THE POWER OF PARTNERSHIP
In 2013, the client adopted the Global Business Services (GBS) model for transforming select functions within the finance organization, which included processes such as Source to Pay (S2P), Record to Report (R2R), Order to Cash (O2C), and taxation. For the year 2014, the newly setup GBS organization had a target to reduce costs, while enhancing compliance and customer satisfaction.
Collaborative effort to drive process transformation and to achieve set targets
The company was able to envision a transformation roadmap with a clearly defined targets, ownership, and timelines.
The key drivers included:
- Lean Six Sigma initiatives to reduce non-value added steps and increase processing productivity at Genpact locations.
- Automation through the implementation of Vendor Invoice Management (VIM) and Supplier Relationship Management (SRM) in the S2P process.
- Process optimization/redesign through assembly line creation in R2R, standardization of key activities in the close process, and vendor master data redesign.
- Other initiatives to support business (e.g., working capital) and to drive customer satisfaction (e.g., process simplification for critical/sensitive stakeholders such as HCPs) and improve compliance (e.g., GTP, internal controls framework)
Over a period of 12 months, more than 20 projects were designed and completed that allowed the company to meet productivity and savings targets within agreed timelines.
The key to success:
- Teamwork and close collaboration between partners
- Continuous focus on the agreed objectives and timelines, rigor, and monthly governance
- End-to-end process approach
- Leadership sponsorship and support