ABBYY Vantage vs Parascript FormXtra.AI comparison

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.