Turn finance into a partner for growth

Challenge

Drowning in data, unable to surface insights

Agile, forward-looking finance functions are becoming strategic partners to their businesses. These partners deliver real-time, predictive insights on enterprise performance. They uncover revenue opportunities, keep the company compliant,and enable quality user experiences. When finance teams operate at their best, they can close the books on-demand, run seamless procure-to-pay processes, automate order to cash, and deliver insightful reports for smarter decision making.

But many organizations struggle to realize this vision. They have inflexible and fragmented structures and operating models; they also suffer from manual, error-prone processes, together with backward-looking financial planning and analysis. They battle against legacy systems and disconnected data, while also facing the challenge of reskilling their people. As a result, finance teams spend too much time collecting, collating and crunching numbers, and not enough uncovering the insights that support strategic decisions.

These shortcomings compromise F&A in several ways:

• Increased compliance risks from manual, disjointed processes with no end-to-end audit trail
• Limited visibility from disparate data sources
• Inconsistent reporting by finance and enterprise risk teams
• Poor productivity without standardized approaches
• Poorly informed decision making due to limited access to data and insights
• A weak working capital position from increasing days sales outstanding
• Customer, partner and supplier dissatisfaction

As finance leaders’ priorities shift towards supporting growth they must first address each of these challenges.

Solution

Remove burdens, release insights

Genpact’s Finance and Accounting Consulting Services guide organizations as they transform into future-ready finance functions. Our hands-on experts transform finance, eliminate the burden of transactional processes, and arm leaders with intelligent insights that support major business decisions (Figure 1).

Three core assets help us accelerate this journey:

• The right mix of F&A domain knowledge, design thinking, digital technologies, and analytics
• Genpact Cora, our AI-based platform that accelerates digital transformation, automates processes, improves agility, and delivers timely reports and performance insights
• Proprietary performance and governance frameworks that drive world-class finance functions

Unveiling new dimensions for F&A

See how we can support your business:

Finance strategy and transformation: We make sure your finance operating model, including process, technology, information, controls, and people, are ready for the future. We build on finance process diagnostics and benchmarks, robust master data management (MDM), embedded analytics, and advanced digital technologies.

Finance operational excellence: We don’t believe in silos. We look at functions end to end to deliver seamless processes for procure to pay, record to report, and order to cash. That includes ERP design, too. We use our Lean DigitalSM approach so you benefit from design thinking, lean methods, digital technologies, and our deep process knowledge. And we break down barriers by identifying common data sets and eliminating duplication across finance, risk, and treasury.

Enterprise performance management (EPM): Companies survive and thrive by the decisions they take. But without access to real-time internal and external data, together with advanced analytics, they won’t have the right insights. We redesign EPM functions so they become strategic business partners. We transform reporting, shifting the focus from the past to the future.

Enterprise risk and compliance (ERC): We help you stay current with regulations and build an integrated compliance function. We embed digital technology, offer Sarbanes–Oxley compliance support, and design and implement internal audit programs. And with a global controls hub, you can transform third-party risk, T&E compliance, IT risk management, and internal controls.

Global business services (GBS) strategy and organizational design: Whether your business has a mature GBS function or is early in the journey, our insights and experience in designing, transforming, and running shared services help you meet your objectives. With our assessment tools, design frameworks, and digital technologies, we unlock value and achieve best-in-class operations, turning GBS into a source of innovation.

GBS build and implementation: We realize your GBS vision with our experience in establishing delivery centers around the world. This includes program management, transition methods, operational excellence frameworks, change management, hiring strategies, facility management, and business-continuity planning.

GBS operations: We keep your operations moving with our GBS managed services. We offer flexible support, including program, people, process, and infrastructure management. Plus, our service delivery frameworks help you stabilize operations, nurture a culture of high performance, and identify opportunities for innovation

Change management services: We customize our frameworks to help you plan a change strategy that aligns stakeholders, supports communication, defines roles, and manages knowledge.

Master data management (MDM) for finance: Robust master data – whether for products, vendors, materials, or customers – is essential for harnessing insights. We provide MDM strategy and roadmap design, data governance and maturity assessments, and master data migration. We design centers of excellence and offer MDM technology implementation services with clear processes and controls.

Impact

An insight-led, agile finance function

In a world of volatility, finance functions must become agile. The ability to quickly adjust to changing customer needs is a differentiator we deliver. Working with finance leaders across industries, we use digital technologies to make transactional activities invisible while augmenting the workforce and providing senior leaders with greater access to insights and predictive analytics for faster, more robust decision making.

We deliver impact for global businesses:

• For a consumer goods major, we transformed F&A across 22 key markets, created six highly productive global centers, and used digital technologies – powered by Genpact Cora – to transform finance operations across 75 countries and 150 processes. This resulted in better service, improved accuracy, enhanced governance and compliance, faster time to market, and 41% lower operational costs

• We used design thinking to accelerate the financial close process for a global engineering and consultancy firm, resulting in a 75% productivity gain over five years

• Partnering with a top brewery company, we designed a finance shared services center for all its operating companies. Our change management approach delivered a fast transition with zero surprises

• Using machine learning and AI to automate the creation of management reports, we helped an insurance major generate reports 44% faster with better transparency and insights

• We transformed master data management for a global life sciences company, saving it $98 million through better spend visibility and compliance

• We designed a risk management and control function for a global consumer goods firm to identify and resolve risks in real time. We reduced auditing efforts, enhanced controls visibility and automation, and rationalized costs by 50%

• A global diversified bank wanted to make the regulatory reporting process for its legal entities more efficient. By introducing robotic process automation to the process, we’re delivering 75% faster cycle times and freeing up personnel time to work on more valuable tasks

What analysts say about Genpact’s F&A services

Top-ranked research and analyst firms recognize Genpact for its superior F&A services. Gartner positioned Genpact in the leaders’ quadrant as an F&A service provider and so have Everest Group and IDC. HfS Research placed us in its F&A Winner’s Circle, citing our commitment to developing AI and robotic process automation solutions for clients.

Why Genpact

Genpact is recognized as a global leader in F&A services. With over 35,000 subject matter experts, 1,500 of whom are F&A consulting experts, providing services to over 200 clients in 30 languages, across 25 countries, we bring our passion and experience to work every day. Having brought our finance consulting services to leading global corporations and delivered a cumulative business impact worth over $16 billion to clients, we build on our deep insights and knowledge in every engagement. We’re uniquely positioned to help your business deliver the outcomes that will differentiate it in today’s competitive environment and the future.