Navigating a data-rich landscape highlights the need for efficient data extraction. As businesses grapple with increasing data volumes, automation becomes a reliable ally, cutting manual entry by a significant 80% and maintaining impressively low error rates between 1 to 4.1%.
Beyond the numbers, transforming chaotic data into organized formats is crucial for companies handling various documents. Automated tools in sectors like healthcare and finance streamline extraction, providing time and cost savings, minimizing errors, and enhancing decision-making.
If you’re seeking top data extraction tools in 2024, you’re in the right space. This blog explores the top 11 solutions, weighing their strengths and weaknesses. By the end, you’ll be ready to choose the ideal solution for your unique business needs. Let’s dive in!
- Klippa DocHorizon
- Ocrolus
- Docsumo
- Rossum
- Nanonets
- Abbyy FlexiCapture
- Tungsten Automation (Kofax)
- Hypatos
- Docparser
- Veryfi
- Taggun
The 11 Best Data Extraction Tools
1. Klippa DocHorizon
Klippa DocHorizon is an AI-powered Intelligent Document Processing solution that utilizes OCR, AI, NLP, and Computer Vision to bring you speedy and precise data capture and extraction.
Supporting various document types and formats in over 150 languages, DocHorizon excels in processing invoices, receipts, purchase orders, and identity documents converting data into machine-readable formats like JSON, XML, XLSX, CSV, or UBL.
Klippa caters to diverse industries, offering automation for customizable document workflows, document archiving, email parsing, and many other use cases.
Pros
- Achieve up to 95% data extraction accuracy
- Human-in-the-loop to guarantee the highest level of accuracy
- Train your own data extraction model
- Supports all languages that use the Latin alphabet
- Classify and sort documents to organize databases
- Automated fraud detection to prevent document fraud
- Built-in document verification
- Comply easily with regulations thanks to data masking and data anonymization
- Low-code IDP platform with a user-friendly drag-and-drop interface
- Key-value pair extraction and line item extraction
- Seamless API and SDK integrations
- Well-documented and developer-friendly
- Excellent customer service and onboarding support
- Compliant with GDPR and ISO-certified (27001 & 9001)
Cons
- Limited support for non-Latin alphabets
- Currently no reporting tools
2. Ocrolus
Ocrolus is an AI-powered document automation platform that can help your business with processing various document types specializing in financial documents like bank statements, receipts, and invoices. This solution combines machine learning with human validation in data extraction.
Pros
- Accurate extraction from financial documents
- Automated fraud detection for fraud prevention
- Easy-to-use software
- Document scanning and sorting
- Competitive price for smaller businesses
- Human-in-the-loop to guarantee the highest level of accuracy
Cons
- Not strong on complicated document structures
- Slow data extraction speed
3. Docsumo
Docsumo is an AI-based OCR software provider specializing in data capture. With this solution, you can process documents with text, tables, and graphics for various purposes including invoice processing and bank statement verification.
Pros
- Bank statement data extraction API
- Document conversion capabilities from PDF into Excel, CSV, or JSON
- Key-value pair extraction and line item extraction
- Easy-to-use interface
Cons
- Lack of documentation and onboarding support
- Limited document support
4. Rossum
Rossum is a document extraction tool for invoices, purchase orders, and other financial documents. This solution uses OCR and AI automation to process a range of document layouts in accounts payable and supply chain management tasks.
Pros
- High-accuracy AI-powered OCR
- Can handle complex document layouts
- Real-time data extraction
- Easy-to-use
Cons
- More expensive than competitors
- The software can be challenging to set up
- Limited language support
5. Nanonets
Nanonets is a document processing platform powered by AI, offering the capability to develop custom models for OCR processing. Through advanced machine-learning algorithms, Nanonets facilitates the classification and extraction of data from various document types, images, and formats.
Pros
- Can process a wide range of document types
- Supports more than 40 languages
- 24/7 customer support
- Build custom models
- Document workflow automation platform
Cons
- Difficulties creating platform parsing rules
- No mobile scanner
6. Abbyy FlexiCapture
Abby FlexiCapture is a solution that offers data capture and extraction through AI, NLP, and ML. FlexiCapture offers its users the ability to optimize their workflows to effectively digitize, retrieve, edit, protect, and share data. FlexiCapture is designed for the digital enterprise.
Pros
- Document conversion capabilities
- High-quality OCR data capture
- Flexible deployment options: cloud-based and on-premise
- Effective handwriting recognition
- Continuous improvement through machine learning
Cons
- Outdated user interface
- Expensive choice for small-scale businesses
7. Tungsten Automation (Kofax)
Tungsten Automation provides a comprehensive platform to automate business workflows with nearly 40 years of presence in the field. Their low-code, AI-powered intelligent document processing helps you boost efficiency and adhere to compliance regulations.
