- Solution overview
Supply chain volatility, rising costs, and a need to prioritize sustainability are constantly challenging every enterprise. When budgets are low, but the business demands are high, procurement teams need a simple way to take control of spend. Here, we explore how Genpact's procurement-as-a-service can help.
Rising risks, costs, and inefficiencies
Procurement is at the heart of each business. And for a good reason – the procurement team plays a vital role in managing spend across every corner of the enterprise. But a lack of upstream and downstream process integration, complex systems, and ineffective workflows result in slow procurement cycles, poor employee satisfaction, and rogue spending.
Worse still, if employees across the business don't feel that procurement adequately supports them, they will find more secretive – and riskier – ways to procure the products and services they need to get their work done.
What procurement teams need is an innovative approach that connects people, processes, and technology across procurement to improve the experience for everyone.
Cloud-based procurement that puts people first
Genpact's procurement-as-a-service solution brings together ServiceNow's Source-to-Pay Operations platform with Genpact's sourcing and procurement expertise. It delivers a centralized and efficient digital procurement experience for suppliers, buyers, and employees.
- A cloud-based procurement solution that combines the best of ServiceNow and Genpact's capabilities. With the cloud, we remove the need for costly upfront investments and reduce the time it takes to set up new technology and infrastructure.
- A unified smart portal with an "anytime, anywhere" purchasing experience creates seamless, integrated workflows to connect data across departments and systems. This allows procurement to offer a better experience to its teams, suppliers, and stakeholders.
- Source-to-pay, change management, and process optimization best practices, plus ServiceNow expertise for architecture, design, configuration, and deployment. As a result, it will take less time to deploy and less time to realize business value.
- Better collaboration with suppliers to identify and resolve issues faster and reduce the time required to qualify new suppliers and manage the supplier lifecycle.
- Accelerator packages: Speed up source-to-pay operations with Genpact's procurement-as-a-service accelerators. Accelerator tools ensure policy compliance for off-contract requests and offer dashboards for real-time visibility into procurement data, allowing you to track KPIs effectively and make informed decisions at speed.
Less rogue spending, better metrics, and enhanced processes
Our solution helps procurement teams take control of spend and demonstrate their value across the organization. We eliminate complex, manual, and time-consuming operations to help procurement teams do their best work.
With one standardized and automated procurement platform, you can:
- Improve the user experience with a simplified and effortless interface
- Digitize processes to cut rogue spending, increase compliance, and reduce cost-to-serve with a faster turnaround time
- Boost productivity by redirecting procurement expertise to high-value activities
- Enable end-to-end visibility into procurement activities
- Improve source-to-pay processes
- Make better decisions thanks to real-time insights
With this approach, Genpact has helped clients achieve:
- Up to 67% reduction in procurement cycle time
- 30–50% cost savings thanks to better operational efficiency
- Higher customer satisfaction with a self-service portal that automates, triages, and processes thousands of inquiries each year
Genpact's procurement-as-a-service in action
A global medical technology company was unable to scale procurement operations to cope with its current and projected business growth. We deployed Genpact's procurement-as-a-service offering to connect biomedical field technicians and back-office procurement agents. This collaboration led to a 67% improvement in procurement cycle times.
For a global financial services company, a lack of standardized and connected procurement processes led to inefficient request resolution and poor employee and supplier experiences. We developed a single platform to streamline request inflows and built a dedicated knowledge management portal to transform end-to-end procurement operations. This self-service capability for suppliers led to a 20% reduction in requests and a 50% faster request resolution service thanks to automation.