Hitachi to Transform Back Office with the Support of Genpact Development of Hitachi's finance function part of its Smart Transformation strategy, signaling broader Japanese market's evolution
NEW YORK and TOKYO, Aug. 5, 2014 /PRNewswire/ -- Genpact Limited (NYSE: G), a global leader in designing, transforming and running business processes and operations, has been selected by diversified manufacturing leader Hitachi to transform and outsource a number of finance and accounting (F&A) operations to support Hitachi's Smart Transformation strategy aimed at optimizing and streamlining operations while ensuring continued global growth and innovation.
As one of the largest and most respected companies in the world and a Japanese industry leader, Hitachi illustrates how Japanese companies are responding to changing market conditions by establishing cost effective yet robust and scalable industrialized operations, allowing them to reallocate resources to expand into other geographies and continue to innovate. The partnership between Hitachi and Genpact also shows the value of Lean and Six Sigma principles, originated in Japan more than thirty years ago, implemented beyond the production floor and into business process services delivery – a practice which Genpact pioneered for General Electric fifteen years ago.
Genpact, a F&A services market leader, will also provide its domain expertise including its Smart Enterprise Processes (SEPSM) methodology for transforming business processes, in addition to its global footprint and specialized technology and analytics. Genpact will increase its Japan footprint by assuming management of the highly respected Finance Solution Business Division of Hitachi's shared services unit, Hitachi Management Partner Corporation, including 170 employees, in addition to further investing in reengineering and consulting capabilities in the market.
"In order to grow and be a leading company in a global market, the Hitachi Group is accelerating the 'Hitachi Smart Transformation Project.' We believe this BPO initiative will make Hitachi's business process in Japan much more efficient and will also improve the quality of its operations," said Toyoaki Nakamura, executive vice president and executive officer, CFO, Hitachi, Ltd.
"As part of our unique culture and services delivery model, Genpact will serve as a virtual extension of Hitachi's operations," said Tiger Tyagarajan, president and CEO, Genpact. "This long-term partnership also is a testament to Genpact's strategy to invest in Japan, as well as continuing to evolve F&A capabilities for the benefit of our most important clients."
Genpact has a longstanding commitment to the Japanese market, having operated there since 2000, with 2,500 employees serving a number of major clients including Nissan and GE Japan. With offices in Tokyo and Yokohama and additional delivery for Japan from Dalian, China, Genpact also continues to invest in its Japanese management team. As one of its key growth geographies, Genpact aims to employ over 1,000 professionals in Japan in the next three years.
About Hitachi, Ltd.
Hitachi, Ltd (TSE: 6501), headquartered in Tokyo, Japan, delivers innovations that answer society's challenges with our talented team and proven experience in global markets. The company's consolidated revenues for fiscal 2013 (ended March 31, 2014) totaled 9,616 billion yen ($93.4 billion). Hitachi is focusing more than ever on the Social innovation Business, which includes infrastructure systems, information & telecommunication systems, power systems, construction machinery, high functional materials and components, automotive systems, healthcare and others. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
Genpact Limited (NYSE: G) is a global leader in designing, transforming and running business processes and operations, including those that are complex and industry-specific. Our mission is to help clients become more competitive by making their enterprises more intelligent through becoming more adaptive, innovative, globally effective and connected to their own clients. Genpact stands for Generating Impact – visible in tighter cost management as well as better management of risk, regulations and growth for hundreds of long-term clients including more than 100 of the Fortune Global 500. Our approach is distinctive – we offer an unbiased, agile combination of smarter processes, crystallized in our Smart Enterprise Processes (SEPSM) proprietary framework, along with analytics and technology, which limits upfront investments and enhances future adaptability. We have global critical mass – 66,000+ employees in 25 countries with key management and corporate offices in New York City – while remaining flexible and collaborative, and a management team that drives client partnerships personally. Our history is unique – behind our single-minded passion for process and operational excellence is the Lean and Six Sigma heritage of a former General Electric division that has served GE businesses for more than 15 years. For more information, visit www.genpact.com. Follow Genpact on Twitter, Facebook, and LinkedIn.
SOURCE Genpact Limited