Provectus IDP vs. OCR
Discover how Provectus IDP solution powered by AI/ML technology compares to a traditional OCR
Provectus IDP is an AI/ML-powered document processing solution that gives businesses the ability to transform any type of structured, semi-structured or unstructured data into easily discoverable and usable structured formats.
Provectus IDP combines a fully managed OCR engine with custom-built computer vision (CV) and natural language processing (NLP) models. It streamlines document-centric operations, and can help implement data-driven AI/ML use cases and advanced business intelligence and analytics, end-to-end.
Going Beyond OCR with AI/ML & IDP
The following comparison table demonstrates why relying solely on OCR is no longer a sustainable solution for organizations looking to streamline their document workflows.
|Benefits||Cloud OCR||Provectus IDP|
|The following comparison table demonstrates why relying solely on OCR is no longer a sustainable solution for organizations looking to streamline their document workflows.||Automated processing of text data from various types of documents into easily searchable and reusable structured information with AI.|
|Speed||OCR is 10x faster than manual data entry. Its conversion speed, from scanning to digitizing documents, is comparable to AI.||IDP can process 10x more documents per minute than data entry professionals. On average, it can help companies reduce document review and processing time by 90% over 12 months.|
|Cost||OCR is 3x more cost-efficient than manual processing. But document variability can significantly increase operational costs.||IDP is 15x more cost-efficient than manual processing, and 3-4x more cost-effective than OCR. On average, it can decrease document processing costs by up to 80%.|
|Flexibility||OCR tolerates zero flexibility with regards to document variability. Every new document type requires a new template.||Unlike OCR, IDP does not depend on templates. It uses CV/NLP algorithms that self-learn and enhance their performance on new data over time, reducing the need for customization.|
|Accuracy||OCR software provides 98 to 99 percent accuracy, measured at the page level for clearly typed text. But it falls short when handling poor-quality, difficult-to-read documents.||Compared to OCR, IDP delivers a 50% improvement in processing consistency and a 20% decrease in error-induced risks. As a self-learning system, it can continually enhance its accuracy with human-in-the-loop (HITL).|
|Scalability||The complexity of processes and document variability play a key role. Integrating a new use case, or a pipeline, may take from several weeks to a month.||Owing to its innate high accuracy and flexibility, IDP can rapidly accommodate new business use cases and pipelines, regardless of whether the data to be processed is structured, semi-structured, or unstructured.|
|Customization||OCR requires a tedious setup process, every time documents vary. The need to set up strict rules for every template can be costly and limits scalability.||IDP features a human-in-the-loop UI, retraining pipelines, and custom-designed CV/NLP models that address edge cases not covered by the original cloud OCR services. Additional customizations are minimal.|
|Connector compatibility||OCR can be incorporated with a wide array of connectors. But their compatibility is constrained by the type and format of the data to be processed, along with the initial template settings of the document pipelines.||IDP is fully compatible with various data connectors, ERP and CRM systems, as well as BI & Analytics tools preferred by the customer. This offers boundless customization possibilities|
|Security||Similar to manual processing, OCR can be outsourced to a third party. Businesses may be hesitant to grant access to critical information to external contractors.||IDP meets core security and compliance requirements, such as data locality, protection, and confidentiality. All data processing work is conducted in a secure, customer-specific environment within the cloud.|
|Ownership||Businesses can manage the entire OCR platform, including all templates and manual efforts to rectify errors. This may also involve utilizing additional tools for pre-processing and post-processing.||The customer retains full ownership of the entire IDP platform and its customizable features without any hidden costs. This makes it easy to integrate the solution with other workflows, to enable BI & Analytics.|
TCO Comparison — OCR vs. IDP
Based on real-world test outcomes of the IDP solution conducted by Provectus, processing higher volumes of documents progressively reduces the cost per document. Integrating more business use cases and pipelines into the solution does not substantially increase TCO.