NEW YORK and SAN JOSE, Calif., Aug.
4, 2020 /PRNewswire/ -- Genpact (NYSE: G), a
global professional services firm focused on delivering digital
transformation, and AppZen, a leading artificial intelligence (AI)
software for modern finance teams, today announced a partnership to
transform travel and expense (T&E) audit processes, enhancing
corporate and regulatory compliance.
The two companies will launch a regulatory
compliance-as-a-service (RCaaS) solution that significantly
advances T&E operations, allowing finance organizations to
automate processes and audit expenses within minutes of submission.
As a result, finance and compliance teams can identify T&E
exceptions in near real time, enhancing their ability to address
regulatory issues, detect adherence to corporate policies and
contract obligations, and identify spend leakages.
"As companies face pressures to ramp up sales targets, renew
contracts, and better manage expense in response to business
disruption caused by the COVID-19 pandemic, there can be risk for
increased fraud and non-compliance issues," said Alison Close, research manager, digital business
operations and analytics services, IDC, a leading industry analyst
firm. "Genpact and AppZen's partnership helps companies flag
potential fraud and non-compliance faster, all in a managed
services solution that provides greater flexibility and resilience
to address cost and productivity concerns."
AppZen's AI-powered software for finance teams complements
Genpact's digital technology expertise with its AI-powered software
for finance teams. The platform automates manual finance processes
and gains real-time insights into business spend trends by
seamlessly integrating a layer of AI software into finance
applications. Genpact and AppZen allow finance teams to understand
financial transactions more quickly and make strategic decisions
based on company policies, all while reducing operational
costs.
"With traditional manual T&E operations, generating
actionable insights is difficult and time-consuming, with inherent
exposure to risks from fraud and regulatory compliance lapses,"
said Katie Stein, chief strategy
officer and global business leader, Enterprise Services,
Genpact. "Genpact and AppZen's solution allows chief financial
and compliance officers and their teams to move from reactive
tracking to proactive, preventive controls through near real-time
monitoring of T&E and related accounts payable operations to
drive faster, smarter business decisions and significant
cost-savings opportunities."
The new RCaaS solution combines AppZen's AI finance platform
with Genpact's deep experience in digital transformation, process
knowledge, risk and regulatory advisory skills, and managing
finance and accounting (F&A) operations to help companies
optimize spend to improve cash flow and enhance internal and
external customer experiences.
"Our over 1,800 customers see an immediate value to addressing
errors, waste, and fraud before a payment is made," said
Anant Kale, chief executive
officer, AppZen. "Our AI platform, coupled with Genpact's deep
expertise from managing compliance and F&A operations for
hundreds of companies, provide enterprises with a fast, efficient
way to improve compliance and reduce costs—especially critical to
success in today's challenging business environment."
The new RCaaS solution complements and integrates with Genpact's
finance-as-a-service solution to help companies rapidly scale
and manage F&A operations for competitive growth.
See Genpact's website for more information on its partnership
with AppZen. See AppZen's website for details on its
services.
About AppZen
AppZen is the leader in AI software for
finance teams. Over 1,800 global enterprises use AppZen to automate
manual finance processes, reduce expenditures, and gain real-time
insights into their business spend trends. Our patented software
technology delivers AI deep learning, semantic analysis and Star
Match™, the only automated spend validation that processes
intelligence from thousands of data sources, documents, and images
to understand financial transactions and make decisions based on
finance policies. AppZen is the platform of choice for today's
digital CFO and their teams, including four of the top five banks,
four of the top ten media companies, four of the top ten
pharmaceutical manufacturers, two of the top five aerospace
companies, and six of the top ten software providers. Visit us at
www.appzen.com and follow us on Twitter at @AppZen.
About Genpact
Genpact (NYSE: G) is a global
professional services firm that makes business transformation real.
We drive digital-led innovation and digitally-enabled intelligent
operations for our clients, guided by our experience running
thousands of processes primarily for Global Fortune 500
companies. We think with design, dream in digital, and solve
problems with data and analytics. Combining our expertise in
end-to-end operations and our AI-based platform, Genpact Cora, we
focus on the details – all 90,000+ of us. From New York to
New Delhi and more than 30
countries in between, we connect every dot, reimagine every
process, and reinvent companies' ways of working. We know that
reimagining each step from start to finish creates better business
outcomes. Whatever it is, we'll be there with you – accelerating
digital transformation to create bold, lasting results – because
transformation happens here. Get to know us at Genpact.com and
on LinkedIn, Twitter, YouTube, and Facebook.
MEDIA CONTACTS:
Danielle
D'Angelo
Genpact Media Relations –
Americas
+1 914-336-7951
danielle.dangelo@genpact.com
Siya Belliappa
Genpact Media Relations – India
+91 9823133365
siya.belliappa@genpact.com
Katy
Garlinghouse
AppZen Media
Relations
press@appzen.com
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SOURCE Genpact