spend more time doing what’s essential. With RPA, enterprises can reduce heavy expenses, fight against fraud and improve customer experience.
Businesses have to process a plethora of digitally typed, printed, or handwritten papers. To deal with it, businesses require efficient and flexible automated document processing solutions that produce accurate results - this is where Intelligent Document Processing can help your business. An IDP solution incorporates the powerful features of Artificial Intelligence and Machine Learning technologies to automate the tasks that once required human intervention, thereby making document processing scalable, robust, and credible.
RPA (robotic process automation) is like a sword that slices through tedious and repetitive tasks in high volumes for your company. Except, it's not a sword - it's tiny robots performing repetitive and routine tasks so that you can focus on core business functionalities. So, whether you're looking to automate the financial auditing statement or you wish to speed up tasks like account receivable and payable, RPA is one of the easiest ways to go about it. You can utilize RPA for plenty of purposes.