Genpact, Microsoft team up for finance transformation with AI

Genpact, a global professional services and solutions firm, has teamed up with Microsoft to push modern finance transformation across enterprises. Their joint effort aims to revolutionize finance organisations worldwide by leveraging data, technology, and AI for innovation. 

This collaboration brings together Microsoft Azure OpenAI Service and Genpact's expertise to propel finance organisations into the future. The goal is to facilitate faster decision-making backed by robust data and AI foundations. 

“Genpact has decades-long expertise and leadership in finance and accounting services. Our strategic collaboration with Microsoft will drive the next wave of finance transformation using AI to transform finance functions into strategic, data-driven operations that support growth and competitiveness, said Balkrishan “BK” Kalra, President and CEO, Genpact. 

Genpact's utilisation of Azure OpenAI Service is already yielding promising results. By modernizing finance functions globally, they are providing businesses with quicker access to insights and establishing modern, actionable finance data and analytics strategies, as per the company. 

“AI is revolutionising the finance industry by enabling unprecedented levels of efficiency, accuracy, and innovation,” said Nicole Dezen, Chief Partner Officer, Microsoft. “We are thrilled to partner with Genpact to combine their domain expertise with Microsoft Azure OpenAI Service to empower finance organisations to harness the power of data to drive business transformation.” 

Genpact is also revamping its own finance function by extensively utilizing Microsoft’s AI tools to enhance employee and supplier experiences. By harnessing the power of data, technology, and AI, Genpact has achieved notable results across various finance areas like enhanced vendor management automation using advanced AI algorithms has led to an 85% accuracy rate in responses and doubled supplier satisfaction. 

AI-powered analytics and automation have transformed the customer collections process, along with streamlining invoice and payment tracking. Implementation of a large language model-based digital assistant has resulted in a 53% reduction in support tickets and significantly improved employee experience by streamlining tax document submissions.