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In this corner of automated data capture, we’ll look into both the document processing titans, Docsumo and Nanonets!
Did you know that Nanonets boasts a staggering accuracy rate of over 90% in document extraction tasks? Meanwhile, Docsumo flaunts an impressive processing speed, handling up to 1,000 documents per hour!
These statistics are just an overview of the remarkable capabilities of these giants.
Nanonets is known for its impeccable document processing prowess, whereas Docsumo is a heavyweight champion renowned for its data extraction technology!
Whether you’re team Docsumo or are rooting for Nanonets, take a look at our comparison blog, before making an informed decision based on your needs!
Understanding Your Needs
First things first, let’s acknowledge that not all heroes wear capes, and certainly not all businesses wear the same size suit. Whether you’re a fledgling startup, a mid-market player, or a corporate titan, your needs are as unique as your fingerprints.
So, what are the parameters you should consider while evaluating a solution?
Scale of the company
1. Small businesses/Bootstrapped Startups
As a really small startup, there are two things you should care about most in an IDP solution:
Ease of use
As your team of 6 or even less is trying to make it (and not break it!), you won’t have the opportunity to use all the sophisticated features a mid-market tool has to offer. You have neither the time nor money to waste on using a complex intelligent document processing platform(IDP).
Once your startup grows and “graduates” from using these simple and affordable tools, it will be time to upgrade to something more sophisticated.
2. Mid-market companies
When you’re on the growth path, you want to focus on things that matter the most. You need to give your team members the right tools to do that – ideally without much time spent on the manual work.
And most importantly internal tools – that would allow them to analyze their results, and pick the best solutions to improve their operational metrics.
You’re also starting to pay attention to:
3. Enterprise companies
As a large enterprise, often the main factors that determine your choice of a document automation tool are:
A solution that caters to all formats of documents to extract information accurately with negligible or minimal human intervention.
Whether the tools can integrate with your existing tech stack/downstream software.
Whether the company offers the required quality and security standards, often backed by certifications such as SOC 2 Type II.
Classifying Your Document Needs
Different Jobs, Different Solutions.
Before we dissect the Docsumo vs. Rossum showdown, let’s understand your job to be done.
Are you looking for a complete workflow automation tool, or is it just about data extraction? Maybe you're in for a specific use case like Account Payable automation?
Here are some examples of mission-critical questions that are often gracefully overlooked by the writers who write alternative blogs.
1. Are you hiring the tool to efficiently scale your business without hiring more employees?
2. Is the goal to reduce Document Fraud or credit risk?
3. Do you need real-time data extraction across any document format with pinpoint accuracy?
4. Are you in pursuit of a complete automated document workflow for your company?
What job are you “hiring” the tool for? Will it fit your use case?
Parameters for the Comparison
Now, let’s dissect the elements that should be at the forefront of your decision-making process:
Ease of use - User-friendly navigation, setup time, and lean learning curve.
AL/ML capabilities - Data extraction and review across different document formats.
Analytics - Accuracy and Turn-around time.
Integrations - Ingestion mechanisms, integration with downstream software.
Security - SOC 2 Type 2, HIPAA, CCPA, GDPR Compliances.
Support - Customer support and Training documentation.
Scalability- Architecture to handle large volumes, hosted servers.
Is Docsumo an alternative to Nanonets? -- Let’s look into each of these buying criteria individually but before that let’s take a glance at this feature comparison snapshot.
Ease of use
User interface - Docsumo and Nanonets both receive excellent reviews for their user-friendly navigation on G2. Rest assured, you're in good hands with either choice. However, we might be a tad biased (just a hint!) – our interface is free of clutter and pretty straightforward. Give it a try.
When it comes to free trials and onboarding, here's the exciting part – both offer a sneak peek with free trials. Docsumo takes it a step further by providing live online training sessions. Take the plunge, and you'll be operational swiftly, typically within 2 days!
What sets Docsumo apart
Document Archiving - Docsumo leads the way in this aspect. Securely store your documents in the cloud, establishing a searchable database. For any compliance checks or audits – Retrieve the data in your desired format whenever you need it.
