SharePoint vs OpenText: The Ultimate Purchase Order Automation Software in Henderson
Considering the current competitive landscape, organizations of all shapes and sizes must discover ways to enhance efficiency and productivity, while cutting expenditures wherever appropriate.
One of the best places to start is with business process automation (BPA). Through BPA, you can simplify tedious and taxing tasks, reduce the stress on your team members, and improve your processes by developing efficiency and raising accuracy.
There are a variety of operations and business units that could benefit from BPA. One of the most common adopters are Accounts Payable units who can utilize BPA to automate invoicing, purchase order processing, and payroll.
In this article, we’re going to hone in on purchase order automation - how it operates, why automation is a perfect fit for this area, and assess two of our preferred PO process automation platforms: Microsoft SharePoint and OpenText.
To start, let us discuss what purchase order automation is and how it functions.
What is Purchase Order Automation?
Automated purchase order solutions employ business software armed with machine learning (ML), robotic process automation (RPA) technology, and artificial intelligence (AI) to automate the purchase order process.
With automation, purchase requests can be created in a few seconds using pre-formatted templates, and routing capability can deliver approvals straight to the supply chain vendor once the approval workflow is done.
This eliminates the need for manual involvement, record filing methods, and makes the operation smoother and more efficient.
The Purchase Order Process
Although the purchase order process might differ slightly from one company to the next, the following provides an excellent example of a standard, manual purchase order process.
Step 1: The first step is purchase order creation.
Step 2: Then another staff member will evaluate and approve or reject the purchase order.
Step 3: After that, the purchase order must be sent to the vendor.
Step 4: Once filled, the organization will then receive its product or service.
Step 5: The vendor invoice will thereafter be received by the firm.
Step 6: The invoice must be examined and confirmed, and payment is released to the supplier.
Step 7: Then the final step of the purchasing procedure is to file the relevant records to generate an audit trail.
This might not seem like a lot of steps, but for this workflow to run efficiently, all parties from your AP team members, to sales representatives, suppliers, and executives, must all provide precise, timely responses. Many organizations can attest that this is grueling.
There are several advantages to automating these steps, which we will review in the following chapter.
The Benefits of an Automated Purchase Order System
There are several benefits to implementing purchase order automation software for your company. These include:
Reduced Expenses
Time Saved from Physical Tasks
Real-Time Visibility Into Operations
A Quicker, More Optimized Purchasing Method
Decreased Human Error
Greater Use of Human Resources
So, now that we have covered what purchase order automation entails, the aspects of the process that could be automated, and the advantages of purchase order tools, let us now take a closer look at two of our favorite automation solutions, Microsoft SharePoint and OpenText.
SharePoint vs OpenText
SharePoint Overview
SharePoint is an enterprise content management solution (ECM) that in its base form, is a tool for monitoring, collaborating on, and publishing content.
Having said that, with the inclusion of Microsoft PowerApps Power Automate, you can easily adapt SharePoint’s functionality to include automation to many of your AP procedures.
Pros
Excellent user experience and user interface (UX/UI)
Moderate learning curve for new users
Metadata search enhances searchability
Cons
No integrated information imaging or capture feature
Struggles at following compliance requirements in some industries
SharePoint Online not equipped to meet Corporate ECM requirements
OpenText Overview
OpenText is an ECM tool as well, but offers advanced add-ons that empower organizations to automate processes, enhance organizational functions, and reduce the risk connected to administration and intellectual property.
Pros
A superior option for business with a high level of compliance
Strong document filtering, management, classification, and access authorizations
OpenText Documentum expands its features with case and inventory management functionality.
Cons
Intricate UX/UI
Usually demands specialist tuning to ensure it fulfills business requirements
Can be pricey for corporate capabilities and add-ons
SharePoint & OpenText Pricing & Features Table
How Wave Can Aid You in Implementing Purchase Order Automation in Henderson
The truth is physical workflows in your accounting framework just slow your business down, generate logjams and process issues, and ultimately hurt your development and scalability.
Extended payment cycles can also result in increased costs associated with purchase order and invoice processing, reduce your visibility and control, and can damage your vendor connections.
At Wave, we can help you to streamline your AP processes completely, including data entry, purchase orders, procurement, invoicing, payments, approval process, and even document storage solutions.
We work with Microsoft Dynamics, SAP, Netsuite, Oracle, in addition to ECM and ERP tools like those we have discussed in this post and also Xerox, MFiles, Oracle, and more.
We can assist you in implementing your AP automation software locally, in the cloud, or in a hybrid model contingent on your business regulations, budget, and compliance requirements.
To discover more, contact us immediately for a free consultation.