10 Best Data Capture Software Solutions of 2024

Manually capturing data is time-consuming, error-prone, and expensive for document-heavy businesses. A Forbes study shows that companies can reduce costs by automating 70% of data processing and 64% of data collection tasks with the help of AI and big data technologies. 

Businesses are now employing data capture solutions to capture and validate data from documents using advanced technologies like OCR. However, with multiple options available in the market, it can take time to choose the data capture software that best fits your business needs.

This article explores the ten best data capture solutions, including features, pricing, and reviews, to help you choose the best software for your business. 

What is a data capture software solution? 

A data capture software solution helps businesses automate the document processing workflow by capturing and validating data from documents. These solutions extract data from semi-structured and complex documents and convert them into structured forms for businesses to store, analyze, and process.

Industries that benefit from automated data capture software

a. Accounting firms

Accounting firms automate bank data capture from various documents such as bank statements, income statements, profit and loss statements, tax returns, and balance sheets. 

These businesses extract data using software solutions and convert it into Excel to analyze patterns and trends, create budgets, and find ways to mitigate losses. 

b. Insurance 

Insurance agencies use automated data capture software to process, extract, and organize data from application forms, and income documents at scale. Unlike manual data entry, automated data capturing processes are time-saving and more accurate. 

Data capture solutions help insurance agencies extract accurate data from the claims assessment questionnaire and determine the right claim value, thereby preventing fraud.

c. Banking and lending 

Data capture solutions help banking and lending institutions extract data from bank statements, account opening and closing forms, loan applications, pay stubs, cheques, and identity verification documents. Banking firms must use data capture solutions for increased efficiency and accuracy.  

Inscribe's recent report shows that only 10% of document fraud is visible to the human eye. Algorithms in automated solutions easily detect nuanced manipulations in font size, type, margins, layouts, logos, and transactions that escape the human eye, making them indispensable for the banking industry.

Benefits of Using Data Capture Software Solutions 

Here are some benefits that businesses reap from data capture solutions: 

a. Reduce the processing time to 30-60 seconds 

Collecting, organizing, and extracting data manually takes days or weeks for employees, mainly when they handle documents at scale. But, with data capture solutions, it takes 30-60 seconds to extract data.  

b. Improve efficiency by 10x

According to a report, 40% of knowledgeable workers spend around 21-30% of their work week with documents. This directly impacts the efficiency of the business as staff mostly gets stuck with data collection and analysis. 

Investing in data capture solutions improves efficiency by 10X as the software ingests, extracts, and validates data, freeing employees to focus on strategic tasks. 

c. Increase accuracy rate to 99%+

Humans' susceptibility to distractions in the work environment can lead to errors in manual data extraction processes. Unlike humans, automated data extraction solutions capture data with 99%+ accuracy regardless of the documents’ type, format, and volume.  

d. Adaptability 

With the help of Machine Learning (ML) technology, data capture solutions quickly learn and adapt to different document templates, layouts, and formats. Unlike manual extraction, this adaptability speeds up the data processing time, helping businesses make decisions quickly. 

How to choose the best data capture software solution for your business? 

Here are some key features that differentiate advanced data capture solutions from regular ones: 

a. User interface

Though working with data capture solutions requires training from the vendor, the platform should be simple and easy to use, allowing even non-technical employees to handle it efficiently. 

b. Accuracy rate

The software's accuracy rate is crucial to avoid losses due to errors. Look for a solution that promises an accuracy rate above 95% to capture data with fewer errors. However, some advanced data capture solutions offer a 99%+ accuracy rate.  

c. Technology

Choose a solution that uses Intelligent Document Processing (IDP) technology. This way, the tool learns and adapts to different document templates, saving your staff time creating templates for Optical Character Recognition (OCR) technology to capture data. 

d. Integrations

Look for a data capture solution that offers integrations with your industry-specific software to streamline your business operations. 

e. Security and storage

Select a solution that adheres to standard security protocols and national and international regulations such as GDPR and SOC-2 to avoid fines and penalties. Moreover, it ensures that the tool offers cloud servers the ability to store sensitive data with end-to-end encryption. 

f. Maintenance

Downtimes directly impact business operations, so your software solution must offer 24/7 customer support and regular maintenance services.

g. Pricing

If you're a small business with a small volume of documents, a pay-as-you-go pricing model may be more cost-effective than a fixed-price model. 

10 Best data capture software solutions

Here's a list of the top 10 data capture software solutions of 2024: 

1. Docsumo 

Docsumo is a comprehensive data capture solution that helps a wide range of industries to preprocess, extract, and validate data automatically. This solution extracts data from structured, unstructured, and semi-structured documents such as invoices, bank statements, bank checks, utility bills, and more with an accuracy rate of over 99%. 

Powered with Intelligent Document Processing (IDP) technology, the tool learns and adapts to document templates and layouts like a human. With Docsumo, businesses can download extracted data in Excel, JSON, and JPG formats and seamlessly integrate it into existing software like Zapier, QuickBooks, Xero, and Chargebee. 

