Genpact extends partnership with Stada for financial ops

IT consultancy and outsourcing firm Genpact has renewed its multi-year partnership with Stada, a manufacturer of consumer healthcare, generic and specialty pharma medicines. Under the partnership, Genpact will be providing services to derisk, scale, and simplify Stada’s financial operations.

The partnership between the two firms dates back to 2019, involving leveraging automation and process-harmonisation critical operation enhancement. Genpact implemented its accounting solution Cora APFlow to improve process accuracy and data transparency. Genpact has facilitated STADA's finance and procurement processes , from supplier invoicing to financial reporting, leveraging advanced technology and deep finance and accounting expertise. The companies also are now partnering to implement tools and technologies like S4HANA and generative artificial intelligence (AI).

“By combining this expertise with our digital leadership and industry knowledge, we will enhance STADA’s decision-making with actionable finance data, automate key F&A processes, and support regulatory compliance – ultimately enabling the company to continuously scale and excel in its industry,” said Sanjiv Tandon, Global Business Unit Leader, Life Sciences and Healthcare, Genpact. 

In August, Genpact expanded its partnership with Advantage Solutions to tackle similar finance and supply chain issues in the consumer packaged goods (CPG) and retail sectors. 

The collaboration is aimed at resolving inefficiencies in order-to-cash processes and supply chain management. This includes addressing deductions leakage, improving recovery of invalid claims, and automating customer service operations. The partnership is focusing on optimising supply chain planning, logistics, and fulfilment. Plans also include the development of new solutions tailored to the evolving needs of the CPG and retail sectors, incorporating the latest innovations for better operational efficiency. 

Notably, for the second quarter Genpact (follows January-December cycle) has reported a revenue reaching $1.18 billion—an increase of 6% year-over-year.