SharePoint vs OpenText: The Ultimate Purchase Order Automation Platform in Milwaukee

Given today’s competitive landscape, companies of all sizes must discover ways to increase efficiency and productivity, while cutting expenditures wherever possible.

An excellent place to begin is with business process automation (BPA). Through BPA, you could expedite monotonous and time-consuming workflows, reduce the stress on your colleagues, and upgrade your workflows by developing productivity and amplifying precision.

There are a number of tasks and business fields that can make use of BPA. Among of the most prevalent adopters are Accounts Payable units who can utilize BPA to automate purchase order processing, payroll, and invoicing.

In this post, we’ll focus on purchase order automation - how it works, why automation is an excellent solution for this area, and assess two of our favorite PO process automation tools: 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 platforms employ business software equipped with robotic process automation (RPA) technology, artificial intelligence (AI), and machine learning (ML) to automate the purchase order procedure.

Through automation, purchase requests can be produced in a few seconds using pre-formatted layouts, and forwarding functionality can send authorizations straight to the supply chain vendor when the approval workflow is done.

This eliminates any need for human interference, record filing systems, and makes the process simpler and more manageable.

The Purchase Order Process

Though the purchase order process can differ slightly from one company to the next, the following offers a good example of a typical, hand-operated purchase order process.

Step 1: The first step is creating a purchase order.

Step 2: Then another colleague will review and approve or reject the purchase order.

Step 3: After that, the purchase order should be routed to the merchant.

Step 4: Once filled, the company will then receive its product or service.

Step 5: The organization will then get the vendor invoice.

Step 6: The invoice will need to be verified and authorized, and payment is released to the supplier.

Step 7: The last step of the purchasing procedure is to archive the relevant records to generate 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 team members, to sales representatives, suppliers, and executives, must all deliver accurate, prompt responses. Many organizations can confirm that this is way harder than it sounds.

There are several benefits to automating this process, which we’ll discuss in the following section.

The Benefits of an Automated Purchase Order System

There are several advantages to implementing purchase order automation tools for your organization. These include:

• Lower Costs

• Time Saved from Physical Tasks

• Real-Time Visibility Into Operations

• A Faster, More Efficient Purchasing Procedure

• Decreased Human Error

• Improved Human Resource Utilization

So, now that we’ve reviewed what purchase order automation is, the parts of the procedure that could be automated, and the advantages of purchase order solutions, let’s now go over two 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 program for managing, collaborating on, and distributing material.

Regardless, with the addition of Microsoft PowerApps Power Automate, you can simply customize SharePoint’s features to include automation to several of your AP procedures.

Pros

• Fantastic UX/UI

• Minimal learning curve for new users

• Metadata search adds improved searchability

Cons

• No native data imaging or capture capability

• Weak at fulfilling compliance requirements in a few sectors

• SharePoint Online not equipped to handle Corporate ECM requirements

OpenText Overview

OpenText is an ECM tool as well, but provides advanced add-ons that empower organizations to automate processes, improve organizational functions, and decrease the risk associated with management and intellectual property.

Pros

• An excellent option for companies that must adhere to strict regulations

• Robust document management, classification, filtering, and access authorizations

• OpenText Documentum expands its features with case and inventory management functionality.

Cons

• Intricate UX/UI

• Often demands professional configuration to guarantee that it meets organizational needs

• Can get costly for enterprise capabilities and add-ons

SharePoint & OpenText Pricing & Features Table

How Wave Can Help You Implement Purchase Order Automation in Milwaukee

The fact is that hand-operated processes in your accounting framework basically slow your firm down, generate logjams and process inefficiencies, and sooner or later hurt your progress and adaptability.

Extended billing cycles can also lead to greater expenses associated with purchase order management and invoice processing, limit your transparency and control, and can add strain to your vendor partnerships.

At Wave, we can assist you in streamlining your accounts payable processes completely, including purchase orders, procurement, data entry, approval process, invoicing, payments, and even document storage tools.

We work closely with Netsuite, Microsoft Dynamics, SAP, Oracle, as well as ECM and ERP tools like those we have discussed in this piece and also Oracle, Xerox, MFiles, and more.

We can help you deploy your accounts payable automation tool on-premises, in the cloud, or in a hybrid concept based on your organizational rules, budget, and compliance requirements.

To discover more, contact us right now for a free consultation.