ABBYY Vantage vs IQ Bot comparison

ABBYY Vantage
Read 46 ABBYY Vantage reviews
  • 4,667 Views
  • 2,500 Comparison Views
92% willing to recommend
IQ Bot
Read 48 IQ Bot reviews
  • 6,322 Views
  • 599 Comparison Views
89% willing to recommend
 

Comparison Buyer's Guide

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Executive Summary
We performed a comparison between ABBYY Vantage and IQ Bot based on real PeerSpot user reviews.

Find out in this report how the two Intelligent Document Processing (IDP) solutions compare in terms of features, pricing, service and support, easy of deployment, and ROI.

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To learn more, read our detailed ABBYY Vantage vs. IQ Bot Report (Updated: May 2024).
Buyer's Guide
ABBYY Vantage vs. IQ Bot
May 2024
Download the complete report
Helped 787,817 peers since 2012
 

Categories and Ranking

ABBYY Vantage
Ranking in Intelligent Document Processing (IDP)
1st
Average Rating
8.0
Number of Reviews
46
Ranking in other categories
Robotic Process Automation (RPA) (6th)
IQ Bot
Ranking in Intelligent Document Processing (IDP)
3rd
Average Rating
7.6
Number of Reviews
48
Ranking in other categories
No ranking in other categories
 

Mindshare comparison

As of June 2024, in the Intelligent Document Processing (IDP) category, the mindshare of ABBYY Vantage is 22.4%, down from 23.9% compared to the previous year. The mindshare of IQ Bot is 5.3%, up from 5.1% compared to the previous year. It is calculated based on PeerSpot user engagement data.
Intelligent Document Processing (IDP)
Unique Categories:
Robotic Process Automation (RPA)
2.3%
No other categories found
 

Featured Reviews

Pratik Pawar - PeerSpot reviewer
Mar 9, 2023
Great auto-learning but reporting could be better
I mainly use ABBYY Vantage to process loan originations for cars ABBYY Vantage has reduced our data because it can classify and extract information from documents. ABBYY Vantage's most valuable feature is auto-learning. ABBYY Vantage's reporting could be improved - they don't have any…
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German Campos - PeerSpot reviewer
Aug 18, 2023
An easy-to-use solution that helps to extract information
We use IQ Bot to extract and consolidate the information.  Extracting information from 500,000 invoices manually is difficult. IQ Bot automates the task and helps us summarize the data and provide it to the auditors.  IQ Bot is very easy to use.  The product is expensive.  I have been using the…
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Quotes from Members

We asked business professionals to review the solutions they use. Here are some excerpts of what they said:
 

Pros

"The most valuable feature is the ability to capture data from documents with different formats."
"Its OCR Engine is very successful, and it is the leading OCR Engine. It also has NLP support."
"The most valuable features have been the rate of recognition and the structured documents."
"Vantage is flexible and customizable. It's a low-code/no-code tool, so you don't need to get into detailed coding. You can also use AI to accomplish medium-complex tasks."
"The OCR is the best on the market."
"Time-saving with increased levels of accuracy."
"I like the flexibility of the layout. For example, for the documents that we're using, this is the main feature that is very useful and makes it flexible for extraction."
"While using ABBYY FlexiCapture we did not use the generic models that they do have for invoice and purchase orders. For one of the use-cases, the document was exactly the purchase order, but we are not using that generic model. We are creating the model from Scratch. However, if I was to compare ABBYY FlexiCapture with other IA tools, the machine learning and how the extraction is done is far better than competitors. This allows a lot less effort for the development."
More ABBYY Vantage pros
"I personally feel that the c-extraction feature is valuable. After training it for a particular document, we can see the extractions there. Other than that, it has other features like Python scripting in-built, and these are the features that I feel stand out."
"Extracting information from 500,000 invoices manually is difficult. IQ Bot automates the task and helps us summarize the data and provide it to the auditors."
"Our mainframe-based and web-based projects are working well, with no issues."
"Good templates means that all basics are pre-defined."
"IQ Bot has the ability to easily capture objects. The latest version is far ahead of the competition. Most of the features are excellent, valuable, and easy to handle."
"The best feature is that we can extract data from an image. That's why Automation Anywhere implemented IQ Bot. Otherwise, you cannot extract data from an image. Nowadays, every industry is scanning invoices and uploading them to some website or storing them on some shared drive. IQ Bot can do data extraction from the PDF format and the JPG format."
"I would say that the best feature is that it has native automation for the US."
"The most valuable feature is the intelligence it has with the ability to read the customer sales order and convert it into our own, despite minor changes in format."
More IQ Bot pros
 

