Top 10 Kofax Alternatives/Competitors in 2024

Kofax has dominated the intelligent document processing (IDP) market for decades, providing industry-leading capture, process automation and data extraction capabilities. However, as new innovations drive growth in this $1.1 billion market, expected to reach $5.2 billion by 2027, competitors are challenging Kofax‘s leadership.1 For organizations considering alternatives that match or exceed Kofax‘s offerings, here are the top 10 options to evaluate in 2024:

Diving Deeper on Kofax

Kofax enables organizations to accelerate digital transformation and competitive advantage through its suite of robotic process automation (RPA), cognitive capture, and process orchestration solutions.2 The company‘s flagship offering, Kofax TotalAgility, combines these capabilities into a single intelligent automation platform.

Specific capabilities include:

  • Capture automation – Kofax integrates capture capabilities like OCR across scanners, MFPs, mobile devices and more. It can handle everything from simple documents to complex invoice and loan file processing.

  • Analytics – TotalAgility provides real-time and historical analytics with dashboards for operational visibility. Users can track throughput, backlogs, worker loads and other metrics.

  • Process orchestration – The platform coordinates end-to-end processes using RPA bots, business rules, case management and dynamic workflows.

  • Low-code automation – With an intuitive, low-code UI, Kofax enables rapid development and deployment of solutions by non-technical users.

  • Security and compliance – TotalAgility offers robust security protections including encryption, access controls and auditing.

These integrated capabilities have made Kofax a popular choice. But for some organizations, alternatives may better meet their needs around ease of use, pricing, or other factors.

Top 10 Kofax Alternatives and Competitors

1. ABBYY

Founded in 1989, ABBYY offers AI-based technologies and solutions focused on intelligent document processing and language. With over 500,000 business customers worldwide, ABBYY is a leading alternative for:

  • Flexible data capture – ABBYY FlexiCapture provides omnichannel capture across documents, forms, invoices, etc. Its AI-based platform can handle everything from structured to unstructured data.

  • Invoice processing – The vendor‘s Accounts Payable edition accelerates invoice automation by extracting key fields and data with up to 99% accuracy.3

  • Integrations – Tight integration across ABBYY products streamlines the transition from data capture to process automation. APIs connect with leading apps.

However, ABBYY comes with a steep learning curve. While the platform‘s capabilities are robust, some users report complexity in setup and use compared to alternatives. Proper training is key to drive adoption and maximize value.

2. IBM Cloud Pak for Data

With advanced NLP and deep learning capabilities, IBM leverages its AI leadership in its Cloud Pak for Data solution. Key strengths include:

  • Enterprise scale – As an IBM product, it seamlessly integrates with other leading services like Watson and IBM Automation. Scalability to serve massive global firms.

  • Trustworthy data – AI and ML techniques ensure high accuracy and consistency in data extraction and classification. This minimizes manual errors.

  • Rapid deployment – Prebuilt components allow faster setup compared to building custom models. Cloud-native architecture simplifies implementation.

However, some downsides exist. As a complex enterprise-grade system, Cloud Pak for Data can prove challenging for non-technical users. The total cost of ownership also runs higher than competitive solutions.

3. WorkFusion

WorkFusion combines RPA, AI and advanced analytics into an integrated intelligent process automation solution. Key advantages include:

  • Prebuilt solutions – With out-of-the-box options tailored to AP, AR, contracts, claims and more, WorkFusion allows faster deployments.

  • Enhanced robotics – WorkFusion RPA bots leverage built-in OCR, NLP and machine learning to automate document-driven processes.

  • Control room – Centralized monitoring and analytics give managers real-time visibility into workflows and productivity.

  • Cloud-native – As a multi-tenant SaaS platform, WorkFusion simplifies deployment, avoids infrastructure costs, and enables scaling.

One frequent complaint, however, is inaccuracies in OCR and data capture compared to market leaders. While serviceable for many, mission-critical data quality needs may require supplements.

4. Hypatos

A newer startup dedicated to document process automation, Hypatos is building momentum through its laser focus on AI-based data extraction. Key advantages:

  • Rapid ROI – The SaaS platform delivers faster time-to-value with pre-built capabilities compared to long development cycles.

  • Continuous improvement – With its self-learning abilities, data extraction accuracy enhances over time as Hypatos ingests more sample documents.

  • Easy scaling – Cloud-native architecture allows unlimited scaling to handle growing document volumes across the enterprise.

  • Affordable pricing – SaaS delivery model avoids massive upfront costs, with pay-as-you-go subscription plans.

However, Hypatos trails category leaders in breadth of functionality. And its free trial has limitations, so evaluating the full platform requires financial commitment.

5. Kdan Mobile

While Kofax focuses on desktop workflows, Kdan Mobile offers intelligent data capture optimized for mobile devices. Key features:

  • Mobile capture – Users can snap pictures of documents using smartphones and tablets, then extract via OCR.

  • Annotations – Tools allow highlighting, commenting and approvals during document review.

  • Third-party app support – Integrates directly with iOS, Android, web apps, cloud storage and Microsoft Office.

