SharePoint vs OpenText: The Best Purchase Order Automation Tool in Oklahoma City
Considering the current competitive marketplace, companies of varying sizes must find ways to increase efficiency and productivity, while lowering expenditures wherever appropriate.
One of the best places to start is with business process automation (BPA). Via BPA, you can streamline tedious and time-consuming processes, reduce the stress on your colleagues, and upgrade your processes by developing productivity and amplifying reliability.
There are a number of processes and business sectors that could make use of BPA. Some of the most common adopters are Accounts Payable departments who can use BPA to automate purchase order processing, payroll, and invoicing.
In this piece, we’re going to hone in on purchase order automation - how it works, why automation is an excellent option for this area, and compare two of our preferred PO process automation tools: Microsoft SharePoint and OpenText.
To begin, let us go over what purchase order automation is and how it performs.
What is Purchase Order Automation?
Automated purchase order solutions employ business software armed with artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) technology to automate the purchase order process.
Via automation, purchase requests can be generated in a matter of seconds using pre-formatted templates, and forwarding capability can send approvals directly to the supply chain vendor once the approval process is done.
This removes the need for manual intervention, record filing processes, and makes the operation simpler and more manageable.
The Purchase Order Process
Though the purchase order process may look slightly different from business to business, the following provides a great example of a typical, manual purchase order system.
Step 1: The first step is to create a purchase order.
Step 2: Then another staff member will assess and approve/reject the purchase order.
Step 3: Following that, the purchase order must be forwarded to the vendor.
Step 4: Once filled, the firm will then obtain its product or service.
Step 5: Then the company will receive the vendor invoice.
Step 6: The invoice will need to be examined and confirmed, and payment is delivered to the merchant.
Step 7: The last step of the purchasing procedure is to file the associated files to create an audit trail.
This may not seem like many steps, but in order for this procedure to go smoothly, all participants from your AP team members, to sales reps, vendors, and executives, must all provide accurate, timely responses. Most firms can testify that this is grueling.
There are many benefits to automating this procedure, which we’ll discuss in the next section.
The Benefits of an Automated Purchase Order Process
There are many benefits to implementing purchase order automation solutions for your business. These include:
Lower Costs
Time Saved from Hand-Operated Processes
Real-Time Operational Visibility
A Faster, More Efficient Purchasing Method
Decreased Human Error
Greater Use of Human Resources
So, now that we have established what purchase order automation is, the elements of the operation that could be automated, and the benefits of purchase order software, let’s now go over a couple of our favorite automation solutions, OpenText and Microsoft SharePoint.
SharePoint vs OpenText
SharePoint Overview
SharePoint is an enterprise content management platform (ECM) that in its base form, is a program for managing, collaborating on, and publishing content.
Having said that, with the integration of Microsoft PowerApps Power Automate, you can quickly adapt SharePoint’s functionality to incorporate automation to several of your AP operations.
Pros
Excellent user experience and interface
Minimal learning curve for new users
Metadata search enhances searchability
Cons
No local information imaging or capture capability
Struggles at meeting compliance requirements in a few sectors
SharePoint Online is not made to fulfill Corporate ECM requirements
OpenText Overview
OpenText is similarly an ECM platform but offers advanced add-ons that enable companies to automate workflows, enhance organizational activities, and lower the risk related to governance and intellectual property.
Pros
An excellent alternative for companies that must adhere to strict regulations
Powerful document filtering, management, classification, and access authorizations
OpenText Documentum adds case and inventory management capabilities to its feature set.
Cons
Complicated UX/UI
Often requires expert tuning to guarantee that it fulfills business requirements
Can be expensive for enterprise capabilities and add-ons
SharePoint & OpenText Pricing & Features Table
How Wave Can Assist You in Implementing Purchase Order Automation in Oklahoma City
The fact is that manual workflows in your accounting system just slow your business down, generate bottlenecks and process issues, and ultimately hurt your progress and flexibility.
Longer than necessary payment cycles can also result in higher expenses associated with purchase order management and invoice processing, reduce your transparency and control, and can damage your merchant partnerships.
At Wave, we can aid you in optimizing your AP processes thoroughly, including data entry, purchase orders, procurement, invoicing, payments, approval process, and even file storage platforms.
We work closely with Netsuite, Microsoft Dynamics, SAP, Oracle, in addition to ERP and ECM systems like those we have mentioned in this article and also MFiles, Oracle, Xerox, and much more.
We can aid you in implementing your accounts payable automation tool on-premises, in the cloud, or in a hybrid framework contingent on your organizational regulations, budget, and compliance requirements.
To discover more, connect with us today for a free consultation.