Cons

"Occasionally, we found the Machine Learning feature to be not working as per our expectations. Sometimes, it also failed to extract details from a PDF. It would be great if training batches work with 100% accuracy. I don't see any other major concerns with ABBYY FlexiCapture."
"The generic models have a lot of areas to improve. In our experience, we are not able to get good results in the generic models. From a developer's point of view, there could be more improvement if the source code is available on a broader scope"
"The initial setup was relatively complex. The people who install it must be knowledgeable about what they are doing."
"Quite complex, particularly for those who are not tech savvy."
"I think that technical support should help instead of developing a solution from scratch every time you reach out to them."
"They say that they have invoice training or document training where if you put in a certain number of documents of the same type and you fix it once, twice, or a few times, it'll automatically be able to read the same document perfectly without you having to create a layout for it to follow. That has never worked properly for any project, so I just stopped recommending it completely. We spent time trying to test and getting a bunch of invoices to test it with, and in the end, it just didn't do what it needed to. If they fix that or if they can improve on that, that would be great. It will save a lot of time for a lot of people, and it will allow people with less experience with ABBYY to be able to use it."
"In IRISXtract, we can have master data, and we can set the master data. There are more options for taking any data and comparing it with master data. For a project, they have a dump from SAP for validation. This feature is there in ABBYY, but it is not extensive like IRISXtract. ABBYY is capturing the data, but there are not a lot of options to validate the captured data. It would be helpful if there are more options for validating the captured data in ABBYY FlexiCapture."
"We would like the workflow building within this solution to be more transparent, which would allow us to model the process."
More ABBYY Vantage cons
"There should be built-in or native intelligent processing capabilities."
"The solution could improve by having more domain-specific templates, such as for documents other than invoices or contracts. For example, having templates for IDs or Passports."
"It should have more artificial intelligence to capture information from a document. Currently, our clients are preparing invoices manually. They are not digital, so we need to scan all the documents, but we are facing issues in capturing all the information through IQ Bot. Therefore, we have to use other tools to capture the information, and then we use IQ Bot to process all the information. They need to improve the artificial intelligence for document scanning."
"The user should be able to update the data libraries."
"The quality of the service needs to be improved."
"The price of IQ Bot, packaged with Automation Anywhere, is too expensive for some companies and they will not use it."
"I think Automation Anywhere has a partnership with Google. I hope they integrate Google's OCR engine in some way with IQ Bot because the OCR engine that Google produces provides an in-built accuracy of close to 99%. That is the integration we are looking for, but we need to pay for IQ Bot. If they can integrate both and come up with better pricing, then it will be a huge boost because, in that case, the quality of an image or PDF quality is taken completely out of difficulty as Google tends to extract the data. That is something I am looking for if this happens."
"The process of manually correcting the data in the validation queue that IQ Bot failed to extract should be automated."
More IQ Bot cons
 

Pricing and Cost Advice

"It is more on the reasonable side as compared to the competition that I am aware of. I'm not an expert on pricing schemes for all sorts of things, but when we offer them a solution, we like to say we're agnostic. So, we offer more than one solution when possible. Amongst the ones that we've offered, ABBYY usually is the more reasonable solution on a big scale. On a small scale, they're all pretty similar. As far as I understand, you pay a license for a number of pages, and that's pretty much it. It has just the rate per page, and it decreases as you scale."
"They have a trial license that is limited to a certain number of pages. The paid license varies from six months to one year depending on the number of documents that need to be processed."
"You need to purchase user licenses, and you also need to purchase the license for the pages. User licenses are required for your developers to use the developer tools, and you also need to ensure that there is a pool of licenses for the business users so that they can log in and perform their activities."
"We were able to qualify for a reasonable price. The price is in the low to medium range compared to other solutions."
"I give the price a six out of ten."
"ABBYY Vantage is a bit of an expensive tool."
"The price of ABBYY FlexiCapture is better than some competitors, such as OpenText."
"The cost is per page we use. So, the number of pages we use will be its cost."
More ABBYY Vantage pricing and cost advice
"It has an average cost."
"The pricing is complicated but I wouldn't say that they are expensive."
"The licensing is under usage per page, and I wouldn't recommend it."
"IQ Bot's pricing is reasonable compared to other solutions but should be decreased further."
"The licensing is on a yearly basis, and I am happy with the pricing."
"The cost can be high."
"The solution’s hardware cost is high."
"It's expensive."
More IQ Bot pricing and cost advice
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Top Industries

