High 10 Kofax Alternate options/Rivals in 2023

With the acceleration of synthetic intelligence (AI), companies are continuously searching for instruments to:

• streamline their operations
• enhance general effectivity
• enhance workflows

Clever doc processing (IDP) instruments can do all this, and extra. For that reason, the worldwide Clever Doc Processing (IDC) market sizeis anticipated to develop from USD 1.1 billion in 2022 to USD 5.2 billion in 2027, at a compound annual development charge (CAGR) of 37.5percentthrough the forecasted interval.¹

On this rising market, it’s vital for firms to search out the software program that works effectively for them. Kofax, a number one supplier of clever automation software program, has been a preferred alternative for organizations searching for to automate their doc and knowledge seize processes.²

Customers could want to search options to Kofax that supply, as an illustration, with higher pricing or interface. This text will discover these options.

High 10 options to Kofax in IDP

Desk is sorted beginning with sponsors. After, firms are sorted by variety of opinions.

Vendor	Variety of Workers	Assessment
Hypatos	83	4.8/5 based mostly on 21 opinions
Nanosets API	86	4.9/5 based mostly on 130 opinions
IBM	309,957	4.3/5 based mostly on 101 opinions
Workfusion	362	4.1/5 based mostly on 41 opinions
Grooper	88	4.6/5 based mostly on 39 opinions
ABBYY	891	4.1/5 based mostly on 33 opinions
Datamatics TruCap+	6,936	4.5/5 based mostly on 18 opinions
Hyperscience	252	4.7/5 based mostly on 15 opinions
Indico	85	4.6/5 based mostly on 11 opinions
Nividous Platform	224	3.8/5 based mostly on 6 opinions

Whereas selecting the highest Kofax options for our evaluation, the next metrics are thought of:

• Focus space: The entire options fall underneath the IDP software program class. Additionally, all present providers in finance and/or accounting.
• References: Enterprises require distributors with enterprise expertise. The distributors we analyze have a minimum of one Fortune 500 reference.
• Critiques: Person opinions are correlated with product success. They weren’t utilized in deciding on merchandise however have been used to supply extra enter about product recognition and buyer satisfaction.
• Variety of workers: The market share of a product goes up because the variety of workers goes up, and firms with greater market shares are likely to make higher items. Subsequently, this text will deal with software program with 50+ workers.

Overview of Kofax

Kofax makes use of applied sciences resembling Robotic Course of Automation (RPA) and Optical Character Recognition (OCR) to automate varied duties. Its product named Whole Agility stands out as a whole instance of what software program can obtain. ³(Determine 1)

Capabilities:

Kofax gives providers underneath 4 classes:

• Clever automation platform
• Monetary course of automation
• Doc automation & safety
• Doc productiveness

Beneath these 4 classes, the software program gives 33 merchandise in complete.⁴

Inside this wide selection, on this article we are going to focus to merchandise solely with doc seize and doc administration capabilities resembling Kofax Seize and Kofax Whole Agility.

Professionals:

Kofax seize can extract knowledge from a number of sources. As well as, it could possibly combine with different Kofax merchandise resembling Kofax VRS and Kofax Transformation. The software program can clear, rotate, and handle paperwork earlier than knowledge is extracted. It could additionally acknowledge distinctive doc sorts and classify, separate and extract them.

Diminished Prices: By accounts payable automation, Kofax can scale back annual prices brought on by guide labor. A case examine exhibits that retail firm Sonae saved 13 million € yearly through the use of Kofax. ⁵ (Determine 2)

Cons

Person opinions from completely different assets resembling G2, TrustRadius (Determine 2) counsel that Kofax merchandise like Seize will be pricey.⁶

 The pricing construction of Kofax will not be appropriate for all companies, particularly small and medium-sized enterprises with restricted budgets.

One other issue that prompts companies to hunt options is the necessity for a extra user-friendly answer. 9 out of 25 opinions in G2 on Kofax Seize exhibits that, Kofax will be complicated (Determine 3) to implement and navigate, requiring in depth coaching and technical experience.⁷

Corporations that worth simplicity and ease of use could discover options that supply extra sensible consumer interface and require much less coaching.