  • eSignatures – Create, manage, and enforce electronic signatures from anywhere.

But as a mobile-first solution, Kdan lacks the larger platform scope of Kofax and other leaders. Companies with expansive IT ecosystems may find capabilities limited.

6. Nanosets

Nanosets uses a no-code AI platform to build custom document management and data extraction apps. Benefits include:

  • Speed – The low-code system accelerates development and deployment vs. traditional coding.

  • Prebuilt APIs – Developers access ready-made NLP, computer vision, OCR and other APIs.

  • Cloud infrastructure – The apps run on a proven, secure cloud backend with enterprise-grade reliability.

  • Affordability – Usage-based pricing avoids high upfront costs.

The tradeoff is Nanosets provides more narrow capabilities vs. full end-to-end platforms. Their DIY approach may suit smaller projects better than large-scale initiatives.

7. Docuphase

Docuphase combines intelligent document processing with workflow automation for end-to-end solutions. Key features:

  • RPA integration – Embedded RPA bots can streamline document handling and route intelligently.

  • Vertical solutions – Prebuilt solutions refine the platform for finance, insurance, healthcare and other industries.

  • Analytics – Dashboards deliver visibility into document queues, worker performance, cycle times and more.

  • Compliance – Tools safeguard data privacy and facilitate compliance with regulations like HIPAA.

One potential drawback is Docuphase‘s smaller vendor size compared to market leaders. Larger enterprises may prefer more established providers.

8. Rossum

Rossum aims to make building AI data extraction solutions fast and easy. Their platform differentiates by:

  • Low training data – Rossum requires fewer sample documents to deliver good accuracy vs competitors.

  • Accessible UI – Their wizard interface enables user-friendly setup without coding/data science expertise.

  • Data connection – Prebuilt connectors integrate extracted data with popular apps and databases.

  • Human-in-the-loop – Hybrid system combines automated capture with manual verification to maximize accuracy.

However, Rossum trails rivals in number of available connectors and prebuilt integrations. Users with complex existing environments may face limitations.

9. Io-Tahoe

Leveraging its LAS advanced AI engine, Io-Tahoe provides a smart data discovery and document processing platform. Key features:

  • Data cataloging – Automatically catalogs, tags, and indexes documents using ML techniques.

  • Workflow creation – End-to-end workflows generated automatically based on user behavior and preferences.

  • Third-party connections – Hundreds of out-of-the-box integrations with apps like SAP, Salesforce, Oracle.

  • Batch processing – Tools allow ingesting high document volumes without slowing performance.

Customer support and experience could be improved, though. Some users report difficulty getting responses to technical issues.

10. Infrrd

Using deep learning and NLP, Infrrd offers AI-based data extraction well-suited for the legal and financial sectors. Benefits:

  • detail – Advanced algorithms reliably extract data from complex, dense documents like contracts and financial filings.

  • Developer access – APIs allow building custom applications on top of Infrrd‘s extraction engine.

  • Security – Offerings include enterprise-grade data security, access controls and encryption.

  • Usage-based pricing – Pay only for what you use rather than expensive flat-rate contracts.

As a smaller startup, however, Infrrd lacks the brand recognition and availability of support resources compared to established vendors.

The Right Fit Depends on Needs

With the global IDP market experiencing 37% CAGR growth, Kofax continues to lead but innovative alternatives are emerging.9 These options offer comparable capabilities while also differentiating in areas like ease of use, mobility, rapid deployment, and cost efficiency.

The key is thoroughly assessing document processing requirements, both current and future, then identifying the best platform fit. For organizations valuing simplicity and user experience over advanced functionality, for example, Rossum or Nanosets may get the nod. Industry leaders like ABBYY and IBM offer enterprise-grade sophistication for complex global deployments.

By matching needs to solutions, organizations can find the right Kofax alternative to drive digital transformation through accelerated document capture, data extraction and process improvement.

Sources

  1. Markets and Markets. "Intelligent Document Processing Market." https://www.marketsandmarkets.com/Market-Reports/intelligent-document-processing-market-195513136.html

  2. Kofax. "Kofax Intelligent Automation Platform." https://www.kofax.com/products/intelligent-automation-platform

  3. ABBYY. "Insurance Leaders Choose ABBYY FlexiCapture." https://www.abbyy.com/en-us/solutions/by-industry/insurance/

  4. G2. "ABBYY FlexiCapture Reviews." https://www.g2.com/products/abbyy-flexicapture-for-invoices/reviews

  5. Kofax. "Kofax TotalAgility." https://www.kofax.com/products/totalagility

  6. TrustRadius. "Kofax Capture Reviews." https://www.trustradius.com/products/kofax-capture/reviews

  7. Hypatos. "Continuous learning." https://www.hypatos.ai/continuous-learning

  8. Rossum. "Rossum Elf." https://rossum.ai/elf

  9. Markets and Markets. "Intelligent Document Processing Market." https://www.marketsandmarkets.com/Market-Reports/intelligent-document-processing-market-195513136.html