IQ Bot Overview

IQ Bot is the #2 ranked solution in our list of top Intelligent Document Processing (IDP) tools. It is most often compared to ABBYY FlexiCapture: IQ Bot vs ABBYY FlexiCapture

What is IQ Bot?

IQ Bot is democratizing dark data processing. IQ Bot is the only AI-based solution that can be easily set up and used by business users to automatically read and process a variety of complex documents and emails, faster. By learning from human behavior, IQ Bot becomes faster and more accurate while reducing setup and operational costs.

IQ Bot Buyer's Guide

Download the IQ Bot Buyer's Guide including reviews and more. Updated: June 2021

IQ Bot Customers

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Pricing Advice

What users are saying about IQ Bot pricing:
  • "The licensing is under usage per page, and I wouldn't recommend it."
  • "With the Cloud, the price goes up and down. You only pay for what you use."
  • "It is based on the stages and on a yearly basis."

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VK
CFO at Travel Food Services ltd
Real User
Top 10
Extraction feature extracts the specific data that we require from the documents

What is our primary use case?

We primarily use our IQ Bot for scanning documents that we get from the vendors. That is number one. We also use it as an HR input tool. When we receive physical documents from an employee wishing to join us, we run them past our IQ Bot solution, updating the master for all employees. Ours is a retail business, so we use the solution to do continuous management of our recruitment process. From this perspective, maintaining the records of our employees is one of our key challenges. We use the solution primarily for HR data input, although we also employ it for backups. At times we have to carry… more »

Pros and Cons

  • "The extraction feature is the most valuable one of IQ Bot."
  • "The user should be able to update the data libraries."

What other advice do I have?

In my present company, I was the one who bought RPA and, as part of that solution, we had also gone ahead and bought IQ Bot. We have a team of eight people who are using the solution. The bot is structured so that it is used by different people for a variety of activities. One is for master creation, both of an employee and a vendor being involved in the system. Therein we get third party documents, which can be read by the bot. The second concerns the extensive use of the solution that we employ for the reading of invoice copies. The third concerns the nutrition elements. So, we have roughly…
AbhishekChatterjee
Lead Consultant - Automation at ITC Infotech
MSP
Top 20
Offers native automation for the US but is too expensive

Pros and Cons

  • "I would say that the best feature is that it has native automation for the US."
  • "The first place it could be improved is its price - it is too high. I'm having a lot of difficulty moving it to the customers."

What other advice do I have?

I would say first to do another determination to see if it's worth it. For example, if you are a banking company and you tell me that I'll have a lot of checks that will need to be verified, I would say that's fine, because the format of the checks will be standard. Although you would have to identify the handwriting. But still, at least the amount of coding is easier. However, if you are doing B2B or B2C, and you have multiple invoices coming in to you, I would say don't do it. Because in India, they're very strategic. I can have a person actually putting it into Excel and then I can have a…
Learn what your peers think about IQ Bot. Get advice and tips from experienced pros sharing their opinions. Updated: June 2021.
512,221 professionals have used our research since 2012.
RP
Director Intelligent Automation at a computer software company with 501-1,000 employees
Real User
Top 20
Great templates mean all basics can be pre-defined which saves us a lot of time and money

What is our primary use case?

This solution is primarily used for financial use cases like invoice processing and inventory reconciliation processes. Those are the classic use cases when we talk about IQ Bot. It deals with multiple types of invoices that have different structures, different data, and sometimes different images. This product has already been templatized and fits directly into any type of invoice coming in. If you have a new type of invoice then you have to train the tool to identify those new objects. We are partners with IQ Bot and also consultants. We assist our customers with implementing this tool. I'm… more »

Pros and Cons

  • "Good templates means that all basics are pre-defined."
  • "Could improve with regard to hand-written documents."

What other advice do I have?

From what I have seen in the industry, most organizations need intelligent document processing, because if you are using RPA, you have a financial department where you're doing invoicing or procurement, you're running purchase orders, or you have inventory, which requires inventory reconciliation. Every organization deals with documents, and the digitization of documents will increase the scale and scope of your process automation somewhere between 20% to 40%. You can also easily increase your ROI. This is the main task which requires a large manual effort with a lot of human error. You can…
Steve Colaco
Partner at aibotz
Real User
Top 5
Allows you to free-up time and save money by automating processes

What is our primary use case?

We go into companies and help them automate their processes — that's really what we do. If somebody wants to automate their processes, we have a couple of partnerships. Usually what happens is, when our clients are scraping off the web, one client takes a report off the web, and then they publish it to their people. In the past, somebody would sit in front of the screen and they would type it in manually. Now, instead of doing that, a bot goes up, scrapes it up, and puts it into a file which they can then distribute. We'll take that stuff and then generate a file — that's what we do. There's… more »

Pros and Cons

  • "IQ Bot is easy to use compared to some of the other solutions out there."
  • "I think the problem is usually tuning it up, and trying to get the best performance — that takes some time."

What other advice do I have?

