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

Considering the current competitive landscape, companies of all sizes must develop ways to enhance efficiency and productivity, while cutting expenses wherever appropriate.

One of the best places to start is with business process automation (BPA). With BPA, you can streamline tedious and time-consuming tasks, ease the burden for your staff, and improve your system by adding efficiency and boosting reliability.

There are a number of processes and business fields that could make use of BPA. Some of the most frequent adopters are Accounts Payable units who can use BPA to automate purchase order processing, payroll, and invoicing.

In this post, we’re going to hone in on purchase order automation - how it works, why automation is a great solution for this area, and compare a couple of our favorite PO process automation tools: Microsoft SharePoint and OpenText.

To start, let us discuss what purchase order automation is and how it functions.

What is Purchase Order Automation?

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

With automation, purchase requisitions can be generated in a few clicks from pre-formatted layouts, and routing functionality can send approvals directly to the supply chain contractor when the approval workflow is done.

This removes any need for physical intervention, document filing methods, and makes the operation faster and more efficient.

The Purchase Order Process

While the purchase order process can differ from organization to organization, the following provides a good example of a standard, physical purchase order system.

Step 1: The first step is purchase order creation.

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

Step 3: Then, the purchase order should be forwarded to the contractor.

Step 4: Once completed, the business will then receive its service or product.

Step 5: Then the company will receive the vendor invoice.

Step 6: The invoice must be reviewed and confirmed, and payment is issued to the merchant.

Step 7: The last step of the purchasing procedure is to file the related documents to provide an audit trail.

This might not seem like a great deal of steps, but for this process to run efficiently, all individuals from your AP staff, to sales reps, suppliers, and executives, must all provide accurate, timely responses. Several firms can testify that this is easier said than done.

There are several benefits to automating this procedure, which we’ll explore in the following chapter.

The Benefits of an Automated Purchase Order System

There are numerous advantages to implementing purchase order automation software for your company. These include:

• Cost Savings

• Time Saved from Hand-Operated Processes

• Real-Time Visibility Into Operations

• A Faster, More Efficient Purchasing Method

• Reduced Human Error

• Greater Use of Human Resources

Now that we have established what purchase order automation entails, the parts of the process that could be automated, and the advantages of purchase order software, let’s now talk about 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 tool for monitoring, collaborating on, and sharing material.

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

Pros

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

• Minimal learning curve for new users

• Metadata search improves searchability

Cons

• No native data imaging or capture capability

• Struggles at meeting compliance standards in a few sectors

• SharePoint Online is not made to handle Corporate ECM needs

OpenText Overview

OpenText is an ECM tool as well, but includes advanced add-ons that enable companies to automate tasks, augment business operations, and lower the risk connected to management and intellectual property.

Pros

• A superior option for compliance-heavy organizations

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

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

Cons

• Complex UX/UI

• Usually requires professional configuration to ensure it meets organizational requirements

• Can be pricey for enterprise functionality and add-ons

SharePoint & OpenText Pricing & Features Diagram

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

The truth is hand-operated processes in your accounting framework basically slow your company down, create logjams and process headaches, and consequently hurt your growth and flexibility.

Prolonged billing cycles can also contribute to higher costs associated with purchase order management and invoice processing, limit your visibility 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 data entry, purchase orders, procurement, payments, approval process, invoicing, and even file storage platforms.

We work with Netsuite, Microsoft Dynamics, SAP, Oracle, in addition to ECM and ERP solutions like the ones we have mentioned in this post and also Oracle, Xerox, MFiles, and many others.

We can aid you in implementing your AP automation solution on-premises, in the cloud, or in a hybrid framework depending on your organizational regulations, budget, and compliance guidelines.

To learn more, connect with us today for a free consultation.