Genpact-BlackLine Partnership Combines Domain-Specific Process Expertise with Unified Cloud Platform for Finance Controls and Automation
Joint BPaaS solution will deliver enhanced accuracy, greater regulatory compliance, and reduced costs to clients with complex, high-volume reconciliations, and other financial transactions
NEW YORK, Nov. 17, 2015 - Genpact (NYSE: G), the architect of the Lean DigitalSM enterprise, and BlackLine, a leader in Enhanced Finance Controls and Automation (EFCA) software, today announced that Genpact has become a BlackLine Platinum Partner in BlackLine's global Business Process Outsourcing (BPO) Partner Program.
The partnership combines Genpact's record-to-report process and domain-specific F&A expertise with BlackLine's unified SaaS (Software as a Service) platform to provide a transformative end-to-end Business Process as a Service (BPaaS) solution designed to help global enterprises automate and optimize account reconciliation, manual journals, inter-company transactions, and traditional manual financial close processes – and eventually, additional critical processes across their entire finance and accounting (F&A) organizations.
The joint Genpact-BlackLine BPaaS solution will deliver enhanced accuracy, greater regulatory compliance and reduced costs to clients with complex, high-volume monthly and year-end core accounting processes based on a single, consistent, controlled, and fully transparent process with simple client management and hand-off capabilities. This solution supports Genpact's Lean Digital approach that combines digital technologies, design thinking, and Lean management principles to generate optimum business value from digital investments across front, middle and back-end operations for clients.
"Genpact's close-to-disclose process transformation efforts have always been about reducing our clients' business process costs, optimizing their process effectiveness and efficiencies, as well as improving the ability to capture, validate, and provide the timely and accurate financial data necessary to meet regulatory requirements," said Shantanu Ghosh, senior vice president, CFO Services and Consulting, Genpact. "The BPaaS solution we're offering through our partnership with BlackLine will enable us to generate even further agility, regulatory safeguards, and positive bottom-line contribution to our clients."
Since the enactment of Sarbanes-Oxley in 2002 and other regulatory reforms, organizations have strived to improve their internal controls for their financial reporting. Yet, weaknesses and inefficiencies in their accounting processes continue to lead to mistakes on enterprises' balance sheets and overall inaccuracies in their recorded financial results. These, in turn, can lead to significant bottom-line losses, multimillion-dollar fines and a loss of reputation in the marketplace.
Genpact and BlackLine are working together to deliver value and bottom-line results to a number of companies in various industries around the world. Genpact is a platinum sponsor of BlackLine's InTheBlack Annual User Conference being held this week, November 15-18 in Atlanta.
"BPO partnerships are a strategic, global initiative for BlackLine and an integral part of our Go-To-Market strategy, particularly as we look to extend our BPO investment and support in regions such as India and Eastern Europe," Chris Murphy, chief revenue officer, BlackLine, said. "Genpact is among the world's leading BPO providers and is effectively leveraging its Lean Digital approach along with digital technologies, process excellence, analytics, and industry domain expertise to drive business impact for its clients' operations. Our combined offering delivers F&A outsourcing transformation that is leading the market and helping elevate select companies to 'Modern Finance' status."
More information about Genpact's F&A solutions is available at: genpact.com/home/solutions/finance-accounting. More information about BlackLine's finance controls and automation platform is available at: https://www.blackline.com/finance-controls-and-automation.
BlackLine is a leading provider of Enhanced Finance Controls and Automation (EFCA) software and the only one that offers a unified cloud platform supporting the entire close-to-disclose process. The BlackLine Finance Controls and Automation Platform is designed to help midsize companies and large enterprises significantly improve the accuracy of their financial reporting, achieve substantial efficiencies and improve overall visibility into their Finance & Accounting operations. Delivered through a scalable and highly secure cloud model and built from a single code base, the platform supports many key accounting and financial processes including the financial close, account reconciliations, intercompany accounting and controls assurance, fueling confidence throughout the entire accounting cycle.
More than 110,000 users across 1,200 companies in approximately 100 countries currently leverage BlackLine to increase accountant productivity and elevate controls and compliance functions to 'Modern Finance' status.
BlackLine complements existing enterprise systems for Corporate Performance Management, Governance Risk and Compliance and Enterprise Resource Planning. The BlackLine Financial Close Suite for SAP® Solutions is an SAP-endorsed business solution, joining the ranks of fewer than 40 other software offerings. BlackLine also is an SAP Gold Partner, Oracle Gold Partner, and participates in the partner programs of NetSuite and several other ERP providers.
BlackLine global headquarters are in Los Angeles, with offices in Atlanta, Chicago, London, Melbourne, New York City, Paris, Sydney and Vancouver. For more information, please visit www.blackline.com.
Genpact (NYSE: G) stands for "generating business impact." We architect the Lean DigitalSM enterprise through a unique approach based on our patented Smart Enterprise Processes (SEPSM) framework that reimagines our clients' middle and back offices to generate growth, cost efficiency, and business agility. Our hundreds of long-term clients include more than one-fourth of the Fortune Global 500. We have grown to over 70,000 people in 25 countries, with key management and a corporate office in New York City. We believe we are able to generate impact quickly and power intelligent operations for our clients because of our business domain expertise and experience running complex operations, driving our unbiased focus on what works and making technology-enabled transformation sustainable. Behind our passion for technology, process, and operational excellence is the heritage of a former General Electric division that has served GE businesses since 1998. For additional information, visit Follow Genpact on Twitter, Facebook, LinkedIn, and YouTube.
For more information:
Gail Marold (Genpact Media
Dan Wilson (For Genpact U.S.)
Ashley Dyer (For BlackLine)