SharePoint vs OpenText: The Best Purchase Order Automation Tool in Greensboro

In the current competitive landscape, firms of all shapes and sizes must discover ways to enhance efficiency and productivity, while cutting expenses wherever possible.

A great place to begin is with business process automation (BPA). Via BPA, you could streamline repetitive and taxing tasks, reduce the load on your colleagues, and improve your system by developing efficiency and raising accuracy.

There are several tasks and business sectors that could benefit from BPA. Among of the most prevalent adopters are Accounts Payable departments who can use BPA to automate invoicing, purchase order processing, and payroll.

In this piece, we’re taking a closer look at purchase order automation - how it operates, why automation is a great option for this area, and compare a couple of our favorite PO process automation platforms: Microsoft SharePoint and OpenText.

To begin, let’s discuss what purchase order automation is and how it works.

What is Purchase Order Automation?

Automated purchase order platforms employ business software integrated with artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) technology to automate the purchase order process.

Through automation, purchase requisitions can be generated in a matter of seconds using pre-formatted layouts, and transmitting functionality can send authorizations directly to the supply chain dealer when the approval process is finished.

This eliminates any need for physical intervention, document filing methods, and makes the operation simpler and more manageable.

The Purchase Order Process

Though the purchase order process can differ from organization to organization, the following offers a great example of a standard, by-hand purchase order process.

Step 1: The first step is purchase order creation.

Step 2: Then another colleague will evaluate and approve/reject the purchase order.

Step 3: Following that, the purchase order must be forwarded to the merchant.

Step 4: Once filled, the firm will then acquire its service or product.

Step 5: The vendor invoice will thereafter be received by the firm.

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

Step 7: Then the final step of the purchasing procedure is to file or archive the relevant files to create an audit trail.

This might not seem like many steps, but for this workflow to go smoothly, all individuals from your AP team members, to sales reps, merchants, and managers, must all deliver precise, timely responses. Many firms can attest that this is easier said than done.

There are numerous advantages to automating these steps, which we’ll explore in the next chapter.

The Benefits of an Automated Purchase Order System

There are a number of advantages to adopting purchase order automation software for your business. These include:

• Lower Costs

• Time Saved from Hand-Operated Processes

• Real-Time Visibility Into Operations

• A Quicker, More Optimized Purchasing Method

• Reduced Human Error

• Better Human Resource Utilization

So, now that we have covered what purchase order automation entails, the aspects of the operation that can be automated, and the advantages of purchase order tools, let us now take a closer look at a couple of our favorite automation options, Microsoft SharePoint and OpenText.

SharePoint vs OpenText

SharePoint Overview

SharePoint is an enterprise content management platform (ECM) that in its base form, is a program for monitoring, collaborating on, and publishing data.

Having said that, with the addition of Microsoft PowerApps Power Automate, you can simply adapt SharePoint’s features to enable automation to most of your AP processes.

Pros

• Excellent user experience and user interface (UX/UI)

• Short learning curve for new users

• Metadata search adds improved searchability

Cons

• No native data capture or imaging feature

• Struggles at meeting compliance standards in a few sectors

• SharePoint Online is not made to meet Enterprise ECM requirements

OpenText Overview

OpenText is also an ECM solution but offers powerful add-ons that allow companies to automate tasks, improve organizational functions, and lower the risk related to governance and intellectual property.

Pros

• A better choice for business with a high level of compliance

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

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

Cons

• Complicated UX/UI

• Typically requires specialist optimization to guarantee that it fulfills business requirements

• Can be expensive for enterprise capabilities and add-ons

SharePoint & OpenText Pricing & Features Comparison

How Wave Can Aid You in Implementing Purchase Order Automation in Greensboro

The fact is that physical workflows in your accounting system just slow your company down, cause bottlenecks and process issues, and ultimately hurt your growth and scalability.

Longer than necessary payment cycles can also contribute to higher expenses associated with purchase order management and invoice processing, impede your visibility and control, and can damage your vendor partnerships.

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

We work with SAP, Netsuite, Microsoft Dynamics, Oracle, in addition to ERP and ECM tools like the ones we have discussed in this piece and also Xerox, MFiles, Oracle, and more.

We can aid you in implementing your accounts payable automation tool on-premises, in the cloud, or in a hybrid model based on your organizational regulations, budget, and compliance requirements.

To find out more, contact us today for a free consultation.