Genpact, ServiceNow team up for AI-driven Source-to-Pay solutions

IT companies Genpact and ServiceNow on Wednesday announced that they have expanded their partnership to deliver Source-to-Pay applications for finance and supply chain operations. This collaboration combines the capabilities of professional services firm Genpact and digital workflow company ServiceNow, according to the company.

The expanded partnership aims to accelerate team productivity, simplify the user experience, and increase cost efficiency by leveraging ServiceNow's artificial intelligence (AI) capabilities and Genpact's expertise.

The Source-to-Pay offering from Genpact uses ServiceNow's generative AI capabilities to quickly and accurately identify, understand, and extract data from finance and supply chain documents. This automation saves valuable time for teams, even when dealing with documents that have varied text, formatting, and templates.

Dropbox is one organisation that has already deployed the Source-to-Pay solution for procurement, sourcing, and case management operations. By leveraging Genpact's domain and technology expertise along with ServiceNow's sourcing and procurement operations platform, Dropbox has been able to cut the procurement cycle by 50%, improving user experience, efficiency, and cost control.

The Source-to-Pay offering includes solutions such as sourcing and procurement operations, supply chain management, and accounts payable (AP). These solutions aim to deliver a centralised and efficient digital procurement experience for suppliers, buyers, and employees, foster better collaboration with suppliers, and enhance collaboration between suppliers, business units, and finance.

To ensure clients have access to these solutions, Genpact and ServiceNow have committed to significant team expansion. Genpact has more than doubled its business on the ServiceNow platform since 2020 and plans to further expand its resources and staffing.

The Source-to-Pay and Procure-to-Pay functions in the procurement process are evolving dramatically as leading companies in several industries, as well as third-party service provider firms, move procurement into their platform operations model.

According to a report by Fortune Business Insights published in November, the global Source to Pay Market size is projected to reach $70.72 billion by 2030, with a CAGR of 55.7% during the forecast period.