Due to the wide range of various sheet metal grades and the need to verify the material properties, there are numerous methods to determine the material formability. One of them, that allows quick determination of sheet metal formability, is the Erichsen cupping test described in the ISO 20482: 2003 standard. In the presented work, the results of formability assessment for DC04 deep drawing sheet metal were obtained by means of the traditionally carried out Erichsen cupping test and compared with the results obtained by using two advanced methods based on vision analysis. Application of these methods allows extending the traditional scope of analysis during Erichsen cupping test by determination of the necking and strain localization before fracture. The proposed methods were compared in order to dedicate appropriate solution for the industrial application and laboratory tests respectively, where the simplicity and reliability are the mean aspects need to be considered when applied to the Erichsen cupping test.