NEW YORK, April 5, 2017 /PRNewswire/ -- Genpact (NYSE: G),
a global professional services firm focused on delivering digital
transformation, is reimagining how companies manage order-to-cash
operations via a digital finance and accounting (F&A) solution
that leverages blockchain technology in a new way to dramatically
transform operations, customer satisfaction, and cash flow
management, by eliminating billing errors and accelerating payment
time.
In most industries, approximately 70 percent of invoice disputes
occur due to inaccurate information and missing or late invoices,
which frustrates customers, and also ties up cash in accounts
receivable, delays payments, and increases costs. Genpact's
solution – which it is co-creating with clients and optimizing its
deep expertise running F&A operations for hundreds of large
multinational enterprises – uses distributed ledger blockchain
technology, allowing various internal and external stakeholders to
easily and transparently share data among multiple computer
systems. This eliminates the potential for data mismatches among
multiple parties involved in F&A functions – such as accepting
and processing orders, managing fulfilment, and generating invoices
– and as a result, reduces time spent managing disputes.
The solution drives smart contracts that deliver seamless,
automated execution of transactional data, including invoice and
contract information. This disruptive approach has the potential to
dramatically reduce the amount of past due invoices to less than 3
percent in most companies, which enhances cash flow performance,
reduces revenue leakage from disputes, and lowers costs.
Genpact's blockchain F&A solution also integrates with
customer and supplier banks, allowing visibility to transaction
status across end-to-end operations. By automating the payment
process once the transaction has been validated and approved, the
solution eliminates the potential for errors, which speeds payments
processing and delivers a more seamless customer experience.
"Industry disruption is making cycle times irrelevant in
finance. Leading companies will be those that harness the power of
digital technologies to transform processes, improve billing
quality and timeliness, and drive greater accuracy and visibility,"
said Shantanu Ghosh, senior vice
president, CFO Services and Consulting at Genpact.
"Our solution delivers an entirely new digital way to run
F&A operations. Genpact's industry-leading domain expertise
managing one of the world's largest learning data sets for F&A
processes – combined with our proven capabilities developing
digital solutions for finance organizations – gives us valuable
insights that help CFOs and their teams improve cash flow,
operating profits, and customer experiences at an accelerated pace
and in a predictable manner."
While initially conceptualized to support order-to-cash
operations, Genpact also plans to extend the blockchain solution's
scalable platform to bring transformational value across the
finance and supply chain organizations. As part of its strategy to
drive both digital-led innovation and digital-enabled intelligent
operations for its clients, Genpact leverages its Lean
DigitalSM approach, which combines design thinking
methodologies, leading digital technology and analytics, Lean
principles, and deep domain expertise to develop solutions that
generate significant business impact to create sustainable
competitive advantage.
About Genpact
Genpact (NYSE: G) is a global
professional services firm focused on delivering digital
transformation for our clients, putting digital and data to work to
create competitive advantage. We do this by integrating lean
principles, design thinking, analytics and digital technologies
with our domain and industry expertise to deliver disruptive
business outcomes – an approach we call Lean DigitalSM.
We deliver value to our clients in two ways – through digital-led,
domain-enabled solutions that drive innovation, and through
intelligent operations enabled by digital that design, transform
and run clients' operations. Our approach is continually refined in
the world's largest digital process sandbox, where we test and
improve thousands of processes. For two decades, first as a General
Electric division and since 2005 as an independent company, we have
been passionately serving our clients. We generate impact for
clients from the Fortune Global 500 and beyond, and employ over
77,000 people in more than 20 countries, with key offices in
New York City, Palo Alto,
London, and Delhi. For additional information, visit
www.genpact.com. Follow Genpact on LinkedIn, Twitter, YouTube,
and Facebook.
For more information:
Danielle
D'Angelo
(Genpact Media
Relations)
danielle.dangelo@genpact.com
+1
914-336-7951
|
Abby
Trexler
(for Genpact
U.S.)
atrexler@peppercomm.com
+1
212-931-6179
|
Mark
Pinnes
(for Genpact
U.K.)
mpinnes@peppercomm.com
+44 20 7680
7121
|
Rudra
Bose
(for Genpact
India)
rudra.bose@bm.com
+91
9811626585
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/genpact-harnesses-blockchain-technology-to-transform-fa-operations-to-improve-cash-flow-and-enhance-customer-experience-300434844.html
SOURCE Genpact