The CFO Function is very critical to the enterprise and the CFO has become a strategic partner helping to drive the vision and strategy of the overall organization. Today’s Finance leaders need to accelerate transformation bringing end-to-end value to the overall organization with an “industrialized” Finance & Accounting operation that can address volatile and uncertain market challenges. Genpact can help Finance leaders make this happen.
Genpact is a market leader in Finance and Accounting (F&A) business process transformation with over 16 years of extensive experience. Genpact helps organizations to unlock working capital, boost productivity, and ensure compliance. Our comprehensive services encompass the entire end-to-end F&A process with comprehensive governance and metrics for global processes across functional boundaries. We help to define the right strategy and business operating model that positions Finance as an effective business partner to drive growth and nurture innovation while addressing the organization’s most pressing problems. We help organizations realize their business transformation goals addressing the multiple dimensions of process, analytics, technology, and organization, and guided by operating excellence frameworks and benchmarks for continuous improvement. We have more than 21,000 F&A experts providing services to over 136 clients in 30 languages, from 44 delivery centers in 26 locations around the world.
Leading industry analysts such as Gartner, HfS, and Everest have rated our capabilities among the very best in the world.
For the fourth consecutive year, Genpact has been positioned in the Leaders quadrant for F&A services by Gartner, Inc. in its report published May 29, 2013, "Magic Quadrant for Finance and Accounting BPO.”
HfS Research’s "Blueprint Report on Finance and Accounting BPO" positions Genpact among the top worldwide Finance and Accounting (F&A) service providers, ranking the company highly for its execution abilities in successfully servicing a wide variety of longstanding clients across the high-end and mid-market segments in key vertical industries.
CFOs use our CFO Barometer resource center to take an “industrialized operations” view to parts of the Finance and Accounting function. The site helps benchmark processes, keep an eye on industry trends, and keep abreast of ways to continuously drive greater value through Finance transformation.
Our SEPSM framework employs granular data analysis, sophisticated diagnostics, cross-functional benchmarks and innovative technology to maximize process effectiveness and efficiency. Genpact applies groundbreaking Six Sigma methodologies to F&A processes, helping Finance drive value across the entire enterprise with standardized processes that are faster, more efficient, transparent, and compliant with actionable insights for better decision-making.
Our Finance and Accounting services include Accounts Payable, General Accounting, Accounting, Closing & Reporting (ACR), Treasury, Tax Services, Financial Planning & Analysis, Finance & Accounting Tools, Recovery Audit Services and Governance.
We also deliver high-end F&A services such as Product Cost Accounting, Continuous Transaction Monitoring, Finance Business Intelligence and support to Integrated Business Planning and Supplier Audit & Recovery.
Genpact's Akritiv Financial Management Suite includes modules for Order to Cash (OTC), Procure to Pay (P2P) and Record to Report (R2R), which enable end-to-end automation for key F&A activities including credit, invoicing, collections, cash, payables, and financial close processes. These solutions run on the largest, most secure, cloud computing platform in the world, are easily customized and extensible in order to leverage out-of-the-box best practices and deep analytics, as well as to optimize faster time to value for greater agility, productivity and compliance. The Akritiv solutions are plug-n-play and easily integrated into any existing ERP systems environment. These solutions have been developed by business process experts with deep process insights, so inherently drive optimized business outcomes.
We listen closely to our clients and deeply understand their business challenges and goals within the specific context of their unique business and industry mandates and trends. We help customers become more competitive by making their enterprises more adaptive, innovative, globally connected to ‘generate impact’ that results in better costs, cash, and revenue outcomes.
Generating impact for a healthcare client
A healthcare client was losing 3-10% of healthcare spending combating fraud and abuse, with one in five claims paid erroneously, adding up to potential revenue leakage of $6 million per day. Genpact’s end-to-end F&A claims management solution produced $160 million in impact by improving the accuracy of clinical reviews to 98% and reducing claims processing cycle from 21 days to 1.5.
Global on-demand reporting and analytics for a U.S. fleet operator
This U.S. Fleet Operating company had 1700 field staff spread across 350 locations in the United States, handling 600 data requests per month for billing, fleet, receivables, and fuel reports. Genpact implemented a web-based portal to receive and track all requests and improved existing reports to reduce ad hoc requests. This increased productivity by 25%, standardized reporting, and improved the 24-hour turnaround time metric for all requests to 99%.
Manage changing regulations for a global credit card company
Changes to the Card Act put 40% of industry profits at risk and included new regulations regarding late fees, grace days, and asset re-pricing. Genpact’s F&A outsourcing solution included risk management and detailed analytics capabilities, leveraged extensive simulations on the P&L to assess the impact of the new regulations and where necessary to renegotiate deals with private-label issuers. The client benefited from improved compliance tracking, product pricing and deals scenarios, as well as the strategic advantage of a highly flexible profit and loss impact simulator.
Acquisition integration for a global financial services business
After a $15 billion acquisition, this company found itself with eight financial systems and a disparate set of accounting policies and close cycles. Genpact integrated the diverse general ledgers and sub-ledgers and created a strategy for aligning policies and standardizing systems. Genpact’s solution reduced the close cycle by four days, eliminated the acquired company’s systems, and delivered new Securities and Exchange Commission (SEC) reporting data.
Best-in-class global process and technology design for a global brewery major
Inorganic growth resulted in non-standard processes and Enterprise Resource Planning (ERP) systems, with client staff spending 80% of their time on transactional work. Genpact used our transformational Smart Enterprise Processes framework to transform the company’s operating model by assessing operations in 13 countries and ultimately helping to transition to that model – generating, apart from dozens of million dollars in savings, an impact of $200 million in working capital impact, $50 million of which was delivered in the first six months after the transition.