- Case study
Fixing finance for future growth
By practicing what we preach
Ourselves
We provide professional services to a client list that includes many Fortune 500 companies.
As a result of rapid growth, Genpact had a jumble of inflexible finance systems, processes, and policies across regions and entities. So it was hard to make informed decisions supporting future growth.
Using a design-thinking approach, we transformed our finance processes. We unified enterprise resource planning (ERP) across 140 entities in 44 countries using cloud-based applications.
Genpact’s priority was to do better with its finance function. Systems and policies were inconsistent, and the creation of a single view of company performance was time consuming and complex. Management couldn’t make decisions based on the latest and best information. So we adopted the same approach we take with our clients. We used design thinking and sought out the best digital technologies to transform finance and support business growth.
Challenge
Since spinning off from GE in 2005, Genpact has grown organically and made several acquisitions. That created an operating environment with too many distinct systems that were difficult to integrate.
We needed a scalable yet effective operating model—with standardized, simplified and well-integrated finance processes—that provided one view of company performance and supported business growth. Several processes presented challenges:
Solution
The goal: Transform finance, using digital to help simplify, standardize, and consolidate all processes and policies. Just as we do with our clients, we used our best techniques. We combined design-thinking principles, Lean methods, digital technologies, analytics, and domain expertise to build a Lean Digital enterprise. This agile and scalable environment would support growth, improve margins and compliance, and reduce risk.
The first phase focused on design thinking: We identified the problem, determined the outcomes we wanted, established our requirements, and created a wish list. We wanted seamless integration of finance with end-to-end processes, such as sourcing and procurement, and sales. That called for a holistic approach from the outset. So we defined policies, mapped processes, and plotted the technology roadmap.
In the second half of the project, we identified partners and worked with them to evaluate our technology applications. We came up with new solutions where needed and rolled out pilots to test them. To standardize and simplify the business processes, we introduced Oracle across 140 entities in 44 countries. For each work stream—procure to pay, order to cash, and record to report—we implemented best-in-class point solutions alongside Oracle. Then we created shared services to ensure best practices and deliver innovation.
Here’s what we did for each workstream:
Senior management backed us all the way—and that was key in helping the company manage the transition to new processes and systems. We appointed global process owners for each workstream. They collaborated with all stakeholders and partnered with change agents to create a noise-free transition.
Impact
Transforming finance also helped us reimagine the middle and back office to support growth, cost efficiency, and business agility. And the project brought other real benefits, including:
The project solved a great number of challenges:
We capitalized on our deep domain experience, brought in the latest technologies, and used design thinking to transform the way we run finance. That set the tone for creating agile operations throughout the organization and put Genpact on the path to sustainable growth.