SharePoint vs OpenText: The Ultimate Purchase Order Automation Tool in Indianapolis

Considering the current competitive marketplace, organizations of all shapes and sizes must find ways to increase efficiency and productivity, while lowering expenses wherever appropriate.

One of the best places to start is with business process automation (BPA). Via BPA, you could expedite repetitive and taxing processes, reduce the stress on your team members, and upgrade your system by developing productivity and raising precision.

There are several processes and business units that could benefit from BPA. Among of the most frequent adopters are Accounts Payable teams who can utilize BPA to automate payroll, invoicing, and purchase order processing.

In this article, we’ll focus on purchase order automation - how it functions, why automation is a great solution for this area, and assess a couple of our preferred PO process automation software: 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 tools employ 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 requisitions can be created in a matter of seconds using pre-formatted templates, and routing functionality can deliver authorizations directly to the supply chain dealer once the approval workflow is finished.

This removes any need for manual involvement, paper filing methods, and makes the process faster and more manageable.

The Purchase Order Process

Though the purchase order process can differ slightly from company to company, the following offers an excellent example of a standard, by-hand purchase order system.

Step 1: The first step is to create a purchase order.

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

Step 3: Then, the purchase order must be sent to the vendor.

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

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

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

Step 7: Then the final step of the purchasing procedure is to archive or file the related records to generate an audit trail.

This may not seem like a great deal of steps, but for this procedure to operate normally, all individuals from your AP personnel, to sales agents, vendors, and supervisors, must all deliver accurate, prompt responses. Many organizations can attest that this is easier said than done.

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

The Benefits of an Automated Purchase Order System

There are several advantages to implementing purchase order automation solutions for your company. These include:

• Reduced Expenses

• Time Saved from By-Hand Processes

• Real-Time Operational Visibility

• A Quicker, More Streamlined Purchasing Method

• Reduced Manual Error

• Improved Human Resource Utilization

So, now that we have reviewed what purchase order automation entails, the aspects of the procedure that could be automated, and the gains of purchase order tools, let us now go over a couple of our preferred automation solutions, OpenText and Microsoft SharePoint.

SharePoint vs OpenText

SharePoint Overview

SharePoint is an enterprise content management platform (ECM) that in its base form, is a tool for handling, collaborating on, and sharing material.

Regardless, with the inclusion of Microsoft PowerApps Power Automate, you can quickly adapt SharePoint’s functionality to incorporate automation to many of your AP procedures.

Pros

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

• Minimal learning curve for new users

• Metadata search enhances searchability

Cons

• No local information imaging or capture functionality

• Struggles at following compliance requirements in a few industries

• SharePoint Online is not made to handle Enterprise ECM requirements

OpenText Overview

OpenText is also an ECM solution but offers advanced add-ons that enable businesses to automate workflows, augment business operations, and reduce the risk connected to governance and intellectual property.

Pros

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

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

• OpenText Documentum adds case and inventory management capabilities to its feature set.

Cons

• Intricate UX/UI

• Typically requires expert tuning to ensure it meets business requirements

• Can get costly for enterprise features and add-ons

SharePoint & OpenText Pricing & Features Analysis

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

The fact is that physical workflows in your accounting framework basically slow your organization down, cause hindrances and process inefficiencies, and sooner or later hurt your development and flexibility.

Longer than necessary payment cycles can also contribute to higher expenses associated with purchase order and invoice processing, impede your transparency and control, and can add strain to your vendor connections.

At Wave, we can aid you in optimizing your accounts payable processes thoroughly, including procurement, data entry, purchase orders, payments, approval process, invoicing, and even file storage solutions.

We collaborate with SAP, Netsuite, Microsoft Dynamics, Oracle, as well as ECM and ERP tools like the ones we have examined in this piece and also Oracle, Xerox, MFiles, and many others.

We can help you deploy your accounts payable automation solution on-premises, in the cloud, or in a hybrid framework contingent on your organizational regulations, budget, and compliance guidelines.

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