By visitors reading reviews
Computer Software Company
16%
Financial Services Firm
15%
Manufacturing Company
9%
Comms Service Provider
5%
Computer Software Company
16%
Manufacturing Company
11%
Financial Services Firm
9%
Educational Organization
6%
 

Company Size

By reviewers
Large Enterprise
Midsize Enterprise
Small Business
 

Questions from the Community

What do you like most about ABBYY Vantage?
Vantage is flexible and customizable. It's a low-code/no-code tool, so you don't need to get into detailed coding. You can also use AI to accomplish medium-complex tasks.
See all answers
What is your experience regarding pricing and costs for ABBYY Vantage?
ABBYY's pricing could be improved. I feel like they are losing out on some business because of their pricing. They could expand their customer base by offering more flexible pricing options.
See all answers
What needs improvement with ABBYY Vantage?
ABBYY's support model could be improved because we get some complaints from customers regarding the amount of time it takes and the kind of responses we get. They also need to improve their profess...
See all answers
When evaluating Robotic Process Automation, what aspect do you think is the most important to look for?
My answer is going to a bit different as I am a business user with limited programming skills 1. Software costs including recurring fees are very important. Automation Anywhere wants to charge a ...
See all answers
What do you like most about IQ Bot?
IQ Bot is relatively easy to use and develop.
See all answers
What is your experience regarding pricing and costs for IQ Bot?
IQ Bot is expensive compared to other solutions. On a scale from one to ten, where one is cheap and ten is expensive, I rate the solution's pricing a seven out of ten.
See all answers
 

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Compared 11% of the time
Microsoft Power Automate vs ABBYY Vantage Logo
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Compared 9% of the time
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Compared 5% of the time
More ABBYY Vantage Competitors
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Compared 36% of the time
More IQ Bot Competitors
 

Product Reports

Buyer's Guide
ABBYY Vantage
June 2024
ABBYY Vantage reportDownload ABBYY Vantage product report
Buyer's Guide
IQ Bot
June 2024
IQ Bot reportDownload IQ Bot product report
 

Also Known As

ABBYY FlexiCapture
No data available
 

Learn More

ABBYY
Automation Anywhere
 

Overview

ABBYY Vantage is a next-gen Intelligent Document Processing platform (IDP) designed for digital workforces. ABBYY Vantage uses artificial-intelligence-based technologies to process structured, semi-structured, and unstructured documents. ABBYY's award-winning IDP platform (Vantage™) automatically captures, extracts, and classifies the information contained within business documents, turning it into actionable data to fuel other business systems and accelerate digital transformation.

This intelligent content intelligence platform complements automation tools like robotic process automation (RPA) and business process automation (BPA) with machine learning and artificial intelligence capabilities to continuously enhance accuracy and improve the outcomes of automated processes.

ABBYY Vantage provides a flexible layout and easy-to-use interface. The platform is an advanced AI-OCR (optical character recognition).

ABBYY Vantage Features

  • AI Skills that process any document: The platform’s core set of AI Skills is a foundation for processing all types of documents - printed, PDFs, barcodes, signatures, and checkboxes - whether structured or unstructured.
  • You can design trained “Skills” or choose pre-trained ones from the ABBYY Marketplace. Choose Skills for invoices, purchase orders, W-2 forms, utility bills, and other documents to leverage automation and save time and costs.
  • No code is necessary when designing skills to process structured and unstructured documents.
  • Strong analytics skills. You can track, measure, and analyze the performance of deployed Skills. By doing this, you can improve document processing automation.
  • Seamless integration with other systems. ABBYY Vantage™ easily integrates with automation platforms such as Automation Anywhere, Blue Prism, UiPath, and other RPA and BPA solutions. It also integrates with chatbot and mobile app tools.
  • Machine learning for continuous improvement. The platform’s AI Skills continuously improve and become more accurate over time. The system will learn document variations and collect statistical data, improving the process on the go.

How does ABBYY Intelligent Document Processing work?

  1. Start by picking a Skill from the ABBYY Marketplace or train a new Skill.
  2. Pick any document.
  3. The system will extract data within your document and delivers output to be ingested by any business system.

