Nanonets and KlearStack are Intelligent Document Processing (IDP) and data extraction solutions that can capture data from documents. These platforms can capture the data and send it to a back-end system where the data is stored. These solutions help enterprises streamline their business processes and enhance the productivity of the employees.
Although both these platforms are quite similar in nature, there are plenty of differences in them as well. Below is a comparison based on a different basis that ideal data extraction and document automation platforms should consist of.
1. Use of AI & ML:
Nanonets and KlearStack AI, both use cognitive extraction and leverage artificial intelligence and machine learning to capture data accurately. Technologies such as computer vision, natural language processing (NLP) and self-learning models are used to identify data contextually, extract it and insert it into the desired fields.
Computer vision technology helps to dissect images and scans them accordingly. NLP helps in the transformation and standardization of data based on the inputs given by the enterprise itself. Self-learning models enable retraining of the platform and enhance accuracy as more and more documents are processed through the platforms.
KlearStack AI has an edge over Nanonets when it comes to accuracy while extracting data. Nanonets’ machine learning model can achieve about 70-80% accuracy whereas KlearStack AI can achieve at least 10 – 20% better than that when compared to other document automation platforms. KlearStack AI also has a unique Day Zero Accuracy concept which no other document automation solution can provide, across the globe.
3. Table Capture:
When it comes to capturing data from tables, KlearStack AI has an edge over Nanonets. KlearStack AI has proved to have higher accuracy while extracting data from column headers and line items when compared to Nanonets.
KlearStack AI also can transform and standardize the data as per enterprises’ inputs for the column headers. This means that if a column header is labelled as “Unit Price” or “Amount” in a document, but the enterprise wants to use the label “Price” for it, then the column header can be standardized for all the documents from different vendor partners.
4. Processing Documents:
Nanonets and KlearStack AI are both highly efficient and fast processing times for documents. Documents can be processed in batches and therefore, it can save time for enterprises to manually insert documents one by one.
KlearStack AI also can identify where a document type starts and ends from. At times, invoices, receipts, and other documents are all in the same PDF files. KlearStack AI can identify where an invoice starts and ends, and where a receipt starts and end if all of these document types are in the same file.
5. Setting Up The Platform:
Nanonets and KlearStack AI, both can be easily set up. However, there is one key differentiation factor here and that is Desktop Application. KlearStack AI provides a cloud-based browser version, desktop application as well as an on-premises setup. Whereas Nanonets provides only cloud-based web version and on-premises setup. There is no desktop application available for Nanonets that can be used by the employees of your enterprise.
6. Supplier Name Extraction:
Document types such as invoices, receipts and purchase orders do not have a fixed format and therefore, extracting supplier names becomes quite difficult. KlearStack AI has an intuitive method that contextually understands the document and extracts the data, irrespective of whether it has a label or a logo or not. Compared to Nanonets, KlearStack has proved to be better at extracting information related to suppliers.
7. Multipage Documents:
Documents come in all shapes and sizes. If in case there are multiple pages in a single document file, you are not sure how well the platform extract data from it. Compared to Nanonets, KlearStack AI checks each page thoroughly, and segregates the documents based on invoices, receipts, delivery notes and so on, if these kinds of documents happened to be in a single document file.
KlearStack AI identifies invoice numbers, receipt numbers, or any other identification number to segregate the document types. This makes it easy for your enterprise to configure document segregation as per your requirements.
8. Training & Assistance:
KlearStack AI provides in-person training as well as live training virtually for your enterprises. Nanonets, however, provide only live training virtually. But both Nanonets and KlearStack AI provide dedicated account executives to ensure that your enterprise faces no hurdles while setting up a document automation system.
Day Zero Accuracy – A Unique Concept
The biggest edge that KlearStack has is of having the concept of Day Zero Accuracy. This is a one-of-a-kind concept that does not exist in the world of document automation and data extraction.
Day Zero Accuracy achieves 20-30% higher accuracy than its competing solutions for documents that the machine learning models of KlearStack AI have never seen before for free-form documents. Data from documents such as invoices, purchase orders, receipts and so on, that do not have a standardized document template, can be extracted with high accuracy in the first attempt itself.
Higher Straight-Through Processing is also achieved and therefore, documents for your enterprise can be processed end-to-end, without any human intervention.
To understand how exactly does KlearStack AI achieves Day Zero Accuracy, read the blog: How Does KlearStack AI Achieve Day Zero Accuracy?
While KlearStack AI & Nanonets both offer almost similar services and features, there are multiple factors you will need to keep in mind before finalizing a document automation solution for your enterprise. How efficiently are documents are processed? Do you need a web-only document automation platform or a desktop application as well? What level of automation does your enterprise require?
The edge that your enterprise will have with KlearStack AI is in extracting data from unseen and completely new documents in the first attempt thanks to the Day Zero Accuracy concept. Document automation and data extraction process with Day Zero Accuracy will make your enterprise processes highly efficient.
If you would like to schedule a demo with our experts, you can click here and our experts will walk you through the exact functionalities of KlearStack AI.