Multimodal Large Language Models (MLLMs) enhance the potential of natural language processing. However, their actual impact on document information extraction remains unclear. In particular, it is unclear whether an MLLM-only pipeline—while simpler—can truly match the performance of traditional OCR+MLLM setups. In this paper, we conduct a large-scale benchmarking study that evaluates various out-of-the-box MLLMs on business-document information extraction. To examine and explore failure modes, we propose an automated hierarchical error analysis framework that leverages large language models (LLMs) to diagnose error patterns systematically. Our findings suggest that OCR may not be necessary for powerful MLLMs, as image-only input can achieve comparable performance to OCR-enhanced approaches. Moreover, we demonstrate that carefully designed schema, exemplars, and instructions can further enhance MLLMs performance. We hope this work can offer practical guidance and valuable insight for advancing document information extraction.

Current Large Language Model (LLM) evaluation frameworks utilize the same static prompt template across all models under evaluation. This differs from the common industry practice of using prompt optimization (PO) techniques to optimize the prompt for each model to maximize application performance. In this paper, we investigate the effect of PO towards LLM evaluations. Our results on public academic and internal industry benchmarks show that PO greatly affects the final ranking of models. This highlights the importance of practitioners performing PO per model when conducting evaluations to choose the best model for a given task.