Features

• Automatic ingestion of documents from email inboxes and scanners 
• Auto-classifies, sorts, and categorizes documents into different folders for quick retrieval 
• Preprocessing techniques such as deskewing, denoising, binarization, and zoning are done automatically 
• Ready-to-use API models capture data from documents instantly 
• Trains your API model to extract customized data 
• Automatic validation using Excel-like formulas ensures accuracy
• Integrates with existing ERPs, CRMs, accounting, and payroll software 

Pros 

• Pay-as-you-go pricing model 
• The user interface is simple and intuitive 
• Exceptional support from customer-service teams 
• Ability to scan multiple documents in different layouts 
• A 14-day free trial 

Cons 

• A learning curve for first-time users 

Pricing 

• Growth: $500+/ month
• Business: Custom pricing 
• Enterprise: Custom pricing 

Reviews

• G2: 4.7 out of 5 
• Capterra: 4.7 out of 5 

2. Docparser 

Docparser is a data capture software that extracts data from different business documents. It uses zonal OCR technology, which businesses use to train the OCR system to capture specific data fields from the documents. 

You can download the data in multiple formats and integrate it into Google Sheets, OneDrive, and other platforms. 

Features

• Automatic ingestion of documents 
• Pre-built rules to extract data such as dates, invoices, and purchase order numbers 
• Create your own parsing rule to extract data according to your need
• Image pre-processing option to clean and remove noise from the documents
• Download documents in formats such as Excel, JSON, and XML files
• Integrations with third-party platforms like Zapier 

Pros 

• Easy-to-use 
• Ability to customize parsing rules for data extraction 
• Accurate data capture from documents 

Cons 

• UI for changing the OCR templates is quite difficult to use

Pricing

• Starter: $39/month 
• Professional: $74/month 
• Business: $159/month 
• Enterprise: Custom pricing 

Reviews

• G2: 4.6 out of 5 
• Capterra: 4.8 out of 5 

3. Rossum 

Rossum helps businesses automate their end-to-end document processing workflow. Similar to Docsumo, it employs Intelligent Document Processing (IDP) technology to extract data from changing document templates and layouts seamlessly.

It captures data from different documents, such as invoices, sales orders, purchase orders, utility bills, and receipts. 

Features

• Intakes documents from email inboxes and scanners automatically
• Captures data instantly once the document gets uploaded
• Staff can validate exceptions and improve the core engine over time
• Integrations with third-party applications such as Xero, Freshbooks, Zapier, etc.

Pros 

• User-friendly UI 
• Ability to customize the platform to your needs 
• Adapts to various document types and formats 

Cons 

• Takes time to extract large volumes of documents 
• Challenging to set up the software 

Pricing 

Custom pricing 

Reviews 

• G2: 4.4 out of 5 
• Capterra: 4.6 out of 5 

4. Infrrd 

Infrrd is an automated data capture solution that primarily helps insurance agencies, mortgage, and accounts payable businesses streamline their operations. It extracts data from unstructured and semi-structured documents using IDP technology. 

Infrrd also allows businesses to create custom models to capture data according to their needs. 

Features 

• Removes unwanted elements, texts, and spaces automatically to enhance the data quality
• Organizes documents based on its type 
• Automatic extraction of data from any kind of document
• Extracted data undergoes automatic validation against the existing database 

Pros 

• Easy-to-use platform
• Extracts data from stamps, handwritten notes, and complex tables
• Extracts data at a lightning speed 

Cons 

• API responds slowly 
• Data inaccuracy requires human intervention

Pricing

Custom pricing

Reviews 

• G2: 4.4 out of 5 
• Capterra: 4.2 out of 5

5. Xtracta 

Xtracta is an AI-powered data capture software that helps organizations extract data from documents such as invoices, receipts, passports, purchase orders, and contracts. It compares extracted data with the existing database to improve accuracy and offers seamless integration with different software. 

Features

• Extract and validate data automatically
• Download the data in different formats (CSV, XLS, SQL) 
• Integration with ERP, accounting, and payroll software 

Pros 

• Easy-to-use API
• No need to create templates to extract data

Cons

• No free trial

Pricing 

• Custom pricing 

Reviews

G2: NA

Capterra: NA 

6. Ocrolus 

Ocrolus helps commercial and mortgage lending businesses make accurate financial decisions and avoid fraud by automating data analysis. It uses IDP technology to extract and validate data from bank statements, pay stubs, mortgage statements, and driver's licenses. 

Ocrolus extracts data from all templates and formats of financial documents with over 99% accuracy rate.

Features

• Classifies different financial documents without human efforts
• Extracts data automatically once you upload the documents
• Detects suspicious transactions and modifications in layouts, margins, font sizes, and types
• Analyzes cash flow and income and validates it with existing database

Pros 

• Quick support from customer service teams 
• Analytics that show detailed behavior of borrowers
• A 14-day free trial 

Cons

• Slow document processing time 
• Fails to extract crucial information at times 

Pricing 

Custom pricing 

Reviews 

• G2: N/A
• Capterra: 4.6 out of 5 

7. Klippa 

Klippa assists businesses in automating their document processing workflow using AI-powered IDP technology. It extracts and verifies various documents such as invoices, ID cards, receipts, bank statements, utility bills, and rental agreements in 150+ languages. 

