Genpact and Microsoft Forge Alliance to Boost AI in the Finance Sector
Genpact, a leading global professional services firm, has unveiled a strategic partnership with Microsoft aimed at utilizing artificial intelligence (AI) to revolutionize finance operations. By combining Microsoft's Azure OpenAI Service with Genpact's extensive experience in finance and accounting services, the collaboration seeks to empower data-driven approaches that fuel growth and enhance competitiveness.
As stated by Balkrishan "BK" Kalra, President and CEO of Genpact, the prudent deployment of Azure OpenAI Service is already demonstrating promising outcomes in the global modernization of finance operations. This initiative offers businesses swifter access to insights, fostering the development of a contemporary, actionable strategy for finance data and analytics.
"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 has revolutionized its customer collections process through the integration of AI-driven analytics and automation, while also enhancing the efficiency of invoice and payment tracking. Furthermore, the company has introduced a digital assistant based on a sophisticated large language model, utilizing advanced natural language processing (NLP) and machine learning (ML) to streamline tax document submissions. This innovative AI-driven approach has resulted in a 53% decrease in support tickets and notably enhanced the employee experience.
Drawing upon Genpact's extensive experience in AI innovation spanning decades, this partnership reinforces the company's commitment to an AI-centric approach. Focused on leveraging data, technology, AI, and strategic partnerships, Genpact aims to deliver impactful outcomes for its shareholders, clients, communities, and talent, both internally and externally.
