Automating Purchase Order Processing with DocLink
In today’s fast-paced business world, it’s surprising to discover that many companies still rely on manual and cumbersome procurement processes. Unfortunately these outdated methods not only consume valuable time and resources but also lack the necessary controls to ensure accuracy and efficiency. We’re big believers in the power of automation, and that’s why we’re excited to share how automating purchase order processing with DocLink can streamline your workflows, with minimal setup and configuration.
Join us for a webinar: Supercharge your PO Processes with DocLink
Streamlining The Requisition Process
The path to a seamless procure-to-pay cycle begins with the requisition process. However, not all ERP/PO system software applications provide built-in support for requisitions, leaving organizations scrambling for alternatives. With DocLink, you can automate and streamline your requisition and purchase order approval workflows.
By leveraging the power of DocLink Smart Forms, you can create a highly flexible requisition form that caters to your unique business needs. Smart Forms allow you to pre-populate specific fields, such as Company, Requester, and Date, while also offering drop-down selection options for fields like Vendor and Item Number. DocLink then validates these entries against your ERP database. Once the user submits the form, it seamlessly follows the approval routing you’ve established within DocLink, ensuring a smooth and efficient process.
Simplifying Procurement Beyond Requisition
DocLink doesn’t stop at requisitions — it simplifies the entire procurement process. Armed with the approved requisition, users can swiftly generate purchase orders, utilizing the data transferred automatically from the requisition. Additionally, DocLink automates the onboarding and digitization of critical documents like delivery receipts and invoices. With the prevalence of digital communication, vendor invoices are often received by email, and DocLink leverages this reality to expedite the onboarding process.
Using advanced OCR (Optical Character Recognition) and Machine Learning technologies, DocLink’s Smart Capture feature swiftly captures and inserts purchase order invoices (and even non-PO invoices) into your organization’s customized purchase order processing workflow. Deep learning algorithms extract essential data from the invoice’s header, footer, and line items, effortlessly transferring it into your ERP system, creating an invoice ready for the next processing step. This automation drastically reduces data entry errors, accelerates processing time, and ensures greater accuracy.
Expanding The Scope Of Automation
DocLink’s capabilities extend beyond purchase order invoices. By harnessing the power of OCR, DocLink can effortlessly onboard various purchasing documents, such as delivery receipts, packing lists, and bills of lading. Furthermore, with these additional documents, you can enhance your procurement process by incorporating approval workflows and controls that align with your unique business requirements. For instance, you can implement a three-way matching process to ensure consistency and accuracy in purchasing operations.
The versatility of DocLink allows you to adapt and customize the automation according to your specific needs, bringing new levels of efficiency and control to your procurement operations.
The Undeniable Advantages of DocLink
Embracing DocLink as the driving force behind your digital purchase order automation initiative unlocks numerous benefits that enhance the efficiency of your entire procurement process. By eliminating manual processes and paper filing, DocLink accelerates response times, facilitates timely approvals, and minimizes the labor-intensive data entry task. Secondly the seamless integration with your ERP system ensures greater collaboration and improved communication throughout the procurement journey.
Furthermore, DocLink empowers your organization with enhanced visibility and control, enabling you to monitor and optimize your processes effectively. In fact, Altec’s extensive research shows that the machine learning algorithms employed by DocLink can reduce data entry time by an impressive 60-90%. Imagine what your teams can accomplish with the significant time and cost savings achieved with this level of automation.
The Bottom-Line Benefits of Automating Purchase Order Processing
Do you know what it costs your organization to process a purchase order? Sorry, that wasn’t a very fair question, as it’s one even people that study the topic don’t agree on. The most recent estimates we found put the average cost at $217 per PO. How much can you save by automating the process? A survey by Gartner indicated that companies with automated purchase orders experience a 20% reduction in costs associated with supplier payments and invoice processing. Say your organization generates 1,000 purchase orders annually. At $217 per order, that adds up to $217,000. Automation then could potentially save you $43,400 each year. Savings like that will lead to a rapid return on investment in DocLink.
We found this article from iSixSigma to be enlightening. It recaps the journey of a large financial services company to streamline and automate its purchasing workflows. Ultimately, the company realized $10 million in savings directly from automation. We can’t guarantee that result, but anytime you can leverage technology to minimize manual touchpoints, you’re guaranteed to increase efficiency, improve accuracy, and lower transactional costs.
Join Us to See The Future of Procurement
To learn more about how DocLink can revolutionize your procurement process, join us for a webinar: Supercharge your PO Processes with DocLink. This session will provide additional insights into leveraging the power of automation workflows to drive efficiency and accuracy in your procurement operations. Also, our consulting team is always available to address your specific needs and guide you through the DocLink implementation process.
