Data extraction plays a crucial role in today’s data-driven world, enabling businesses to extract valuable insights from various documents. DocParser has been a popular choice for data extraction, but there are several alternatives available that offer similar or even enhanced features. In this blog, we will explore five powerful alternatives to DocParser: Nanonets, Docusumo, Klippa, Kofax, and IQ Bot. Each of these alternatives brings its unique strengths and capabilities to the table, making them worth considering for your data extraction needs.
Nanonets
Businesses are constantly seeking advanced solutions to automate document-based processes and achieve greater efficiency and accuracy. Nanonets emerges as a leading alternative to DocParser, offering intelligent document processing and data entry products. With its cutting-edge technology and machine learning capabilities, Nanonets provides a comprehensive solution for automating document processing and extracting data from various types of documents, including invoices, receipts, and contracts
Nanonets stands out with its AI-powered document extraction, which provides efficient and reliable data extraction in under 5 seconds. Additionally, Nanonets offers advanced email data extraction capabilities, making it a versatile alternative to DocParser.
Pros
- Advanced Data Extraction: Nanonets utilizes machine learning algorithms and Optical Character Recognition (OCR) technology to automate the process of extracting data from complex and unstructured documents. With a focus on achieving high accuracy, Nanonets can extract data from PDFs, documents, images, emails, scanned documents, and even handwritten documents with 95%+ accuracy.
- Seamless Integration: Nanonets offers integration with over 5000 applications via API and Zapier, allowing for easy data transfer and workflow automation. This makes it a versatile tool for businesses looking to streamline their data entry processes and enhance data enrichment.
- User-Friendly Interface: Nanonets provides a user-friendly interface that allows users to capture unstructured data from any document with just a few clicks. Its intuitive workflow automation feature enables the automation of data entry processes, approval processes, invoicing, and expense management.
- Cost and Time Savings: By automating document processing and data entry tasks, Nanonets can significantly reduce expenses by up to 50% and processing times by up to 90%. This frees up valuable resources and allows businesses to focus on more strategic initiatives.
Cons
- Languages Supported: Nanonets supports character/word recognition in over 40+ languages, here is the list. While this is exhaustive and includes most major languages, there are still some missing.
- No Real-Time Chat Support: Nanonets has an impressive Help Library but they do not offer instant chat support for free users.
Pricing
- Free Trial: Nanonets offers a free trial for users to test the software before committing to a subscription. The free trial allows users to process up to 500 pages for free.
- Pro Plan: The Pro plan is priced at $499/month and includes 5,000 pages per month. Beyond that, the costs are $0.10 per page. The Pro plan includes features like auto-capture line items (tables), up to 20 fields, annotation services, customization hours, and more.
- Custom Enterprise Plan: Nanonets also offers a custom plan for enterprises with specific needs. The custom plan requires a specific quote from Nanonets to build and price and includes upper-end features like a dedicated account manager, custom data retention, customized client onboarding, and personalized 1:1 team training.
Find out more about Nanonets pricing tiers here.
Which Industries Can Benefit from Nanonets?
With 80% savings in accounting costs and 90% reduction in manual data entry, Nanonets can help with their intelligent document processing.
Still not quite sure? Here are some success stories to nudge you along.
Nanonets AI helps ACM Services automate Invoice Extraction, saving 90% time for the Accounts Payable team
In2 Project Management helps Water Supply Corporation save 700,000 AUD with Nanonets AI
Advantage Marketing 5x’s business by using Nanonets
What Document Types Does it Support?
Nanonets supports all major file and image formats like PDF, JPEG, PNG, TIFF, etc., and can extract data from various document types, such as passports, IDs, invoices, receipts, and driving licenses.
DocSumo
DocuSumo is an automated data extraction software that excels in extracting data from various document types.
Pros
- User-Friendly Interface: Docsumo has a user-friendly interface that is easy to navigate, making it accessible for users with varying levels of technical expertise.
- Customizable and Template Agnostic: Docsumo is highly customizable and template agnostic, meaning it can adapt to every single change and variation in financial documents. This makes Docsumo a better alternative to Docparser, which may require templates for data extraction.
- Seamless Integration: Docsumo works seamlessly with existing systems such as CRMs, ERPs, and in-house software. It can export data in preferred output formats like MS Excel and JSON, making it easy to integrate with existing workflows.
