SharePoint vs OpenText: The Ultimate Purchase Order Automation Software in Corpus Christi
In the current competitive landscape, companies of all shapes and sizes must develop ways to increase productivity and efficiency, while lowering expenditures wherever necessary.
A great place to begin is with business process automation (BPA). Through BPA, you can expedite monotonous and time-consuming processes, reduce the load on your colleagues, and upgrade your workflows by increasing productivity and amplifying accuracy.
There are a variety of tasks and business sectors that can make use of BPA. One of the most prevalent adopters are Accounts Payable departments who can utilize BPA to automate payroll, invoicing, and purchase order processing.
In this piece, we’re going to hone in on purchase order automation - how it works, why automation is an excellent fit for this area, and compare a couple of our favorite PO process automation tools: Microsoft SharePoint and OpenText.
To start, let us talk about what purchase order automation is and how it works.
What is Purchase Order Automation?
Automated purchase order platforms utilize business software equipped with artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) technology to automate the purchase order process.
Through automation, purchase requests can be generated in a matter of seconds using pre-formatted templates, and routing functionality can send approvals straight to the supply chain vendor after the approval process is done.
This eliminates the need for manual interference, record filing processes, and makes the operation smoother and more controllable.
The Purchase Order Process
While the purchase order process can differ from business to business, the following offers a good example of a conventional, physical purchase order system.
Step 1: The first step is creating a purchase order.
Step 2: Then another staff member will assess and approve/reject the purchase order.
Step 3: Then, the purchase order must be routed to the merchant.
Step 4: Once filled, the firm will then acquire its product or service.
Step 5: Then the company will receive the vendor invoice.
Step 6: The invoice must be reviewed and confirmed, and payment is released to the merchant.
Step 7: The last step of the purchasing procedure is to file the associated records to provide an audit trail.
This might not seem like a lot of steps, but in order for this procedure to go smoothly, all parties from your AP staff, to sales representatives, suppliers, and managers, must all deliver precise, timely responses. Several companies can attest that this is grueling.
There are several benefits to automating this procedure, which we’ll explore in the following section.
The Advantages of an Automated Purchase Order System
There are many benefits to adopting purchase order automation solutions for your company. These include:
Reduced Expenses
Time Saved from Physical Tasks
Real-Time Operational Visibility
A Faster, More Optimized Procurement Method
Reduced Manual Error
Greater Use of Human Resources
So, now that we’ve established what purchase order automation entails, the aspects of the operation that could be automated, and the gains of purchase order solutions, let’s now take a closer look at a couple of our preferred automation solutions, OpenText and Microsoft SharePoint.
SharePoint vs OpenText
SharePoint Overview
SharePoint is an enterprise content management software (ECM) that in its base form, is a tool for managing, collaborating on, and sharing content.
Having said that, with the inclusion of Microsoft PowerApps Power Automate, you can quickly modify SharePoint’s features to enable automation to most of your AP operations.
Pros
Excellent user experience and interface
Short learning curve for new users
Metadata search adds improved searchability
Cons
No native information capture or imaging feature
Struggles at meeting compliance standards in a few industries
SharePoint Online is not made to meet Enterprise ECM needs
OpenText Overview
OpenText is an ECM tool as well, but includes advanced add-ons that allow businesses to automate tasks, enhance business operations, and decrease the risk related to governance and intellectual property.
Pros
A better alternative for business with a high level of compliance
Robust document management, classification, filtering, and access authorizations
OpenText Documentum adds case and inventory management capabilities to its feature set.
Cons
Intricate UX/UI
Typically requires expert optimization to ensure it meets organizational needs
Can be pricey for enterprise features and add-ons
SharePoint & OpenText Pricing & Features Table
How Wave Can Assist You in Implementing Purchase Order Automation in Corpus Christi
The reality is physical workflows in your accounting framework basically slow your company down, create bottlenecks and process issues, and sooner or later hurt your progress and adaptability.
Prolonged billing cycles can also result in greater costs associated with purchase order management and invoice processing, limit your transparency and control, and can add strain to your supplier relationships.
At Wave, we can assist you in streamlining your AP processes end-to-end, including purchase orders, procurement, data entry, payments, approval process, invoicing, and even document storage solutions.
We collaborate with Netsuite, Microsoft Dynamics, SAP, Oracle, as well as ECM and ERP systems like the ones we have examined in this piece and also MFiles, Oracle, Xerox, and many others.
We can assist you in implementing your AP automation solution locally, in the cloud, or in a hybrid concept contingent on your business regulations, budget, and compliance guidelines.
To discover more, reach out right now for a free consultation.