SharePoint vs OpenText: The Ultimate Purchase Order Automation Software in Charlotte
In the current competitive landscape, organizations of varying sizes must find ways to enhance productivity and efficiency, while cutting expenditures wherever necessary.
An excellent place to begin is with business process automation (BPA). With BPA, you can simplify tedious and taxing processes, ease the load on your colleagues, and enhance your processes by developing efficiency and amplifying reliability.
There are several operations and business sectors that can take advantage of BPA. One of the most prevalent adopters are Accounts Payable units who can use BPA to automate invoicing, purchase order processing, and payroll.
In this article, we’re taking a closer look at purchase order automation - how it functions, why automation is a perfect solution for this area, and compare two of our favorite PO process automation software: Microsoft SharePoint and OpenText.
To begin, let us discuss what purchase order automation is and how it performs.
What is Purchase Order Automation?
Automated purchase order tools employ business software integrated with artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) technology to automate the purchase order process.
With automation, purchase requisitions can be generated in a matter of seconds using pre-formatted layouts, and forwarding functionality can send authorizations straight to the supply chain vendor when the approval process is complete.
This eliminates any need for manual interference, paper filing systems, and makes the operation smoother and more controllable.
The Purchase Order Process
Though the purchase order process might look slightly different from business to business, the following offers a great example of a conventional, hand-operated purchase order process.
Step 1: The first step is to create a purchase order.
Step 2: Then another staff member will evaluate and approve/reject the purchase order.
Step 3: Following that, the purchase order should be forwarded to the merchant.
Step 4: Once finished, the firm will then acquire its service or product.
Step 5: Then the company will receive the vendor invoice.
Step 6: The invoice will need to be reviewed and authorized, and payment is delivered to the merchant.
Step 7: The last step of the purchasing procedure is to archive the associated files to provide an audit trail.
This might not seem like many steps, but to make this process to go smoothly, all individuals from your AP staff, to sales reps, vendors, and executives, must all deliver precise, prompt responses. Most organizations can testify that this is grueling.
There are several benefits to automating this procedure, which we’ll explore in the next section.
The Benefits of an Automated Purchase Order System
There are many advantages to utilizing purchase order automation tools for your organization. These include:
Lower Costs
Time Saved from Manual Tasks
Real-Time Visibility Into Operations
A Quicker, More Efficient Procurement Method
Lessened Physical Error
Better Use of Human Resources
So, now that we’ve established what purchase order automation is, the aspects of the operation that could be automated, and the benefits of purchase order tools, let us now take a closer look at two of our favorite automation tools, OpenText and Microsoft SharePoint.
SharePoint vs OpenText
SharePoint Overview
SharePoint is an enterprise content management platform (ECM) that in its base form, is a tool for managing, collaborating on, and sharing material.
Having said that, with the integration of Microsoft PowerApps Power Automate, you can simply adapt SharePoint’s capabilities to incorporate automation to several of your AP procedures.
Pros
Excellent user experience and user interface (UX/UI)
Minimal learning curve for new users
Metadata search improves searchability
Cons
No native information imaging or capture feature
Struggles at fulfilling compliance requirements in some sectors
SharePoint Online is not made to handle Enterprise ECM needs
OpenText Overview
OpenText is similarly an ECM platform but provides powerful add-ons that enable firms to automate workflows, improve business functions, and decrease the risk associated with management and intellectual property.
Pros
An excellent alternative for business with a high level of compliance
Strong document classification, filtering, management, and access authorizations
OpenText Documentum expands its features with case and inventory management functionality.
Cons
Complex UX/UI
Often requires professional tuning to guarantee that it meets business needs
Can be pricey for corporate functionality and add-ons
SharePoint & OpenText Pricing & Features Comparison
How Wave Can Help You Implement Purchase Order Automation in Charlotte
The reality is manual workflows in your accounting system just slow your business down, create logjams and process headaches, and consequently hurt your progress and flexibility.
Prolonged billing cycles can also lead to higher expenses associated with purchase order and invoice processing, limit your transparency and control, and can damage your supplier partnerships.
At Wave, we can help you to streamline your AP processes thoroughly, including procurement, data entry, purchase orders, payments, approval process, invoicing, and even document storage tools.
We work closely with Netsuite, Microsoft Dynamics, SAP, Oracle, in addition to ECM and ERP systems like the ones we’ve mentioned in this article and also Xerox, MFiles, Oracle, and much more.
We can help you deploy your AP automation solution locally, in the cloud, or in a hybrid framework depending on your business rules, budget, and compliance guidelines.
To discover more, contact us right now for a free consultation.