Intelligent document processing solutions suitable for businesses looking for cost-effective tools in 2024.
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In Finance, Business and Operation we all agreed with this obvious truth: traditional manual methods of handling documents are not only time-consuming and prone to errors but also costly in terms of labor and resources. This is where Intelligent Document Processing (IDP) comes into play, changing the way organizations manage their document workflows.
IDP leverages advanced technologies such as artificial intelligence (AI), machine learning (ML), optical character recognition (OCR), and natural language processing (NLP) to automate the extraction, classification, and processing of data from documents. This automation leads to more efficient, accurate, and cost-effective document management processes. Read more on the benefits of and actual trends in intelligent document processing.
But how exactly can IDP efficiency be measured?
IDP ROI: cost effective tools vs advanced
When comparing affordable IDP tools to advanced ones, it’s essential to evaluate both the initial investment and long-term benefits. Cost-effective tools often offer significant ROI through lower upfront costs and quick deployment, making them ideal for small to medium-sized enterprises seeking immediate improvements. These tools can reduce document processing time by up to 80% and labor costs by 50%, resulting in rapid cost savings and efficiency gains.
Advanced solutions, on the other hand, might offer access to more elaborate features like advanced analytics, and enhanced integration capabilities. But the payback period in this case will be longer, as advanced intelligent document processing solutions mean a higher price tag.
For the purpose of this blog post, let’s focus on the affordable intelligent document processing tools that also provide access to capabilities that allow business to get immediate ROI (or at least, within 60-90 days of using these tools).
Intelligent Document Processing Tools: 7 Most Cost-Effective Platforms
1. Docsumo
Overview: Docsumo is an IDP tool designed for small to medium-sized businesses. It automates the extraction of data from various document formats, including invoices, receipts, bank statements, bank checks and forms. Docsumo has several vertically integrated solutions: for Insurance, Logistics, Commercial Lending.
Key Features: AI-powered data extraction, OCR, integration with popular accounting software.
Free Trial: yes, 14 days
Pricing: Minimal plan for Docsumo (Growth, positioned as perfect for startups and businesses that need to automate 2 document types) starts at $500/month. This option, however, doesn’t include email parsing. So if you need to also extract data from the email body and add to the PDF file, Growth Plan from Docsumo won’t work for you.
2. Rossum
Overview: Rossum uses AI to automate data entry by extracting data from documents. Great for customs clearance, accounts payable automation, sales orders and quality assurance. No vertically integrated solutions but Rossum features fit most industries requirements: manufacturing, retail, logistics. Even many educational institutions use Rossum as their intelligent document processing tool of choice.
Free Trial: yes, 14 days
Key Features: End-to-end automation, machine learning, and integration capabilities.
Pricing: Rossum uses an annual subscription model based on quote-based pricing. The quote can be influenced by many factors including estimated annual documents volume, data fields for extraction, SLA add-on, etc. Basic quote would rarely be less than $500/month though.
3. ABBYY FlexiCapture
Overview: ABBYY FlexiCapture is one of the most affordable document processing platforms that automates data extraction from various types of documents. It works with the written and types text, captures checkmarks, and in general is considered to be a tool of choice for small businesses for automated invoice processing.
Key Features: AI-based capture, high accuracy OCR.
Free trial: No
Pricing: ABBYY pricing is usage based and starts with $29.99 per 500 pages. The most popular tier though is the one that covers 5000 pages and comes to $199.99
4. Zenphi
Overview: Zenphi is the #1 process automation platform for Google Workspace users, and the only Intelligent Document Processing solution for Google Workspace.Â
Zenphi allows to automate end-to-end multiple processes, including invoice processing and accounts payable processing. Zenphi’s intelligent document processing is a perfect product for you if you already utilize Google Workspace environment: it is extremely cost-effective and secure, allowing you to keep all your data safely within Google Workspace and not share it with any third-party solution providers. Zenphi IDP is industry-agnostic but a team has plenty of use cases from Logistics, Transportation, Wholesale and Education verticals.
Key Features: AI-based capture, high accuracy OCR, Generative AI, written and typed text recognition, email parsing, invoice parsing, API integration with most bookkeeping platforms, CRM systems like HubSpot, Monday, Salesforce and more.
Free trial: Yes, 7 days
Pricing: Zenphi’s pricing plans are very affordable and start with $139/monthly fees per 10 workflows and 1000 flow runs.
5. Tungsten (ex Kofax)
Overview: Tungsten works a bit different than platforms mentioned above. It structures its products around the file types you need to process. For example, there’s Tungsten Power PDF — a solution that allows to extract, process, route data from PDFs, but also edit them, sare and e-sign. There’s also an e-Invoice Network that is focused specifically on invoices and allows businesses to digitalize invoicing as well as invoice processing process end-to-end (guaranteed invoice delivery, invoice archiving and more).
Key Features: AI-based data capture, ML, document parsing and more.
Free trial: No
Pricing: Tungsten has different pricing plans for different solutions. For example, Power PDF starts with $179/per one-time license. Invoicing products are less affordable
6. Xtracta
Overview: Xtracta itself doesn’t offer services to the end users. Instead, it provides data services to a wide range of partners that can build products based on Xtracta’s capabilities. One example is the affordable document processing solution Xtracta for Infusion. Infusion is an accounting software and uses Xtracta to provide cloud-based document data extraction services specifically for Finance and accounting teams.
Key Features: OCR, machine learning, native integration with Infusion software, customizable data extraction templates.
Free trial: No
Pricing: Pricing starts with $42 per 100 documents per month (+ taxes).There are add-ons that allow to widen up the usage of the solution, however you have to understand that use cases for Xtracta For Infusion are limited by accounting and Finance (no insurance or claims processing is possible for example). If you have a different use case, you have to look for other partners that would use Xtracta to provide a service to the end users.
7. Nanonets
Overview: Nanonets is a powerful and versatile Intelligent Document Processing tool that leverages AI and machine learning to automate data extraction from a variety of document types.
Key Features: OCR, AI-powered data extraction, customizable workflows, integratable with ERP and CRM systems.
Free trial: No
Pricing: $999/month per 10000 pages. There’s also a pay-as-you-go plan that includes pricing $0.3 per page.
What Intelligent Document Processing Solution To Choose
As you can see, most affordable IDP tools offer similar features. They provide high-quality OCR, data extraction, and more. Many can process invoices alongside other document types, and some also offer email parsing. Among them, Zenphi stands out as the most affordable tool of choice for Google Workspace users. It allows businesses to unlock the full potential of powerful Google tools while keeping all data safe and secure within Google Workspace, thereby eliminating the risk of data leaks.Â
We're The #1 IDP Solution For Google Workspace Environment
Ready to change your manual document processing into set-and-forget workflows? If you use Google Workspace in your business you can easily do it today! Reach out to Zenphi experts and let us help you tailor your document-centric workflows to achieve maximum efficiency and cut opertional costs.
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About The Author
Fernanda López Guerra, CS @Zenphi
Fernanda is an experienced Customer Success manager with over 9 years in Tech and B2B Saas. She has worked with various tools and solutions as a support manager, and as a part of the sales process.
