Genpact is a leader among finance and accounting (F&A) service providers, according to HfS Research, a leading industry analyst firm.
HfS recognized Genpact in the leading spot for innovation in the 2017 Blueprint Report for Finance and Accounting as-a-Service, marking the fourth year in a row that Genpact has been in the Winner’s Circle. The report evaluates 19 firms as recognized by client feedback and HfS analysis in terms of market size, trends, and strategic direction, with a specific focus on innovation and execution.
AI transforming F&A
The HfS report cites how finance executives now look beyond efficiency benefits and are increasingly focusing on using digital technologies like artificial intelligence (AI) to transform their F&A operations. HfS specifically cites Genpact’s significant investments in AI and robotic process automation (RPA) as among the reasons for the Winner’s Circle ranking. The report also calls out the AI-based Genpact Cora platform, the acquisitions of Rage Frameworks and Tandem Seven, and ongoing momentum in analytics capabilities in financial planning and analysis (FP&A).
“In addition to its landmark acquisitions of Rage and TandemSeven, and other investments in digital technology and talent, Genpact has earned a leading position in our Winner’s Circle for collaborating with clients and partners to transform the finance function,” said Barbra McGann, executive vice president, business operations, HfS Research. “What stands out to us is the results that come from commitment, forward-thinking, and effectiveness of a ‘true partnership’ between clients and the firm.”
Genpact delivers impactful business outcomes
As an example of the impact Genpact delivers for it clients, the company is helping a global consumer packaged goods market leader transform inefficient manual financial reporting processes. Reports that previously took employees weeks to interpret data from various internal and external systems are now produced in just a few days, thanks to Genpact’s Intelligent Reporting Assistant, powered by Genpact Cora. The product automates 70 percent of data collection, and the AI also learns over time, driving much faster, more frequent forecasts with greater accuracy. As a result, finance delivers greater value and allows the company to make better informed business decisions.
A global international insurance organization also turned to Genpact for help in harnessing AI’s power. Genpact used RPA to automate manual processes across business lines, and applied natural language generation and analytics to transform FP&A. The insurer increased productivity in global operations by 40 to 50 percent, strengthened controllership with improved accounting, and delivered millions in annual cost savings.
“Our top ranking from HfS recognizes Genpact’s vision and execution on innovation, and equally important, our ability to deliver impactful results,” said Shantanu Ghosh, senior vice president and business leader, CFO and Transformation Services, Genpact. “Our domain expertise, coupled with our sustained focus and investment in advanced digital technologies, creates disruptive value for our clients. We are passionate about our ‘say-do’ ratio, which in today’s rapid pace of change is critical, yet often compromised by hype.”