Genpact hopes to tempt CFOs with a strengthened F&A proposition

Data, analytics, and AI will continue to play a pivotal role in driving data-driven transformation as priorities shift from transactional to analytical activities (see Exhibit 1). Genpact is proactively responding to organization-wide finance function needs and enabling CFOs to balance growth and profitability.

Genpact has created a comprehensive end-to-end service spanning the entire finance and accounting (F&A) value chain with a collaborative environment of intellectual property (IP) and tech-enabled accelerators supported by deep domain expertise and continuous investments. Genpact hopes this proposition will tempt CFOs to select Genpact as their transformation partner; they bet on the fact CFOs are more often being seen as strategic business influencers empowered with augmenting enterprise growth and profitability.

Exhibit 1: F&A clients are increasingly working with service providers in data and analytics initiatives to drive actionable insights

Sample: 128 finance and accounting executives across Global 2000 enterprises, 2023
Source: HFS Research, 2023

Genpact adopting a data-led approach to enable insights-driven F&A transformation

Cora is Genpact’s AI-enabled proprietary platform; it includes a suite of finance solutions enabling CFOs to accelerate, scale, and govern digitalization. Cora Finance Analytics offers solutions for strategic finance, operational finance, liquidity management, and benchmark indices synergized with domain, data, analytics, and AI channels to enable data-driven decision making. The platform integrates proprietary digital solutions such as Cora APFlow, artificial intelligence (AI) and machine learning-based solutions, and generative AI use cases. It includes solutions from leading partners such as Automation Anywhere, Celonis, Service Now, HighRadius, and Blackline with a “process first” approach to delivering reusable and scalable solutions.

Genpact’s data proficiency program DataBridge, with more than 30,000 trained users, embeds analytics and prediction into F&A operations.

For a large consumer goods company, Genpact integrated an innovation and analytics hub that houses tools for intelligent collections. It provides report automation to enhance accuracy and meet compliance regulations. Genpact reduced the cost of data collection by 50%, and over the next five years, it expects to deliver approximately $30 million in business impact.

Creating client value through IP development aligned with the right-now finance requirements of the CFOs

In the last 12 months, Genpact increased its engagement with clients about digitalizing F&A processes to bring efficiency and deliver impact. Combining its best practices and domain know-how, it developed three tools to accelerate digital transformation, enhance user experience, and establish effectiveness across the F&A functions.

• Continuous Close Accelerator is a diagnostic framework enabling continuous, real-time closure transactions in accounting processes. It integrates industry calendars, acts as the last mile for closing activities, and tasks and provides visibility to the leadership teams to drive a continuous flow. For a Tier 1 global capital market firm, the accelerator saved two days in earning cycle with the closing of the general ledger (GL) in 3.5 days and added 1 day additional for analytics.
• User Experience Next (UXNXT) maps the consumer and employee experience with personalization for business leaders. It evaluates the end-to-end journey of a business leader, aligning with their individual personas, and creates a F&A journey map highlighting factors leading to satisfactory or poor experience and recommends areas for improvement as needed.
• SAP Readiness Maturity Model (SAP RMM) bridges the gap between the technical design and functional requirements of the software deployment by providing a readiness score, reducing chances of delay in implementation. It significantly reduces the test failures that typically arise during user acceptance testing UAT and go-live and facilitates a smooth transition to production.

The Bottom Line: Genpact’s digital accelerators aim to drive data-driven enterprise transformation and enhance customer experience, however, it is not alone other industry players also making significant investments to bring differentiation to their services.

With the F&A market maturing, service providers are in the race to enhance their value-added offerings to demonstrate their industry expertise. As a market leader in the F&A space, Genpact is pursuing optimizing activities with the right digital enablers in place to meet client expectations, bring transparency, and enable data-driven decisions. However, the greater impact of these solutions will only be realized with larger implementation across the finance functions, which remains to be seen—and it’s something enterprises should keep a close eye on as they evaluate a relationship with any provider.