Top 10 Kofax Alternatives for You in 2024

Intelligent document processing (IDP) is becoming essential for digitally transforming document and data workflows. By 2027, the global IDP market is projected to reach a staggering $5.2 billion.1 With this rapid growth, you may be considering alternatives to the popular IDP provider Kofax that better fit your needs and budget.

In this guide, I‘ll compare the top 10 Kofax alternatives to help you find the right document and data capture automation solution for your business. You‘ll get details on:

  • Kofax‘s capabilities, common use cases, and challenges
  • 10 leading Kofax competitors and alternatives
  • Key factors to evaluate when choosing an IDP solution
  • The future outlook for this fast-changing software market

Let‘s get started!

A Quick Look at Kofax‘s Offerings

Founded in 1985, Kofax offers a wide range of automation products spanning:

  • Intelligent automation platform
  • Financial process automation
  • Document automation and security
  • Document productivity

In total, Kofax provides 33 automation products. Their flagship offering is Kofax TotalAgility, which combines capabilities like cognitive capture, RPA, analytics, and more into a single platform.

Key Capabilities

Kofax‘s key capabilities include:

  • Document capture – Kofax Capture and other products provide cognitive capture from various document types and sources. They can classify, extract, and validate data from documents.
  • Process orchestration – Solutions like TotalAgility allow you to build and manage intelligent automation workflows across systems.
  • Extraction and validation – Kofax products leverage technologies like OCR and AI to digitize and extract data from documents which can then be validated.
  • Integration – APIs and connectors allow Kofax tools to integrate into your existing environments and ECM systems.

Use Cases and Benefits

Here are some common use cases and benefits provided by Kofax‘s IDP solutions:

  • Accounts payable automation – Kofax can reduce invoice processing costs by over 50%.2 One customer achieved over $12 million in savings from AP automation.3
  • Mortgage processing – A study found Kofax decreased mortgage processing times by 16 days on average.4
  • Claims management – A large European insurer accelerated claims handling by 75% with Kofax.5
  • Onboarding – A bank shortened new customer onboarding from 36 hours to just 90 minutes using Kofax.6

The automation and efficiency gains delivered by Kofax can lead to significant ROI. According to a Nucleus Research study, Kofax customers see average returns of $6.50 for every $1 spent.7

Key Challenges

While Kofax is a mature provider, some key challenges cited by customers include:

  • Complexity – Solutions can be difficult to configure and use, requiring extensive training.8
  • Cost – Licensing and maintenance costs are high, especially for smaller organizations.
  • Support – Some users report underwhelming customer support response times.9

With the IDP market projected to continue growing quickly, you may want to explore alternatives that are easier to use, more affordable, or better align with your specific process needs.

Top 10 Kofax Alternatives and Competitors

Here are 10 leading alternatives to consider for automating document and data capture workflows:

VendorKey FeaturesBest For
ABBYY FlexiCapture– AI-based data extraction
– Invoice processing automation
– 230+ language support
– Unstructured documents like invoices
– High accuracy needs
Datamatics TruCap+– Document classification and separation
– Pre-built process automation
– Integration with databases
– High volume environments
– New customer onboarding
IBM Automation Document Processing– Watson AI drives accuracy
– Pre-built use case solutions
– Tight IBM ecosystem integration
– Existing IBM Watson users
– Integrated automation stack
WorkFusion– RPA + IDP + analytics
– Fast setup and short time to production
– Cloud-based delivery
– Quick implementation
– Common use case automation
Hyperscience– Intuitive conversational interface
– Tailored vertical solutions
– Easy end user experience
– Ease of use focus
– Mid-market and enterprise
Hypatos– Advanced AI for accuracy
– Pre-built models and customization
– Intuitive exception management
– Organizations of all sizes
– SaaS-based IDP
Rossum– Self-learning abilities
– Conversational interface
– Human-in-the-loop functionality
– Complex document types
– Enterprise focus
Nitro– Document workflow automation
– eSigning and unlimited PDF
– Tight productivity integration
– SaaS-focused
– Adjacent to IDP
Infrrd– Advanced classification and extraction
– Accelerated automation
– Industry-focused solutions
– Heavily regulated industries
– Insurance, banking
Docparser– Scalable high-volume extraction
– Available on-premise or cloud
– API access and integrations
– Extraction-focused
– Custom solution needs

Detailed Overviews of 5 Top Alternatives

Let‘s explore 5 leading options in more detail:

1. ABBYY FlexiCapture

ABBYY FlexiCapture provides AI-enabled intelligent document processing. With over 30 years in the capture market, ABBYY is a recognized leader.

Key capabilities:

  • AI-powered classification and data extraction from unstructured documents
  • Invoice processing automation out of the box
  • Support for over 230 languages and 120+ document formats
  • Cloud or on-premise deployment

FlexiCapture shines when handling complex document types like invoices. The AI technology can master challenging global invoices better than traditional OCR-based data capture.

For example, an aviation company was able to boost their invoice processing efficiency by 35% with FlexiCapture‘s automated invoice capture and extraction capabilities.10

However, some downsides compared to Kofax are FlexiCapture‘s limited workflow automation features and steeper learning curve. The tool may require more technical expertise to set up and configure.

User Reviews:

  • G2: 4.1/5 (7 reviews)
  • Capterra: 4.1/5 (17 reviews)
  • TrustRadius: 4.1/5 (9 reviews)

2. Datamatics TruCap+

Datamatics TruCap+ is an IDP platform providing intelligent document classification, data extraction, and workflow automation.

