Next Generation Cloud-Based Automation Solution Helps CFOs Rearchitect Finance Operations via Genpact's Lean DigitalSM Approach
Genpact transforms record-to-report processes with new updates to Financial Controllership Suite
NEW YORK, Oct. 8, 2015 -- Genpact (NYSE: G), the architect of the Lean DigitalSM enterprise, today announced the next generation of its Financial Controllership Suite, which includes new automated reconciliation and journal entry modules allowing CFOs to completely rearchitect how their finance teams work.
Built on Genpact's Lean-inspired and patented Smart Enterprise ProcessesSM (SEP), the cloud-based solution provides greater visibility across multiple data sources, such as enterprise resource planning (ERP) systems, banking applications, and other recordkeeping databases. The new automated modules streamline reconciliation and journal entry processes, improve internal controls and audit trails, encourage faster decision making, and reduce training costs. Financial Controllership Suite – part of Genpact's Systems of Engagement™ portfolio that overlays cloud-based technology on top of clients' existing systems to transform operations – also improves financial integrity by standardizing processes and fostering easier compliance.
Finance teams face tight deadlines during the month-end close cycles, often wasting scarce and valuable resources by correcting mistakes made with manual-intensive processes. Instead of providing strategic insights and serving as a forward-thinking advisor to management, many CFOs struggle with understaffed teams that are pressed for time, and must cope with disparate data sources, manual spreadsheets, localized processes, and multiple legacy systems.
Genpact addresses these challenges by rearchitecting critical back-office functions through a unique approach that applies Lean and design thinking principles to technology. By combining cutting-edge automation tools with Genpact's deep process expertise, including experience in designing, transforming, and running financial and accounting (F&A) operations for many global clients, the Financial Controllership Suite significantly improves efficiencies and productivity.
The solution provides a single integrated platform: one easy configurable system, one source of information, and one consolidated workflow that links to all of the company's information across multiple locations. This enhanced visibility drives smarter, faster, and more effective finance functions. As a result, CFOs and their teams, can impact business outcomes with bottom-line benefits that:
- Eliminate waste: Finance teams get work done in less time, with less effort, lower audit fees, and minimal paper storage costs.
- Get resources back: Financial Controller Suite helps reduce reconciliation cycle time up to 50 percent, improve productivity by 10 to 20 percent, and more quickly identify issues impacting the financial close period which speeds the process as whole.
- Reduce market risk: The solution embeds client-specific operational policies into its automated workflow, providing the necessary controls to document compliance and avoid any last-minute surprises.
"With our Lean Digital approach and new automation tools, our Financial Controllership Suite provides far-reaching benefits that drive true business impact, making Genpact's F&A services the broadest of its kind in the industry," said Sanjay Srivastava, senior vice president and chief digital officer. "We have many F&A clients who can take advantage of this solution to help their finance teams work smarter and faster, allowing CFOs to take on more critical, strategic roles to deliver greater value to their organizations."
Genpact's Financial Controllership Suite is a cloud-based software-as-a-service platform, providing quick implementation and easy scalability without heavy capital or data center investment. It requires minimal technology support and relieves IT departments of the need for continual application upgrades.
The Financial Controllership Suite is part of Genpact's family of F&A solutions that also include Accounts Receivable Management Suite, Enterprise Supplier Management, as well as industry-specific solutions using robotics process automation and other leading technology. The solutions connect all relevant F&A components across an enterprise, making finance operations more intelligent, able to execute faster and more accurately, and adapt over time.
For more information, see Genpact System of Engagement for Record to Report (R2R): Controllership Suite, and www.genpact.com/leandigital.
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 OperationsSM 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. Follow Genpact on Twitter, Facebook, LinkedIn, and YouTube.
For more information:
Gail Marold (Genpact Media Relations)
Dan Wilson (For Genpact U.S.)
Will Painter (For Genpact Europe)
+44 (0)207 309 1131