Person Critiques:

On this part, we solely share opinions of the merchandise now we have talked about above by way of their execs and cons:

Kofax Seize:

G2: 4.3/5 based mostly on 25 opinions.⁸

Capterra: 3.9/5 based mostly on 15 opinions.⁹

TrustRadius: 3.7/5 based mostly on 29 opinions.¹⁰

Kofax Whole Agility

G2: 4.4/5 based mostly on 39 opinions.¹¹

Capterra: 4.2/5 based mostly on 6 opinions.¹²

TrustRadius: 4.1/5 based mostly on 10 opinions.¹³

Subsequent, we deep dive into 5 options:

Hypatos

Hypatos gives deep studying know-how for dealing with and automating paperwork. The corporate may also help with points resembling:

Hypatos gives end-to-end AP automation for enterprises (Determine 5). It could additionally seize and extract knowledge from invoices. In these areas and extra, the software program is just like Kofax.

Professionals:

Establishing IDP Vendor installations generally is a prolonged and demanding course of, whether or not for on-premise or cloud-based choices. That is because of the necessity of individually configuring and deploying quite a few purposes. Nevertheless, Hypatos’ native SaaS utility gives a distinction by protecting a number of important elements for Clever Doc Processing without delay. This could lower the setup time and fasten venture supply.

Productiveness. Totally different companies could require completely different knowledge factors from paperwork. As an example, a enterprise may wish to file the road gadgets on invoices. This stuff present what has been purchased and the way a lot it value. The Continuous Studying function of Hypatos makes it straightforward to get new knowledge fields from paperwork as a result of the mannequin can study from what the consumer does.

Ease of use. 4 out of 10 G2 consumer opinions say that the software program is straightforward to arrange. One consumer sums up all of those concepts by saying that this system interface is straightforward to make use of.¹⁴(Determine 4)

Cons:

The free trial of the software program provides you entry to a restricted quantity of information.¹⁵ (Determine 5)

Person Scores:

G2: 4.6 based mostly on 10 opinions.¹⁶

Capterra: 5.0 based mostly on 11 opinions.¹⁷

TrustRadius: N/A

IBM

The IBM Automation Doc Processing answer leverages synthetic intelligence, deep studying, and low-code instruments to help within the eradication of guide doc dealing with processes.¹⁸(Determine 6)

Professionals:

Much less errors. AI-driven providers present correct data. This fashion, as IBM claims, it’s attainable to keep away from bottlenecks, if errors in knowledge extraction or doc classification are discovered and stuck mechanically.¹⁹

Extra environment friendly account servicing. IBM counsel that, with doc course of automation one can:

-speed up the doc coaching course of by recognizing frequent fields like “buyer tackle” and “account quantity” or by immediately decoding PDF kind definitions.

-Use Robotic Course of Automation (RPA) to automate knowledge enter into enterprise programs.

-Detect requests for account closures and route them to brokers to spice up buyer retention.²⁰

For additional use circumstances, see Determine 7.

Cons:

Inadequate coaching. Buyer experiences present that IBM’s software program coaching shouldn’t be sufficient. ²¹ (Determine 8)

Costly software program. Customers generally expressed that IBM’s Cloud Pak for Enterprise Automation is tough to take care of concerning the prices.²²

Person Scores

G2: 4.3/5 based mostly on 30 opinions.²³

Capterra: 4.0/5 based mostly on 8 opinions.²⁴

TrustRadius: 4.6/5 based mostly on 63 opinions.²⁵

ABBYY

ABBYY is a worldwide software program firm that gives and sells software program and providers for clever seize, optical character recognition (OCR), textual content studying, knowledge extraction, and linguistics. The merchandise resembling ABBY FlexiCapture gives options in changing paperwork of any construction, language, or content material into usable and accessible business-ready knowledge.