Key capabilities:

  • Automated document separation and classification powered by AI
  • Extraction from structured, semi-structured, and unstructured documents
  • Pre-built solutions for common processes like new account opening
  • Available on cloud or on-premise

For high volume environments, TruCap+ can scale to millions of documents per month. It also easily integrates with various ECM systems and databases.

One global bank reduced new account opening from 7 days to just 1 day by leveraging TruCap+‘s automated extraction and validation.11

Compared to Kofax though, TruCap+ has more limited workflow automation capabilities. It focuses heavily on data extraction.

User Reviews:

  • G2: 4.5/5 (18 reviews)
  • Capterra: 4.5/5 (7 reviews)
  • TrustRadius: No reviews

3. IBM Automation Document Processing

IBM Automation Document Processing solution utilizes IBM Watson AI to enable document understanding and data extraction.

Key capabilities:

  • Leverages Watson‘s NLP for document classification and data extraction
  • Pre-built connectors automate common processes like new employee onboarding
  • Tightly integrated with other IBM Cloud Pak offerings
  • Cloud-based

The natural language processing capabilities of Watson allow it to better handle complex documents while reducing manual review effort.

For example, a study found Watson reduced document review time for contracts by over 80% compared to traditional methods.12

But as a downside, IBM‘s solution has less flexibility for customization compared to Kofax‘s open platform. It is also one of the more costly options.

User Reviews:

  • G2: 4.3/5 (101 reviews)
  • Capterra: 4.0/5 (8 reviews)
  • TrustRadius: 4.6/5 (63 reviews)

4. WorkFusion

WorkFusion provides an intelligent process automation platform covering RPA, AI, and analytics.

Key capabilities:

  • Classification, extraction, and validation of critical document data
  • Pre-built bots automate common document-driven processes
  • Full audit trail and analytics on automated processes
  • Cloud-based

With WorkFusion, organizations can go from project kickoff to full production deployment in as little as 8 weeks. Fast time to value is a key advantage.13

WorkFusion also cites excellent accuracy rates, including 98.5% for extraction from complex mortgage documents.14

However, the platform‘s workflow capabilities are not as extensive as Kofax for complex process orchestration. It focuses mainly on digitization and automation.

User Reviews:

  • G2: 4.4/5 (28 reviews)
  • Capterra: 5/5 (1 review)
  • TrustRadius: 3.8/5 (12 reviews)

5. Hypatos

Hypatos is an AI-based SaaS solution for document processing and data extraction.

Key capabilities:

  • Document understanding using computer vision and NLP
  • Pre-built automation for common document types
  • Custom modeling for special document needs
  • Intuitive exception handling

Hypatos stands out for its ease of use, fast setup, and accuracy when handling complex documents. The fully cloud-based platform means minimal IT involvement.

For ad agency Giant Spoon, Hypatos reduced document processing time from hours to just minutes while improving accuracy.15

On the flip side, Hypatos has more limited workflow orchestration features compared to Kofax. It focuses mainly on automated data capture.

User Reviews:

  • G2: 4.6/5 (10 reviews)
  • Capterra: 4.8/5 (21 reviews)
  • TrustRadius: No reviews

6 Factors to Consider When Choosing an Alternative

When evaluating Kofax alternatives, here are 6 key factors to consider:

  • Use cases – Look for pre-built solutions that match your document types like invoices or claims.
  • Accuracy – Review accuracy benchmarks and validate with trials and pilots. Accuracy is critical.
  • Deployment model – Determine whether you need cloud vs. on-premise delivery.
  • Ease of use – Evaluate how easy it is for business users to configure and manage.
  • Vendor reputation – Assess vendor experience, stability, support levels, and satisfaction.
  • Pricing – Understand all licensing costs and requirements. Get quotes for proper comparisons.

Take your time to thoroughly evaluate solutions against these criteria. Reach out to vendors for demos tailored to your use cases to properly trial and assess fit.

The Future of IDP Software

The IDP software market is projected to grow at a rapid 37% CAGR through 2027 as AI enhancement and process automation remain priorities.1 Some key trends shaping the market are:

  • Improving AI – With deep learning advancements, document understanding accuracy continues to improve.
  • Verticalization – Solutions are becoming more tailored to industry-specific use cases.
  • Conversational interfaces – More intuitive conversational interfaces are emerging for managing exceptions and corrections.
  • Hybrid and cloud deployment – Solutions now support both on-premise and true SaaS/cloud delivery.
  • Integrations – More embeddable APIs and out-of-the-box connectors enable ecosystem integration.

These innovations will give Kofax stiff competition as companies digitally transform document-driven processes. When exploring Kofax alternatives, keep these solution trends in mind.

Closing Recommendations

I hope this guide has helped you identify top alternatives to explore beyond Kofax for your intelligent document processing needs. Key takeaways include:

  • Kofax is a mature player but can face challenges around complexity, cost, and support satisfaction
  • Compelling competitors exist like ABBYY FlexiCapture, IBM, WorkFusion, and Hypatos with differentiated capabilities
  • Carefully consider your specific use cases, deployment preferences, accuracy needs, and budget
  • The IDP software market is evolving rapidly, with continued enhancement around AI and ease of use

Reach out if you need any further assistance with your vendor selection process! I‘m happy to provide personalized recommendations based on your unique requirements.

Similar Posts