Pros
- Real-time data capture and conversion
- High accuracy in extracting hand-written data
- ISO/IEC 27001 certification
Cons
- Limited OCR and scanning capabilities
- Restricted customization options
8. Hypatos
Hypatos is a document processing API that uses deep learning to automate document-centric workflows. Hypatos offers an AI-powered OCR solution for extracting and processing data from financial documents to optimize expense management workflows.
Pros
- ISO 27001 certification
- Multi-lingual support
- Document workflow automation platform
- Compatibility with various document formats: PDF, XLSX, email attachments, etc.
Cons
- Not scalable and fails to deliver consistent results
9. Docparser
Docparser is a cloud-based document parsing API that helps extract data from bank statements. It allows for workflow automation and can process documents in bulk.
Docparser can extract data from Word, PDF, and image-based documents using OCR technology.
Pros
- OCR-powered data capture and image enhancement
- Versatility across document types and formats
- Seamless integration with 3rd party services
Cons
- Outdated user interface
- No search function
- No filtering options
10. Veryfi
Veryfi uses mobile document capture and OCR APIs to extract and transform data from structured and unstructured documents like receipts and invoices. They offer extraction possibilities for an extensive range of document types in a range of languages from a range of countries.
Pros
- High accuracy and fast data extraction on receipts
- Easy integration
- Responsive customer support
- Extensive data field recognition
- Customizable OCR API platform
- Expense management app for receipt capture & data extraction
Cons
- Expensive for small-scale document volumes
- User-unfriendly web interface
11. Taggun
Taggun data extraction solutions use advanced technology OCR to extract data such as dates, chamber of commerce numbers, etc. from financial documents including receipts and invoices for expense management and loyalty purposes. They provide multi-language and multi-country support for the documents they process.
Pros
- Efficient Customer Support
- Simple to use and cost-effective
- Good language support for over 60 languages
- AI-powered receipt fraud detection
- Good support for popular file formats including JPG, PNG, GIF, and PDF.
Cons
- Limited OCR accuracy
- Limited to financial documents
Now that you’ve discovered the pros and cons of the top 11 data extraction tools, it’s high time to make a choice! In the next section, you’ll learn how to select the solution most suitable to your business.
How to Choose the Right Data Extraction Solution
Now there are a few things to consider before committing to a data extraction solution.
- Features: Consider if the software provides features that address all your needs. Some providers excel in data extraction and fall short in other services like fraud detection, classification, or verification. Which features best suit your needs and which data extraction vendor provides the best solution?
- Document types: Your chosen data extraction tool should be able to recognize and extract data in all the document types that you work with such as invoices, receipts, contracts, or others.
- Language support: If your business operates internationally, then you may need a solution capable of processing data in multiple languages. Then ensure your chosen solution is capable of processing documents in multiple languages.
- OCR accuracy: OCR is crucial for extracting text from images or scanned documents. It is therefore important to assess the accuracy of the integrated OCR technology, ensuring it can handle variations in fonts, text sizes, and document qualities for precise data extraction. Also to achieve the highest accuracy possible, make sure the vendor offers human-in-the-loop automation.
- File format support: Check the solution’s compatibility with various file formats, including PDFs, images, and other common document types. The solution should be capable of extracting data from both structured and unstructured formats, covering a broad range of documents.
- Integration with existing systems: Consider how well your chosen data extraction solution integrates with existing software and systems. Seamless integration ensures end-to-end process automation and reduces manual intervention.
- Security and compliance: Consider if your chosen data extraction solution will aid or hinder your adherence to data security standards and industry-specific regulations. Look out for features such as encryption, access controls, audit trails, and certifications such as the ISO 27001 certification.
By considering all these factors, you’ll be equipped to make the best choice for your business. A good option that ticks many of the boxes is Klippa DocHorizon. Let’s have a closer look at the reasons why.
Why Choose Klippa as your Data Extraction Software?
Klippa DocHorizon stands out among competitors in the services we provide. Our solution is easy to use and offers Intelligent Document Processing capabilities that go beyond traditional data extraction. Klippa DocHorizon allows you to accurately extract information from a wide range of documents while giving you total control over the workflow. In addition, with our platform, you can easily:
- Automate document workflows with our flow builder to give you more control over the data extraction process and the output.
- Create your own models with our user-friendly prompt builder.
- Extract data from a range of document types including identity documents, financial documents, logistics documents, and more!
- Convert, anonymize, classify, verify, and guarantee near 100% accuracy with human-in-the-loop.
Contact our experts to learn more about our data extraction software, or book a free demo below and see our solution in action!