The Top 3 OCR Kofax Alternatives

Kofax, a well-known player in the Intelligent Automation industry, has been a go-to choice for businesses seeking document capture, workflow management, and Robotic Process Automation (RPA) solutions. However, the ever-evolving market offers a variety of alternatives that provide similar functionalities and even unique features to cater to diverse business needs.

In this blog post, we'll explore five powerful alternatives to Kofax that have made a significant impact in the realm of process automation and document management. These alternatives bring innovation, efficiency, and flexibility to the table, empowering organizations to optimize their workflows, improve accuracy, and ultimately drive better business outcomes.

Let's dive into the world of Intelligent Automation and discover the robust Kofax alternatives that can revolutionize the way your organization operates. Whether you're a small business looking for cost-effective solutions or an enterprise seeking scalable automation, there's a suitable alternative waiting to transform your business processes.

What is Kofax?

Kofax is a leading provider of Intelligent Automation solutions that empower organizations to automate and streamline their business processes effectively. With a rich history dating back to 1985, Kofax has established itself as a prominent player in the field of document capture, workflow management, and Robotic Process Automation (RPA).

Key Features of Kofax

• Document Capture: Kofax offers advanced document capture technology that can efficiently extract data from various sources, including physical documents, emails, faxes, and digital files. This feature ensures accurate and automated data entry, reducing the need for manual data handling and minimizing errors.
• Workflow Automation: Kofax provides a powerful workflow automation platform that allows organizations to design, manage, and optimize their business processes. By automating routine tasks and approvals, businesses can enhance efficiency, reduce processing times, and ensure compliance with standard procedures.
• Robotic Process Automation (RPA): Kofax's RPA capabilities enable the deployment of software robots to emulate human interactions with applications, systems, and websites. RPA allows for the automation of repetitive and rule-based tasks, freeing up human resources for more strategic and value-added activities.
• Intelligent Data Extraction: Kofax's intelligent data extraction capabilities leverage Artificial Intelligence (AI) and Machine Learning (ML) to understand and process unstructured data, such as invoices, receipts, and contracts. This helps businesses extract relevant information accurately and efficiently.
• Analytics and Reporting: Kofax provides insightful analytics and reporting tools that offer real-time visibility into process performance. Organizations can gain valuable insights into process bottlenecks, employee productivity, and overall efficiency, enabling data-driven decision-making.

Nanonets

Nanonets is an OCR (Optical Character Recognition) software that offers advanced document classification and extraction capabilities. It addresses the automation and document management needs of businesses in the following ways:

• Document Automation: Nanonets can automate document processes like document data capture, extraction, document verification, document search, document archiving, and more. This can reduce the time and cost of manual data entry, which can be both laborious and costly to enter. Nanonets has multiple templates to automate document processes, but you can also create your own AI model in less than 15 minutes. 
• Advanced Document Classification and Extraction: Nanonets allows businesses to train and deploy machine learning models that accurately classify and extract information from a variety of documents, such as invoices, receipts, contracts, and more. This can reduce the drudgery and time for manual data entry, which can be both laborious and costly to enter. Nanonets makes it easy for businesses to build custom models without the need for extensive programming experience. The platform provides a user-friendly interface to allow users to easily define the structure of their documents and specify the data that they need to extract. 
• Templates and Pre-built Models: Nanonets provides users with templates and pre-built models that can be further customized to fit their specific needs. For example, businesses can use pre-built models for invoice processing and then customize them to fit their specific invoice format.
• Automation: Nanonets can eliminate manual processes and automate invoice, receipt, and document reviews. This can reduce processing time by up to 90% and save on costs by up to 50% 
• Natural Language Processing (NLP): Nanonets employs NLP algorithms to comprehend the context of the extracted data, making it capable of understanding complex and context-dependent information, leading to improved accuracy in data extraction.
• Customizable Workflows: Users can easily design and customize their document processing workflows to match their unique business needs and integrate Nanonets seamlessly into existing systems.
• Real-time Collaboration: Nanonets supports real-time collaboration among team members, allowing for efficient document review, validation, and exception handling, thereby reducing processing times.

Unique Selling Points and Standout Features

Nanonets stands out in the document automation market due to the following reasons:

• Ease of Use: The platform is designed with a user-friendly interface, enabling business users to set up and deploy AI models without requiring extensive technical expertise.
• Rapid Deployment: Nanonets offers quick deployment and integration, ensuring a faster time-to-value for businesses seeking immediate automation solutions.
• Continuous Learning: The platform is capable of continuous learning, meaning it can improve its accuracy over time with minimal human intervention, adapting to changing document formats and data sources.
• Versatility: Nanonets can handle various document types and formats, making it suitable for businesses in different industries, including finance, healthcare, legal, and more.

Nanonets has garnered positive feedback from its users, with many praising its accuracy, ease of use, and seamless integration capabilities. Customer reviews highlight how the platform has significantly reduced manual data entry efforts, accelerated document processing times, and improved overall operational efficiency. 

According to reviews on G2, Nanonets helped a business save almost 300 man-hours a month right off the bat.

Automate manual data entry using Nanonet's AI-based OCR software. Capture data from documents instantly and automate data workflows. Reduce turn around times and eliminate manual effort.

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 which includes premium 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.

Why Choose Nanonets over Kofax? 

