NEW YORK, Nov. 11, 2015 /PRNewswire/ -- Genpact (NYSE: G), the architect of the Lean DigitalSM enterprise, today announced the next generation of its Enterprise Supplier Management platform, a cloud-based automation solution that transforms procurement operations to help streamline processes, enable prompt payments, and increase efficiencies and productivity.
Built on Genpact's Lean-inspired and patented Smart Enterprise Processes (SEPSM) methodology, this software-as-a-service platform combines automation with advanced workflow to shorten cycle times, and simplify approval and resolution processes. The solution links accounts payable information across multiple locations to speed invoice processing and lower costs, including capturing supplier discounts. Updates include an integrated supplier inquiries management module with advanced help desk capabilities, and a customer portal with easy-to-access dashboards to process approvals and resolutions. The enhancements provide greater visibility that drives smarter, faster, and more intelligent procurement functions.
Finance and accounting (F&A) teams struggle with multiple disparate enterprise resource planning systems and manual processes. With on average only 60 to 70 percent of invoices paid on time, many companies miss taking advantage of suppliers' favorable terms, such as early-payment discounts. For savvy procurement teams, this opportunity can amount to as much as 3 percent of annual spending, which represents millions of dollars in potential savings. Moreover, a lack of transparency across the entire procurement lifecycle causes higher operating costs, lengthy disputes and payment cycles, and lower policy compliance. Outdated, cumbersome operations leave many suppliers dissatisfied.
Genpact addresses these challenges by rearchitecting critical middle- and back-office functions through a unique approach that applies Lean management and design thinking principles to technology. By combining cutting-edge automation tools with Genpact's deep process expertise, chief financial officers, chief procurement officers, and their teams can work smarter and faster, impacting business outcomes that:
- Optimize corporate spend through reduced cycle times, lower supplier costs, tighter controls drive up to 40 percent higher productivity.
- Drive faster approvals and payments by implementing automated workflows that ensure timely payment by leveraging mobility, built-in reminders, and escalations.
- Improve supplier satisfaction and compliance with a supplier portal that provides real-time access to billing and payment information, and reduces inquiry calls by up to 60 percent. Suppliers also can access and digitally sign invoices to address compliance concerns.
- Speed processing and lower paper costs by electronically capturing invoices from multiple sources, and prioritizing them based on configurable rules and smart analytics.
- Increase accounts payment visibility by utilizing process analytics to provide F&A teams with configurable reports and dashboards on transactions and key performance indicators.
Enterprise Supplier Management is part of Genpact's Systems of Engagement™ portfolio, which overlays cloud-based technology on top of clients' existing systems to transform operations. The software-as-a-service platform provides quick, easy implementation and scalability without heavy capital investment, and requires only minimal technology support.
"Genpact's Lean Digital approach delivers the most cutting-edge automation tools to drive increased performance and better risk management for smarter, more agile procurement and accounts payable operations," said Sanjay Srivastava, senior vice president and chief digital officer. "Our solution is unique in the industry in how we align technology with Lean and design thinking principles to simplify complex processes and impact business outcomes."
Genpact's family of F&A solutions includes Enterprise Supplier Management, as well as Order-to-Cash Accounts Receivable Management Suite, Financial Controllership Suite, and additional industry-specific offerings that use robotics process automation and other leading technology. The solutions connect all relevant F&A components across an enterprise, making finance operations more intelligent, able to execute faster and more accurately, and adapt over time.
For more information, see Genpact System of Engagement for Accounts Payable Automation: Enterprise Supplier Management, and www.genpact.com/leandigital.
About Genpact Genpact (NYSE: G) stands for "generating business impact." We architect the Lean DigitalSM enterprise through a unique approach based on our patented Smart Enterprise Processes (SEPSM) framework that reimagines our clients' middle and back offices to generate growth, cost efficiency, and business agility. Our hundreds of long-term clients include more than one-fourth of the Fortune Global 500. We have grown to over 70,000 people in 25 countries, with key management and a corporate office in New York City. We believe we are able to generate impact quickly and power Intelligent OperationsSM for our clients because of our business domain expertise and experience running complex operations, driving our unbiased focus on what works and making technology-enabled transformation sustainable. Behind our passion for technology, process, and operational excellence is the heritage of a former General Electric division that has served GE businesses since 1998. For additional information, visit www.genpact.com. Follow Genpact on Twitter, Facebook, LinkedIn, and YouTube.
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