Top 10 Kofax Alternatives/Competitors in 2023

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

• streamline their operations
• enhance total effectivity
• enhance workflows

Intelligent document processing (IDP) instruments can do all this, and extra. Because of this, 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 fee (CAGR) of 37.5percentthrough the forecasted interval.¹

On this rising market, it’s essential for corporations to seek out the software program that works properly for them. Kofax, a number one supplier of clever automation software program, has been a preferred selection for organizations searching for to automate their doc and information seize processes.²

Customers might want to search options to Kofax that provide, as an example, 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, corporations are sorted by variety of critiques.

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

• 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 at the least one Fortune 500 reference.
• Opinions: Person critiques are correlated with product success. They weren’t utilized in deciding on merchandise however have been used to supply extra enter about product reputation and buyer satisfaction.
• Variety of staff: The market share of a product goes up because the variety of staff goes up, and firms with larger market shares are inclined to make higher items. Due to this fact, this text will give attention to software program with 50+ staff.

Overview of Kofax

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

Capabilities:

Kofax affords providers underneath 4 classes:

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

Underneath these 4 classes, the software program affords 33 merchandise in whole.⁴

Inside this big selection, on this article we are going to focus to merchandise solely with document capture and doc administration capabilities comparable to Kofax Seize and Kofax Whole Agility.

Professionals:

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

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

Cons

Person critiques from completely different sources comparable to G2, TrustRadius (Determine 2) recommend that Kofax merchandise like Seize will be expensive.⁶

 The pricing construction of Kofax might 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 resolution. 9 out of 25 critiques in G2 on Kofax Seize reveals that, Kofax will be advanced (Determine 3) to implement and navigate, requiring in depth coaching and technical experience.⁷

Firms that worth simplicity and ease of use might discover options that provide extra sensible person interface and require much less coaching.

Person Opinions:

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

Kofax Seize:

G2: 4.3/5 primarily based on 25 critiques.⁸

Capterra: 3.9/5 primarily based on 15 critiques.⁹

TrustRadius: 3.7/5 primarily based on 29 critiques.¹⁰

Kofax Whole Agility

G2: 4.4/5 primarily based on 39 critiques.¹¹

Capterra: 4.2/5 primarily based on 6 critiques.¹²

TrustRadius: 4.1/5 primarily based on 10 critiques.¹³

Subsequent, we deep dive into 5 options:

Hypatos

Hypatos offers deep learning technology for handling and automating documents. The corporate can assist with points comparable to:

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

Professionals:

Establishing IDP Vendor installations could be a prolonged and demanding course of, whether or not for on-premise or cloud-based choices. That is as a result of necessity of individually configuring and deploying quite a few purposes. Nevertheless, Hypatos’ native SaaS utility affords a distinction by masking a number of important parts for Intelligent Document Processing directly. This may lower the setup time and fasten undertaking supply.

Productiveness. Completely different companies might require completely different information factors from paperwork. As an illustration, a enterprise would possibly wish to report the road gadgets on invoices. These items present what has been purchased and the way a lot it price. The Continuous Studying function of Hypatos makes it straightforward to get new information fields from paperwork as a result of the mannequin can study from what the person does.

Ease of use. 4 out of 10 G2 person critiques say that the software program is straightforward to arrange. One person 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 primarily based on 10 critiques.¹⁶

Capterra: 5.0 primarily based on 11 critiques.¹⁷

TrustRadius: N/A

IBM

The IBM Automation Doc Processing resolution leverages artificial intelligence, deep learning, and low-code tools 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 manner, as IBM claims, it’s potential to keep away from bottlenecks, if errors in information extraction or doc classification are discovered and stuck routinely.¹⁹

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

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

-Use Robotic Process Automation (RPA) to automate information enter into enterprise techniques.

-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 just isn’t sufficient. ²¹ (Determine 8)

Costly software program. Customers generally expressed that IBM’s Cloud Pak for Enterprise Automation is difficult to keep up relating to the prices.²²

Person Scores

G2: 4.3/5 primarily based on 30 critiques.²³

Capterra: 4.0/5 primarily based on 8 critiques.²⁴

TrustRadius: 4.6/5 primarily based on 63 critiques.²⁵

ABBYY

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

Professionals:

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

See: Determine 9

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

Cons

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

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

Person Scores:

G2: 4.1/5 primarily based on 7 critiques.³⁰

Capterra: 4.1/5 primarily based on 17 critiques.³¹

TrustRadius: 4.1/5 primarily based on 9 critiques.³²

Workfusion

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

Professionals

Lowering Errors. Polaris Transportation Group, a transportation group, aimed to cut 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 realize excessive accuracy in work course of. Workfusion’s IDP options helped the enterprise obtain this aim.³³ (Determine 13)

Time Effectivity. Normal Financial institution aimed to resolve points comparable to buyer expectations and regulatory burden brought on by guide information entry. By making use of to Workfusion’s options, the financial institution was in a position to rework 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 operate 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 primarily based on 28 critiques.³⁶

Capterra: 5/5 primarily based on 1 evaluation.³⁷

TrustRadius: 3/5 primarily based on 12 critiques.³⁸

Grooper

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

Professionals

Higher information workflows. A case research with American Airways Credit score Union means that, utilizing Grooper can assist rework information workflows, which ends up by over 5,000 saved hours in information 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. Consequently, a lot of the information nonetheless needed to be entered manually by college employees. Additionally, earlier than Grooper, information technicians needed to retrieve all scanned paperwork and carry out guide information extraction which lasted round 12 minutes. Grooper captured and listed 50 transcripts in the identical period of time.⁴⁰ (Determine 17)

Cons

Complicated set-up and use. Opinions present that, customers have been overwhelmed by each complexities in preliminary set-up, and by choices offered by the software program. Whereas at the least 6 customers talked about how advanced 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 primarily based on 15 critiques.⁴²

Capterra: 4.6/5 primarily based on 24 critiques.⁴³

TrustRadius: N/A

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Burak is an Industry Analyst in AIMultiple. He received his Masters’ degree in Political Science from Middle East Technical University. He has background in researching location-based platforms.