Klippa also helps organizations reduce costs and save time by automating expense management processes. With Klippa, employees submit their claims directly via the app, and managers approve and send them to the finance department to process claims easily. 

Features

• Classifies and sorts documents quickly 
• Automatic extraction of data from documents
• Identifies errors and inconsistencies to ensure authenticity 
• Converts documents from and to different formats 
• Integrations with third-party applications such as Sage, Xero, and Exact Online 

Pros 

• The user interface is intuitive 
• Extracts data with a high accuracy rate 

Cons 

• The learning curve can be challenging 
• No free trial

Pricing 

• Custom pricing 

Reviews

• G2: Not enough reviews 
• Capterra: 4.7 out of 5 

8. Dext 

Dext helps accounting and bookkeeping businesses extract data from financial documents with 99% accuracy. Also, it feeds captured data into accountancy software, thus minimizing manual efforts. 

Features

• Extract relevant data from receipts, invoices, and bank statements
• Integrate with various accounting software 

Pros

• Easy to navigate 
• Captures all crucial information from invoices and receipts

Cons

• Slow processing time 
• Quite expensive 

Pricing 

• Essentials - $229.99/month 
• Advanced - $247.23/month 

Reviews

• G2: 4.6 out of 5 
• Capterra: 4.2 out of 5 

9. Nanonets 

Nanonets capture data from a wide range of documents such as invoices, bank statements, receipts, purchase orders, passports, driver's licenses, and ID cards using IDP technology. Its intelligent AI quickly extracts common fields from documents and validates the data. 

In case of errors and exceptions, AI learns and adapts, thus improving the overall accuracy rate. 

Features

• Import documents from Gmail, Drive, and Dropbox automatically
• Advanced AI engine extracts data from different types of documents
• Download extracted data in XLS, CSV, or XML formats 
• Integrate with your existing business software like Hubspot, Slack, Airtable, Stripe, and Quickbooks 

Pros

• Ability to create custom models to extract data 
• Extracts data with commendable accuracy 
• Extracts even handwritten documents efficiently

Cons 

• Cannot download data in SQL format
• Takes time to set up and operate in cases of complex documents 

Pricing 

• Starter: Pay as you go 
• Pro: $999/month/model
• Enterprise: Custom pricing 

Reviews

• G2: 4.8 out of 5 
• Capterra: 4.9 out of 5 

10. CaptureFast 

CaptureFast is a cloud-based intelligent data capture solution that extracts data from complex documents, including tables and line items. 

It uses computer vision and machine learning technology to extract data from ACORD forms, financial documents, insurance claims, and customer application forms. 

Features

• Refines the document by deskewing, zoning, and denoising techniques
• Recognizes and captures fields automatically 
• Integrates with Salesforce, Pipedrive, OneDrive 

Pros 

• User-friendly and robust platform 
• Ability to extract from different types of documents 

Cons 

• Lacks advanced features 
• The learning curve can be challenging

Pricing 

• Basic: $69/month 
• Professional: $299/month 
• Business: $799/month 
• Enterprise: Custom pricing 

Reviews 

• G2: N/A 
• Capterra: 4.5 out of 5 

Best practices for using data capture software

Here are some best practices to help you use data software solutions to their full potential:

• Organize documents: Collect documents that need extraction and organize them in a single folder to feed them seamlessly into the software. 
• Settings: Choose language recognition, accuracy levels, and preferred output format before starting data extraction. 
• Monitor performance: Monitor the performance, including speed, accuracy rate, and ease of use regularly, and report it to the vendor for further improvement.
• Backup your data: Backing up data regularly ensures uninterrupted business operations during system failures and data loss. Use the 3-2-1 backup strategy and have three copies of extracted data on two different media with one off-site copy. 

Capture data effortlessly using Docsumo 

Capturing crucial data from documents helps businesses streamline their operations. Investing in a reliable data capture solution to extract data offers many benefits, such as higher accuracy rates and lower processing time. 

With Docsumo, it’s easy to capture data from various documents with over 99% accuracy, irrespective of the format and template. The best part? It extracts data in less than 60 seconds and validates the extracted data automatically. Your staff only needs to confirm the final data, thus improving the efficiency of your business by 10X. 

Sign up for a free trial of Docsumo and start capturing data with 100% automation!

FAQs

1. How does a data capture software solution work? 

A data capture solution automatically automates the data processing workflow by automatically extracting and validating data from documents. 

2. Can a data capture software solution integrate with other software? 

Yes, most data capture solutions integrate with a wide range of software such as Quickbooks, Zapier, Xero, Freshbooks, Chargebee, and more.  

3. What are the essential features of a data capture solution? 

Some crucial features to look for are automatic ingestion and preprocessing, proper validation, and integrations with different software. 

4. What are some benefits of using a data capture software solution?

Some major benefits are a high accuracy rate, 30-60 seconds processing time, and enhanced efficiency and productivity. 

5. How do we capture data from documents using Docsumo? 

Ingesting documents from your mail or computer, Docsumo extracts and validates data automatically. Review each data manually and download in preferred formats. 

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