Review Interface - Docsumo stands out in document review, a pivotal component of any workflow. Praised by users for its user-friendly and intuitive interface, the review screen seamlessly integrates into the user's environment, acting as a collaborative gateway accessible through shared links.
Data Extraction Made Easy - Nanonets and Docsumo both demonstrate expertise in extracting information from unstructured documents, employing a zone selection tool for rapid field training. Within seconds, the model adjusts for consistent parsing across comparable layouts.
Thing to note - Our out of the box solution for bank checks, utility bills and bank statements has over 97% accuracy.
Verification Rules and Human in the loop - In terms of precision, both tools excel, ensuring that no data discrepancies remain unnoticed. Nanonets and Docsumo utilize API validation rules to identify errors, adding an extra layer of scrutiny with human reviewers to maintain accuracy at its highest level.
Thing to note - As mentioned previously – it’s a battle of accuracy and speed, therefore it’s highly recommended to try out a sandbox environment and evaluate accordingly.
Auto Split and Auto Classify - Nanonets and Docsumo come equipped with inherent features that can automatically categorize the document they are handling. In instances involving PDFs or documents with multiple pages—where certain pages may be redundant or irrelevant—auto-split functionality can be utilized to process only the essential and pertinent pages, resulting in cost savings.
What sets Docsumo apart
Custom Document Type & Auto learn capabilities
Train documents yourself—Docsumo's API allows you to train for a completely new document. In today's dynamic business landscape, acquiring a new trained API for each document type and template can slow down your operations and inflate costs—a pitfall you can avoid with Docsumo's flexibility.
Docsumo's auto-learn capabilities go beyond the basics, adeptly handling variations in wording within documents. This feature not only ensures accuracy but also enables users to embrace straight-through processing. Imagine your documents seamlessly navigating the entire extraction and review process without the need for manual intervention.
Feel free to edit or add fields as per your requirements. Extract them from the document, and the system learns, replicates the process, and adapts to all similar document formats and layouts.
Convert any PDF or image or Excel files to the data type you want as an output. This is an added benefit during output export and integrations where the data is converted to a usable format for post document processing flow.
Nanonets offers various pre-built ERP and Document Management System integrations, and it can also be customized upon request. On the other hand, Docsumo provides seamless integration with Zapier, enabling you to effortlessly extract data from the cloud and process it across numerous ERP and RPA applications
Nanonets and Docsumo are pretty much on the same baseline budget of $500 with a usage-based pricing. The more you process, the less you pay per page.
Both tools maintain similar security standards with all necessary compliances in place, including SOC 2 TYPE 2, GDPR, and HIPAA. Additionally, both tools implement single sign-on and other privacy controls.
Nanonets and Docsumo - both tools have great customer support reviews from G2 and training documentation. Given the intricate process of handling financial sensitive information - customer support becomes a pivotal element in the buying process.
Can process large volumes of documents -Both tools exhibit scalability by efficiently processing large volumes of documents, making them suitable for enterprise-level operations
Thing to note - Some of the G2 reviews stated for Nanonets that the screen crashes whenever there is a huge import of documents.
No software installation required - Like Nanonets, Docsumo is a cloud-based application, ensuring accessibility from any location with internet connectivity. This model allows for seamless collaboration, automatic updates, scalability, and flexibility, offering an efficient and modern document processing experience to users.
What sets Docsumo apart?
Docsumo sets itself apart through a multi-region data architecture, allowing users the choice of data storage location and duration. This feature is crucial for companies prioritizing data privacy, preferring their data stored within their region. In contrast to Nanonets, Docsumo enhances its hosting infrastructure with additional servers in Asia (Singapore), Europe (Germany), and the US.
Both Nanonets and Docsumo offer analytics, but Docsumo goes the extra mile. It not only provides insightful data on your team's efficiency, such as the number of documents processed and time saved, but also delivers real-time visualization. Think of it as a GPS for your document journey, offering a detailed and dynamic view of your progress.
When it comes to data extraction and speed, Docsumo holds its own against Nanonets, and in many instances, comes out on top. User reviews emphasize Docsumo's strength, especially in effortlessly handling substantial amounts of data with various formats. It's clear that Docsumo is the superhero for efficiently managing extensive and diverse data.
Want to talk to our automation expert for your use to find out if Docsumo is the right choice?
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