• Ease of Use: Nanonets is known for its user-friendly interface, which makes it easy for businesses to build custom models without the need for extensive programming experience. This can save time and resources for businesses that do not have a dedicated IT team.
• Advanced Document Classification and Extraction: Nanonets offers advanced document classification and extraction capabilities, which can accurately classify and extract information from a variety of documents, such as invoices, receipts, contracts, and more. This can reduce the time and cost of manual data entry, which can be both laborious and costly to enter.
• Templates and Pre-built Models: Nanonets provides users with templates and pre-built models that can be further customized to fit their specific needs. This can save time and resources for businesses that do not have the expertise to build custom models from scratch.
• Scalability: Nanonets is a scalable solution that can handle large volumes of documents and data, making it suitable for businesses of all sizes.
• Pricing: Nanonets offers a pay-as-you-go pricing model, which can process a document at $0.30 per page. This can be more cost-effective for businesses that do not need the full suite of Kofax products.
• Ease of Integrations: Nanonets aims to provide a user-friendly and straightforward experience for developers and businesses. Their APIs and SDKs are designed for easy integration into applications.

Veryfi

Veryfi is an AI-powered data extraction and automation platform that specializes in processing unstructured financial documents such as receipts, invoices, and expenses. Its key features include automated data extraction, real-time processing, data security measures, integration capabilities, and expense and receipts management. With advanced artificial intelligence and machine learning algorithms, Veryfi can extract relevant data from documents quickly and accurately, eliminating the need for manual data entry and streamlining accounting and bookkeeping processes.

Unique Selling Points

• Focus on Financial Documents: Veryfi is specialized in processing financial documents like receipts, invoices, and expenses, making it a targeted solution for accounting and bookkeeping tasks.
• Bank reconciliation: Veryfi assists with bank reconciliation, ensuring that expenses are accurately recorded and accounted. 
• Job costing: Veryfi offers job costing capabilities, allowing businesses to allocate expenses to specific projects or clients. 
• Real-time Data Extraction: The ability to extract data quickly and accurately in real-time can significantly improve productivity and decision-making processes for businesses.
• User-Friendly Interface: Veryfi aims to provide a user-friendly experience, making it accessible to businesses with varying levels of technical expertise.

Cons

• Limited Document Types: Veryfi's focus on financial documents means that it may not be as versatile for processing other types of unstructured data.
• Pricing Concerns: Pricing structures and plans might not cater to the needs of all businesses, especially smaller businesses with limited budgets.

Pricing 

• Free Plan: This plan is entirely free and allows users to process up to 50 documents per month. However, it only supports receipts and invoices as document types and offers limited features for development. Support is provided through email only.
• Pay As You Go Plan: Recommended for businesses processing less than 25,000 documents per month, this plan requires a minimum monthly payment of $500. It supports all document types, including receipts, invoices, W-2s & W-9s, business cards, and more. Users are billed at a rate of $0.08 per receipt and $0.16 per document (for non-receipt types). Support is available via email and Slack, and there are SLA (Service Level Agreement) options.
• Custom Plan: Designed for high-volume users with 25,000 or more documents per month, this plan offers volume discounts and requires contacting the sales team for pricing details. It includes all document types, all features, and additional options like Veryfi Lens (offered at custom pricing), which is available to all customers.

DocParser

DocParser is a document data extraction software that automates the process of extracting data from various types of documents, including PDFs and scanned files. Its key features include data extraction automation, customizable rules and templates, integration capabilities, data validation and enrichment, and support for exporting extracted data in multiple formats.

Unique Selling Points

• Users can create and customize parsing templates to match the structure and format of their documents, ensuring accurate data extraction.
• DocParser provides data validation features to ensure the accuracy and integrity of extracted data. 
• DocParser allows users to create and customize parsing rules to extract specific data fields from documents, providing flexibility and accuracy. 

Cons

• Lack of support for different languages like Swedish
• Some of the parsing rule templates and filters are not that intuitive. It takes time to search for a detailed description in the help section.

Pricing

• Starter Plan: Priced at $39 per month (billed yearly), it includes 100 parsing credits per month. Users can create up to 15 different parsers, access premium templates, and parse PDFs, Word, and image files. They can export data to Excel, CSV, JSON, and XML, integrate with Google Sheets, and access numerous other integrations. This plan is designed for individuals tired of manual data extraction.
• Professional Plan: Priced at $74 per month (billed yearly), it includes everything in the Starter plan plus 250 parsing credits per month. Users can create up to 50 different parsers, enable multifactor authentication, and enjoy priority support and parsing access. It is suitable for professionals serious about data extraction and workflow automation.
• Business Plan: Priced at $159 per month (billed yearly), it includes everything in the Professional plan plus 1000 parsing credits per month. Users can create up to 500 different parsers, gain priority support and parsing access, and have access to multi-layout parsers and parser version control. This plan is ideal for automating entire business processes with document parsing and cloud integrations.
• Enterprise Plan: The pricing for the Enterprise plan is available on request, allowing users to build a package tailored to their specific parsing requirements. It includes custom parsing credits per month, unlimited parsers, extended document retention, and white labelling license.

DocParser also offers add-on features such as Parsing Assistant for customized parser setup and Extended Retention to keep documents available in the account for longer periods.

Conclusion

Each of these alternatives has its unique selling points and cons, catering to different industries and processing requirements. Evaluating the specific needs of your organization and comparing these alternatives to Kofax will help you make an informed decision to optimize document processing, boost productivity, and streamline business operations.

Businesses love Nanonets—for our ease of use and for making integrating with an existing stack a breeze.

Automate all your processes with the highest visibility and control.

When exploring alternatives to Kofax, one option stands out as a compelling choice: Nanonets. Nanonets is an AI-powered data extraction platform that offers simplicity, efficiency, and ease of integration, making it an excellent alternative for businesses seeking a more straightforward solution.

While other alternatives may offer some additional features, Nanonets focuses on simplicity, user-friendliness, competitive pricing, and dedicated customer support which sets it apart as an exceptional alternative to Kofax. By leveraging the power of AI and automation, Nanonets empowers businesses to streamline their document processing, increase productivity, and unlock valuable insights from their data, making it the best choice for many organizations seeking a robust OCR and data extraction solution.