Genpact, a global professional services firm, has announced a strategic collaboration with Microsoft to harness the power of artificial intelligence (AI) and transform finance functions into data-driven operations that support growth and competitiveness. This partnership leverages Microsoft’s Azure OpenAI Service and Genpact’s decades-long expertise in finance and accounting services.
According to Balkrishan “BK” Kalra, President and CEO of Genpact, the responsible use of Azure OpenAI Service is already yielding early results in modernizing finance functions globally, providing businesses with faster access to insights and creating a modern, actionable finance data and analytics strategy.
“AI is revolutionizing the finance industry by enabling unprecedented levels of efficiency, accuracy, and innovation,” said Nicole Dezen, Chief Partner Officer at Microsoft. “We are thrilled to partner with Genpact to combine their domain expertise with Microsoft Azure OpenAI Service to empower finance organizations to harness the power of data to drive business transformation.”
Genpact is leading by example, modernizing its own finance function through extensive use of Microsoft’s AI tools to drive superior employee and supplier experience. By harnessing the power of data, technology, and AI, Genpact has achieved strong results across multiple areas of finance.
Vendor management automation has been enhanced with advanced AI algorithms to analyze vast amounts of supplier data, driving 85% accuracy in response and doubling supplier satisfaction. This data-driven approach, coupled with real-time communication, is driving favorable deal negotiations and reduced disputes.
Genpact’s customer collections process has been transformed with AI-powered analytics and automation, along with streamlining of invoice and payment tracking.
Additionally, Genpact has implemented a large language model-based digital assistant that uses advanced natural language processing (NLP) and machine learning (ML) to streamline tax document submissions. This AI-driven innovation has led to a 53% reduction in support tickets and significantly improved employee experience.
This collaboration builds on Genpact’s decades-long expertise in AI innovation and its AI-first strategy focused on using data, technology, AI, and industry-leading partnerships to drive outcomes both internally and externally for shareholders, clients, communities, and talent. CopyRetry