Professionals:

Monetary effectivity and accuracy. A personal jet operator, Clay Lacy Aviation (CLA) was in seek for an IDP product that may course of giant volumes of paperwork, acknowledges and captures twenty various kinds of worldwide invoices with foreign money conversion. The IDP options ABBY gives resembling merchandise recognition, seize, and extraction from complicated paperwork benefited the corporate considerably.²⁶

See: Determine 9

Minimized worker effort & maximized buyer satisfaction. Carlsberg Group, a worldwide brewery group, was seeking an clever answer for his or her order and supply procedures to lock their market presence and improve buyer satisfaction. ABBY’S IDP options allowed firm to mechanically seize incoming orders by mail and switch the info instantly into the corporate’s system. With the mixing of ABBYY’s Clever Doc Processing (IDP) answer into the supply observe scanning operation, your entire registration course of now capabilities autonomously.²⁷ (Determine 10)

Cons

Advanced. Customers talked about that the training curve of the software program is excessive.²⁸ (Determine 11)

Inefficient doc seize. A minimum of 4 customers talked about that the software program will be inefficient in capturing unstructured paperwork.²⁹(Determine 12)

Person Scores:

G2: 4.1/5 based mostly on 7 opinions.³⁰

Capterra: 4.1/5 based mostly on 17 opinions.³¹

TrustRadius: 4.1/5 based mostly on 9 opinions.³²

Workfusion

Workfusion’s clever Automation cloudoffers an AI-powered platform that gives RPA, cognitive automation and workforce orchestration.

Professionals

Decreasing Errors. Polaris Transportation Group, a transportation group, aimed to scale back the touchpoints of dealing with paperwork. Fixed deliveries cross US and Canada border meant fixed customized doc processing for the corporate. Since processes as such may end up by complexities and duplication in work efforts. Thus, Polaris wanted to automate enterprise processes to attain excessive accuracy in work course of. Workfusion’s IDP options helped the enterprise obtain this purpose.³³ (Determine 13)

Time Effectivity. Normal Financial institution aimed to resolve points resembling buyer expectations and regulatory burden brought on by guide knowledge entry. By making use of to Workfusion’s options, the financial institution was capable of remodel its buyer onboarding, automate 1 million transactions month-to-month and extra.³⁴ (Determine 14)

Cons

OCR capabilities. A number of customers talked about that ORC doesn’t perform at anticipated always. Additional, the license costs of per-page for OCR learn have been discovered to be excessive.³⁵ (Determine 15)

Person Scores

G2: 4.4/5 based mostly on 28 opinions.³⁶

Capterra: 5/5 based mostly on 1 evaluate.³⁷

TrustRadius: 3/5 based mostly on 12 opinions.³⁸

Grooper

Grooper is an clever doc processing platform. Grooper needs to assist companies flip unstructured knowledge from paper and digital information into knowledge that can be utilized.

Professionals

Higher knowledge workflows. A case examine with American Airways Credit score Union means that, utilizing Grooper may also help remodel knowledge workflows, which ends by over 5,000 saved hours in knowledge discovery, and improved member providers.³⁹ (Determine 16)

Higher capturing in comparison with OCR. Earlier than Grooper, Oklahama State College was utilizing a system working with OCR. Nevertheless, the software program was solely able to zonal recognition, that means that it might solely discover a particular string of numbers or letters in a predefined location on a web page. In consequence, a lot of the info nonetheless needed to be entered manually by college workers. Additionally, earlier than Grooper, knowledge technicians needed to retrieve all scanned paperwork and carry out guide knowledge extraction which lasted round 12 minutes. Grooper captured and listed 50 transcripts in the identical period of time.⁴⁰ (Determine 17)

Cons

Advanced set-up and use. Critiques present that, customers have been overwhelmed by each complexities in preliminary set-up, and by choices supplied by the software program. Whereas a minimum of 6 customers talked about how complicated and time consuming the setup course of will be, 6 different customers joined them mentioning the complicated construction of the software program, and excessive studying curve.⁴¹ (Determine 17)

Person Scores

G2: 4.6/5 based mostly on 15 opinions.⁴²

Capterra: 4.6/5 based mostly on 24 opinions.⁴³

TrustRadius: N/A

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Burak is an Trade Analyst in AIMultiple. He obtained his Masters’ diploma in Political Science from Center East Technical College. He has background in researching location-based platforms.