How is DocDigitizer different from OCR?
This is the first question we receive from CIOs, COOs, CFOs and all the decision makers, so we’ll start here.
OCR solutions are not 100% accurate—they are actually closer to about 80% to 95%, depending on the specific scenario. When a new document gets processed, how do you know if the extracted information is correct? To ensure accuracy, you need people to curate that information.
That’s the problem DocDigitizer aims to solve. We offer a simple Cloud Service to extract and deliver actionable curated data to streamline your business processes.
Curated information is key. No insurance company wants to transfer the wrong amount to the wrong bank account or customer.
|RPA IDP||Pure-play IDP||DocDigitizer|
|Extract data from different input formats (scanned, pdfs, images)||✅||✅||✅|
|Packaged out-of-the-box use cases with pretrained models||✅||✅||✅|
|Structured/Semi-Structure Document processing||✅||✅||✅|
|Optical character recognition (OCR)||✅||✅||✅|
|Pre-built connectors for multiple technologies||-||✅||✅|
|Enterprise Grade Security||-||✅||✅|
|Unstructured Documents processing||Limited||Limited||✅|
|Handwritten entity extraction||-||Limited||✅|
|Data enrichment capabilities||-||Limited||✅|
|+99% Accuracy SLA||-||-||✅|
|Accuracy Refund Policy||-||-||✅|
|Technical Skills Required To Start||Medium||High||Low|
|Data Validation||Supported by the customer||Supported by the customer||Supported by DocDigitizer|
|Model Training and Warm-up||Supported by the customer||Supported by the customer||Supported by DocDigitizer|
|Adding new document types/fields||Weeks||Weeks||Minutes|
|Accuracy||100%||30% - 95%||100%|
|Create New Customer||10 minutes||10 minutes||Weeks|
|Onboard New Customer||1 Day||Days or Weeks||Weeks or Months|
|Price||Per Document||Per Document||Setup + Per Document|
OCR solutions mainly offer a tech or software service, but they don’t guarantee that the content is valid and accurate and don’t provide SLA assurance.
BPO requires a complex infrastructure and framework, which incur high setup costs. Most back-offices struggle with real-time information flow and are more expensive.
In any Digital Transformation program, your organization will have to cope with documents throughout the process.
More than 80% of the costs associated with these processes are currently linked to work involving back-office document management and validation.
The information in those documents will need to be processed. The most frequent solution is having curators in back offices extracting and processing that information.
Often, they are copying and pasting that information from the document to your internal systems.
A large number of Digital Transformation processes get stuck when the workflow must shift between digital automation and human intervention.
This requires the input of information that resides in unstructured documents and must be fetched to process to proceed.
DocDigitizer tackles that problem by taking advantage of machine learning and artificial intelligence to offer information extraction as a service. In business terms, DocDigitizer is replicating the work done by humans but completing it much faster and in a more reliable fashion.
Your Data in the
We receive documents and send the structured information back. For example, when we receive a passport, we’ll return data like passport number, valid date, passport holder’s name, nationality, issuing country, issue date, and birth date. A passport is a simple case but being able to extract the contract term or spread of a loan is an entirely different game.
Send us documents, and receive actionable data. 95% of the time, our customers use our Cloud SaaS platform. In a number of highly sensitive scenarios, our customers deploy the solution in private or on-prem clouds. We are able to leverage the massive document workload and machine learning in our cloud to make DocDigitizer smarter every day.
Unlike most OCR engines and data extraction solutions that rely heavily on a set of templates and configurations to capture data, DocDigitizer is based on machine learning that’s capable of capturing and understanding data from any document regardless of the format and pattern. Contact us today if you are looking to implement digital transformation in invoice processing.