SharePoint vs OpenText: The Ultimate Purchase Order Automation Tool in Las Vegas
In today’s competitive landscape, firms of all shapes and sizes must develop ways to increase productivity and efficiency, while cutting expenditures wherever appropriate.
A great place to start is with business process automation (BPA). Through BPA, you could simplify monotonous and time-consuming workflows, ease the load on your colleagues, and upgrade your system by increasing efficiency and boosting reliability.
There are a number of processes and business fields that could take advantage of BPA. One of the most prevalent adopters are Accounts Payable teams 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 compare a couple of our favorite PO process automation platforms: Microsoft SharePoint and OpenText.
To begin, let us talk about what purchase order automation is and how it works.
What is Purchase Order Automation?
Automated purchase order tools employ business software armed with machine learning (ML), robotic process automation (RPA) technology, and artificial intelligence (AI) to automate the purchase order procedure.
Through automation, purchase requests can be produced in a matter of seconds using pre-formatted layouts, and forwarding capability can send approvals directly to the supply chain vendor after the approval process is complete.
This removes any need for physical intervention, paper filing methods, and makes the operation simpler and more controllable.
The Purchase Order Process
Though the purchase order process can differ from one company to the next, the following offers a great example of a typical, physical purchase order system.
Step 1: The first step is purchase order creation.
Step 2: Then another team member will evaluate and approve or reject the purchase order.
Step 3: Following that, the purchase order must be sent to the contractor.
Step 4: Once completed, the business will then acquire its product or service.
Step 5: Then the company will receive the vendor invoice.
Step 6: The invoice must be verified and approved, and payment is delivered to the vendor.
Step 7: The final step of the purchasing procedure is to file or archive the relevant documents to create an audit trail.
This might not seem like a lot of steps, but in order for this process to operate normally, all individuals from your AP staff, to sales agents, vendors, and executives, must all deliver accurate, timely responses. Several businesses can attest that this is easier said than done.
There are several benefits to automating these steps, which we will discuss in the following chapter.
The Benefits of an Automated Purchase Order System
There are numerous benefits to utilizing purchase order automation tools for your organization. These include:
Reduced Expenses
Time Saved from Manual Processes
Real-Time Visibility Into Operations
A Quicker, More Optimized Procurement Process
Lessened Manual Error
Greater Utilization of Human Resources
So, now that we’ve covered what purchase order automation is, the elements of the procedure that could be automated, and the advantages of purchase order software, let us now talk about a couple of our favorite automation tools, OpenText and Microsoft SharePoint.
SharePoint vs OpenText
SharePoint Overview
SharePoint is an enterprise content management solution (ECM) that in its base form, is a program for handling, collaborating on, and sharing content.
Regardless, with the inclusion of Microsoft PowerApps Power Automate, you can easily customize SharePoint’s capabilities to enable automation to most of your AP procedures.
Pros
Excellent user experience and interface
Minimal learning curve for new users
Metadata search improves searchability
Cons
No integrated data imaging or capture feature
Weak at meeting compliance guidelines in some sectors
SharePoint Online is not designed to fulfill Enterprise ECM requirements
OpenText Overview
OpenText is an ECM tool as well, but includes advanced add-ons that empower firms to automate workflows, augment business functions, and decrease the risk associated with governance and intellectual property.
Pros
An excellent option for companies that must adhere to strict regulations
Powerful document management, classification, filtering, and access restrictions
OpenText Documentum adds case and inventory management capabilities to its feature set.
Cons
Complicated UX/UI
Typically requires specialist optimization to guarantee that it fulfills business requirements
Can be pricey for enterprise features and add-ons
SharePoint & OpenText Pricing & Features Table
How Wave Can Aid You in Implementing Purchase Order Automation in Las Vegas
The truth is hand-operated workflows in your accounting system simply slow your business down, cause bottlenecks and process inefficiencies, and sooner or later hurt your growth and scalability.
Extended billing cycles can also contribute to greater expenses associated with purchase order and invoice processing, reduce your transparency and control, and can disrupt your supplier connections.
At Wave, we can assist you in streamlining your accounts payable processes thoroughly, including purchase orders, procurement, data entry, approval process, invoicing, payments, and even file storage solutions.
We collaborate with Netsuite, Microsoft Dynamics, SAP, Oracle, as well as ECM and ERP solutions like those we’ve examined in this article and also Xerox, MFiles, Oracle, and many others.
We can help you deploy your AP automation software on-site, in the cloud, or in a hybrid concept contingent on your business regulations, budget, and compliance guidelines.
To learn more, contact us today for a free consultation.