IQ Bot Reviews

Name: IQ Bot
Brand: Automation Anywhere
Rating: 4 (49 reviews)

Vendor: Automation Anywhere

3.8 out of 5

49 reviews
89% willing to recommend

389 followers

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What is IQ Bot?

What is IQ Bot?

Get the IQ Bot Buyer's Guide and find out what your peers are saying about IQ Bot, ABBYY Vantage, HyperScience and more!

IQ Bot is the #3 ranked solution in top Intelligent Document Processing (IDP) solutions. PeerSpot users give IQ Bot an average rating of 7.6 out of 10. IQ Bot is most commonly compared to ABBYY Vantage: IQ Bot vs ABBYY Vantage. IQ Bot is popular among the large enterprise segment, accounting for 55% of users researching this solution on PeerSpot. The top industry researching this solution are professionals from a computer software company, accounting for 16% of all views.

Helped 814,649 peers since 2012

Featured reviews

Sunilkumar Venugopal

Head of RPA Team at Olam International

We use the solution mostly for supply chain management. We use it for invoice processing and bill of lading PDF classification and basic data extraction are useful features. Whenever there is a variation in the same set of formats, the product considers it an additional group of formats. It…

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Neethushree S

QA in RPA at Merck Group

IQ Bot is quite user-friendly. And the drag-and-drop option is there, which makes the developer more comfortable. Another valuable feature is whatever the code has been developed, it can be reused. Most of the codes we have had as a repository, and we reuse those codes. So that option is…

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Hilal Paray.

Pre-sale Director at Omnyx International

Our use case for this platform involves automating the processing of vendor invoices. We can fetch the content from invoices automatically and enter it into the SAP system using an RPA bot. This reduces the processing time from three person-hours per invoice to approximately 15 minutes, eliminating…

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IQ Bot mindshare

As of November 2024, the mindshare of IQ Bot in the Intelligent Document Processing (IDP) category stands at 3.3%, down from 6.0% compared to the previous year, according to calculations based on PeerSpot user engagement data.

Intelligent Document Processing (IDP)

Key learnings from peers

Last updated Oct 10, 2024

Valuable Features

IQ Bot's most valuable features include its cognitive abilities, intelligence in data extraction, adaptive learning, efficiency in OCR, and user-friendly interface. It simplifies processing by handling varying formats, uses AI for accurate data extraction, and reduces training time with built-in taxonomy. It integrates seamlessly with Automation Anywhere, providing flexibility, powerful performance, and extensive customization options, including low-code Python scripting. The tool is praised for its effective document differentiation, stability, rapid deployment, and development ease.

"The product's intelligent OCR capabilities are particularly effective for data extraction. It utilizes AI models that require only one or two templates to process all invoices."
"IQ Bot is relatively easy to use and develop."
"PDF classification and basic data extraction are useful features."

Room for Improvement

Improvements are needed in IQ Bot's intelligence, document format adaptability, interface ease of use, and machine learning functionalities. Its pricing and resource requirements present challenges for users. Better accuracy in OCR capabilities and handwriting recognition is necessary. Users find integration and customization complex. Enhancements in handling structured and unstructured documents, along with robust technical support, would be beneficial. Addressing these concerns could enhance user satisfaction.

"The solution could improve its accuracy when handling more complex documents, such as handwritten ones."
"It would be good if the solution could extract or capture details from unstructured data."
"We face a few data extraction challenges when we use a huge data set with different formats."

ROI

Organizations using IQ Bot often observe ROI within a year. The impact depends on factors like document volume and location, with international implementations yielding quicker returns due to higher workforce costs. Automation can significantly reduce manual tasks, evidenced by instances where processes previously too complex or time-consuming were successfully automated. For many, this tool simplifies cost-saving evaluations by quantifying document processing efficiency. Achieving ROI requires understanding use cases and structuring costs to align with expected returns.

Pricing

IQ Bot pricing and licensing are seen as costly and primarily structured on a yearly basis, with negotiation often needed to lower costs. Many users find it more expensive than competitors like UiPath, though some justify the cost with its capabilities. Small enterprises may struggle with costs, while larger organizations may find it reasonable. Complexity and advanced features drive prices up, and users pay for packages including developer licenses, Starter Packs, and more, which can add to the expenses.

"The product cost is relatively high compared to other tools in the market."
"IQ Bot is expensive compared to other solutions."
"The product’s price is always in the higher range."

Popular Use Cases

The primary use cases of IQ Bot include automating sales order processing, improving OCR for document processing, and handling semi-structured and unstructured data. Teams use it for extracting information from invoices, PDFs, and other documents, especially in finance and HR sectors. This tool is integrated with other systems to automate data entry, reduce manual processing time, and streamline back-office and supply chain tasks by extracting details from various document formats.

Service and Support

Technical support for IQ Bot is often praised for being responsive, knowledgeable, and effective, resolving issues in a timely manner. However, some users experience delays and inconsistency in responses. Support quality is perceived as declining recently, with mixed reviews regarding speed and effectiveness. Many report satisfaction with the assistance provided, though some note potential improvements in response times and communication. The quality of service may vary depending on the support contract or region.

Deployment

Many found IQ Bot's initial setup straightforward, especially with cloud-based deployment. However, some experienced complexities due to diverse server configurations and lack of documentation. Technical users generally had an easier time, with some deploying in days and others taking weeks or months. Challenges included infrastructure issues, SSL errors, and architecture complexities. Deployment often required multiple team members, with support needs varying based on the project's scope and existing familiarity with the software.

Scalability

IQ Bot is widely acknowledged for its scalability, frequently noted for handling additional users and documents. While some note security as a concern when expanding, others discuss requiring more hardware for effective scaling. Many praise its ability to scale within cloud environments efficiently. Users from various sectors highlight differing scaling experiences, with some rating it highly competitive. However, the cost can be prohibitive for smaller enterprises, yet larger companies find it suitable for expansion.

Stability

IQ Bot is seen as stable, yet its effectiveness depends on document quality. Users find it reliable for daily use, with some minor challenges related to document variations needing user intervention. While many rate its stability as high, there are concerns with format changes and required expertise for deployment. IQ Bot is improving, but it depends on input quality and setup knowledge.

These insights are based on the in-depth reviews provided by peers to help you make a better buying decision.

Download our IQ Bot Buyer's Guide for additional reliable information.

Review data by company size

By reviewers

By visitors reading reviews

Top industries

By visitors reading reviews

Computer Software Company

16%

Manufacturing Company

12%

Financial Services Firm

Healthcare Company

Government

Educational Organization

Media Company

Non Profit

Logistics Company

Comms Service Provider

Insurance Company

Energy/Utilities Company

University

Legal Firm

Real Estate/Law Firm

Retailer

Construction Company

Pharma/Biotech Company

Outsourcing Company

Transportation Company

Performing Arts

Engineering Company

Consumer Goods Company

Hospitality Company

Wholesaler/Distributor

Recreational Facilities/Services Company

Wellness & Fitness Company

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Learn more about 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."