Cons
- Limited Document Types: Docsumo’s AI technology may not be able to handle all types of documents. It works well with structured documents such as invoices, receipts, and bills, but may not be suitable for more complex or unstructured documents
- Limited Features: Docsumo may have limited features compared to other alternatives, which could be a drawback for businesses that require more advanced functionalities
Pricing
Pricing starts at $500/month.
What Document Types Does it Support?
Docsumo supports DOC, XLS, PPT, PDF, JPG, PS, TIFF, PNG and XLS file formats.
Klippa
Klippa is a comprehensive data extraction tool that combines OCR technology with machine learning algorithms to extract data from documents accurately. It supports a wide range of document formats
Pros
- Comprehensive data extraction tool that combines OCR technology with machine learning algorithms for accurate data extraction.
- Offers advanced features like automatic document classification, data validation, and integration with third-party applications.
- Provides a high level of accuracy in data extraction, minimizing errors and improving efficiency.
- Offers competitive pricing compared to other alternatives.
- Can handle both scanned documents and native PDF files, making it versatile for various document types.
Cons
- Limited integrations compared to other alternatives.
- No free plan is available.
- Pricing tiers may not be suitable for small businesses or individuals with limited budgets.
Pricing
Klippa is not transparent with their pricing and you need to contact them for their pricing plans.
What Document Types Does it Support?
It supports many different types of documents and files, such as JPG, PNG and PDF.
IQ Bot
IQ Bot, developed by Automation Anywhere, is an intelligent document processing tool that combines OCR technology with artificial intelligence to extract data from documents accurately.
Pros
- Advanced AI Capabilities: IQ Bot combines RPA with AI technologies such as Computer Vision, Natural Language Processing (NLP), fuzzy logic, and machine learning to automate document processing and data extraction tasks with high accuracy.
- Customizable Label Design: IQ Bot offers customizable label design, allowing users to create custom labels for specific document types and fields.
- Advanced DNAScan: IQ Bot offers advanced DNAScan capabilities, which enable users to identify and extract data from complex and unstructured documents with ease.
Cons
- Steep Learning Curve: IQ Bot may have a steep learning curve, requiring users to have a strong understanding of RPA and AI technologies1.
- Execution Speed: While Automation Anywhere provides a cloud version for IQ Bot, users may experience slow execution speeds, which could impact productivity.
- Limited Integrations: IQ Bot may have limited integrations compared to other alternatives, which could be a drawback for businesses that heavily rely on specific integrations for their document processing workflows
Pricing
Need to contact Automation Anywhere for exact pricing but according to Peerspot, “The package that includes Automation Anywhere and IQ Bot starts at $10,000 USD.”
What Document Types Does it Support?
IQ Bot only supports PDFs, TIFF, JPG, PNG and Excel files.
Kofax
Kofax is a leading provider of intelligent automation software, including data extraction solutions. Kofax Capture is a powerful tool that enables organizations to extract data from various documents, including invoices, forms, and contracts.
Pros
- Automation and Acceleration: Kofax Capture automates and accelerates business processes by capturing paper and electronic documents and forms, transforming them into accurate and usable digital data.
- User-Friendly Interface: Kofax Capture is simple and easy to use, making it accessible for users with varying levels of technical expertise.
- Versatile Functionality: Kofax Capture offers OCR capabilities, BPM capabilities, case manager features, and the ability to handle UIs via the browser.
Cons
- Learning Curve: Some users may find the learning process for Kofax Capture to be challenging, especially if they have limited experience with the platform.
- Limited Out-of-Box Functionality: The out-of-box functionality of Kofax Capture is reported to be limited, requiring customization for a more tailored experience
Pricing
- Kofax Power PDF has four pricing editions, ranging from $129 to $179. A free trial of Kofax Power PDF is also available.
- Kofax Capture’s pricing information is not readily available online.
What Document Types Does it Support?
Kofax supports PDF, TIFF, JPG, PNG, Text, PBM, PCX and PGM files.
Each of these alternatives offers unique features and benefits, catering to different business needs. It is important to evaluate the specific requirements and consider factors such as pricing, ease of use, integration capabilities, and customization options when choosing the most suitable alternative to DocParser for data extraction.