ABBYY Vantage use cases

The easy-to-use, no-code Vantage platform can be utilized to set up and train Document, Classification, and Process Skills for just about any document type and flow. Intelligent Document Processing made simple and accessible. Some examples of documents ABBYY can process include:

  • Utility bills: Extracts the supplier’s name, statement date, customer name, and address.
  • Personal earning statement: ABBYY Vantage can extract data from pay stubs and help you verify an individual’s earnings and employment status.
  • 1040: Captures the data from 1040 forms for tax processing purposes. Includes name, amounts, filing status, and other details.
  • Identity documents: Extracts information from 10,000 different identity documents from 248 different countries.
  • Remittance: It can capture headers, footers, and in-line details from payment documents.
  • Arrival notice: Captures data from shipping documents, including the consignee, shipper, parties, carriers, and other relevant details.

You can use Vantage to digitize, automate, and process almost any type of document. It can be especially effective for a number of use cases, including:

  • Customer onboarding and due diligence, including Know Your Customer (KYC).
  • Shipping and logistics, such as shipping instructions, bills of lading, freight forwarding orders, and customs clearance documentation.
  • Insurance claim processing, reading through OCR documents, eliminating human error, and improving the process of insurance claims.
  • Banking and finance. For instance, processing the banking documents associated with loans.

ABBYY Vantage Benefits

  • Automation: Ready-to-use AI skills designed to improve the immediate processing of documents.
  • Customization: Design your own AI Skill to process specific document types.
  • Built-in Skill automation, connectors, and intelligent process assets.

What is IQ Bot?

IQ Bot is a leading, highly-regarded next-generation Intelligent Document Processing (IDP) solution and part of Automation Anywhere, which is the industry leader in the Robotic Process Automation (RPA) marketplace.

IQ Bot utilizes various AI technologies, such as fuzzy logic, machine learning ( ML), computer vision, optical character recognition (OCR), and natural language processing (NLP) coupled with the strength of RPA to instantly identify, export, and authenticate information from various business documents, such as emails, invoices, receipts, charts, and more. This process is known as Intelligent Document Processing (IDP). IDP is an integral part of today’s business process. IDP and RPA work together to create an effective necessary tool to fully automate and streamline enterprise business processes.

The basic functions of an effective IDP solution are as follows:

  • Initialization: Business documents generally have varying levels of quality, which can have adverse effects on the data extraction process. Initialization will take appropriate steps to ensure documents are “repaired” by utilizing various methods to improve the overall document quality.

  • Categorization: Often, business documents contain numerous pages with several different types of documents, such as invoices, receipts, applications, etc. These all need to be properly categorized and classified.

  • Extraction: Generally, an IDP solution has pre-set protocol templates that can be populated with the exact field for extraction. The appropriate information is extracted from the documents and then the accuracy of the extracted information is confirmed.

  • Post-Processing: The final step sends the data through a process of protocol checks to help improve the overall AI procedures and improve future results. These could be automated processes or human interaction to better facilitate continued learning and improved processes as time goes on.

IQ Bot is an intuitive, intelligent, next-gen bot solution that uses multiple cognitive capabilities and is able to learn easily and rapidly from human behavior to become faster and incredibly accurate with every progressive cycle. IQ Bot integrates well with other third-party cognitive solutions, like Watson. With effective training, IQ Bot can also accurately recognize handwritten documents. IQ Bot is very easy to configure and is extremely cost-effective. Finally, IQ Bot has both on-premises and cloud options for flexible seamless deployment, lower TCO, and a quickly realized ROI. IQ Bot is the intelligent digital workforce solution for today’s enterprise business needs.

Reviews from Real Users

Vikas K., CFO at Travel Food Services ltd, relates, "The extraction feature is the most valuable one of IQ Bot."

Celestine, Director Intelligent Automation at a tech services company, tells us, "The ability to train itself is a good, valuable feature. It is one of the most stable RPA products at present. Installation is easy for IQ Bot, and they provide good technical support."

German C., PMO Manager (Peruvian Branch) at Globalhitss, says, "It is very easy to set up and use this tool to get information from documents. It can get the information about the purchase order number, average, description of purchase orders in several formats without any problem."

 

Sample Customers

Fujitsu, Plustek, Samsung, Panasonic, M-files
Synergy
Buyer's Guide
ABBYY Vantage vs. IQ Bot
May 2024
Free Report: ABBYY Vantage vs. IQ Bot
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