My advice is to start with a good partner that can help build your expertise. Either bring in some people or collaborate with a partner. Overall, on a scale from one to ten, I would give this solution a rating of eight. There's always room for improvement, and this industry is growing and changing. Still, IQ Bot is a leader.
PS
Technical Architect at a computer software company with 10,001+ employees
Real User
Efficient at categorizing the different data types and formats

What is our primary use case?

We used IQ BOT for document processing. It was semi unstructured data from the farms and some of the reports that were coming in. We were scanning them and then reading out the details and format and incorporating that in another application.

Pros and Cons

  • "The efficiency with which it was able to categorize the different data types and the format."
  • "It's not intuitive from a user standpoint."

What other advice do I have?

I would say that IQ BOT Automation Anywhere was one of the leaders in the industry. Still is, and I think we initially invested a lot on Automation Anywhere and that's why we continued using it. However, it doesn't mean that Automation Anywhere doesn't have the caliber yet. It has a very strong capability set. And that was perhaps the reason why we went for Automation Anywhere. I would recommend it. It has been a good pleasure using the product. I would rate it eight on. a scale of ten. The reason is the intuitiveness and the second one is the range of machine learning algorithms that, when I…
PN
Senior Software Engineer at a tech services company with 1,001-5,000 employees
Real User
Top 5Leaderboard
A next-generation intelligent bots solution with a useful c-extraction feature

What is our primary use case?

Our clients use it to extract details from purchase orders, like purchase order dates, purchase order numbers, and other details. It will extract it from that particular purchase order for a particular customer, and then it will feed it back to our ERP system.

Pros and Cons

  • "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."
  • "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."

What other advice do I have?

I would advise potential users to go for IQ Bot if they have a standard format for a particular PDF. Even if there are multiple types that are configurable and if the quality of the images is good, this is definitely much better than others. It does a commendable job. On a scale from one to ten, I would give IQ Bot an eight.
JV
Software Architect at a tech services company with 5,001-10,000 employees
Real User
Top 20
Powerful, easy to use, and useful for extracting data from the images in PDFs

What is our primary use case?

I use it for reading some data from PDFs. I am putting this data into Excel spreadsheets. I have used IQ Bot in my own installation as well as in the cloud. I have used it as a trial and as a part of a customer IT data center. I use it on a monthly basis.

Pros and Cons

  • "The detection or extraction of data from the images in PDFs is the feature that I use the most. It is a good solution in terms of how easily you can administer or manage this tool. It is quite easy to use, and it is powerful in terms of what it can do."
  • "I've used versions 11 and 2019 of this solution. The problem with version 11 is integration. When you are using a conventional bot and you try to use IQ Bot development, you don't have a specific feature for integrating these two pieces or components of Automation Anywhere. I was seeing some issues while trying to, for example, send some PDF to an IQ Bot processor and get a response for that process. So, there is a problem with integrating the conventional task automation and IQ Bot in version 11. In contrast, version 2019 already has the integration feature, and we can easily integrate two components. There are some features that must be there in version 11 but are currently missing. There is no total control over some features in IQ Bot. Some variables cannot be parametrized when using IQ Bot directly. The AI features that IQ Bot has must be more open to being parameterized by the user. It would be good if Automation Anywhere exposed some parameters so that I can adjust them as a customer. This is an improvement that Automation Anywhere can do. I would like to see some features related to deep learning in the next releases of IQ Bot. These will be some interesting features to see."

What other advice do I have?

I would advise others to define the permissions partly in terms of the network. It is a key concern. I would also suggest first reading all the docs to totally understand the task. You could follow the steps to deploy it correctly. I would recommend this solution to others. It is quite a good tool. I would rate IQ Bot an eight out of ten.
PavanKumar3
Sr. Software Engineer at Saggezza
Real User
Top 5Leaderboard
The best solution for PDF or scanned documents with valuable algorithms, OCR engines, and support for Python scripting

What is our primary use case?

I have worked on two processes. One process was pretty simple, and another one was a complex process.

Pros and Cons

  • "I like most of the algorithms that it has, such as classified algorithms. I also like the OCR engines that it provides. We get a lot of options to explore and deal with. IQ Bot has added a lot of value in terms of extracting the information. Some OCR engines have limitations in terms of extracting the information. They have recently added a new feature that allows us to add Python scripting. Earlier, we had to do the post-processing work in terms of formatting and updating the proper values, but now, we have the option to write a Python script, which is really helpful for us in terms of getting the output. We can manage everything using Python."
  • "There are certain things that OCR engines are not capable of handling currently. For example, OCR engines pick up a slash as a question mark. They also don't have the capability to handle subcolumns in a column. It would be really helpful if they can add more OCR engines with advanced capabilities to handle such scenarios. We need more cognitive abilities in the OCR engines to deal with the most complex scenarios. We also need more advanced capabilities so that IQ Bot can give better results in terms of PDF quality. This is because we cannot expect the same quality from all the vendors and customers, and there might be scenarios where we get some sort of scanned copies."

What other advice do I have?

I would definitely recommend this solution. It has advanced a lot over time. They had a lot of versions, which had a lot of improvements. As compared to other RPA tools that are dealing with PDF or scanned documents, IQ Bot is definitely the best solution. I would rate IQ Bot an eight out of ten.
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