The global provider of professional services and solutions, Genpact (NYSE: G), and Microsoft today announced their partnership to promote contemporary financial transformation across businesses. The partnership is centered on leveraging technology, data, and AI to drive innovation for international financial institutions.
With the help of this partnership, Microsoft Azure OpenAI Service and Genpact’s expertise will combine to transform finance organizations into the engines of the future, enabling faster decision-making supported by a foundation of data and AI. The financial sector stands to gain significantly from the latest advances in AI technology.
“BK” Kalra, President and CEO of Genpact, stated that the company has led the way in accounting services and has decades of experience in finance. “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.”
By using Azure OpenAI Service responsibly, Genpact is modernizing finance activities globally, providing organizations with faster access to insights, and developing a cutting-edge, actionable finance data and analytics strategy. These early findings are encouraging.
According to Nicole Dezen, Chief Partner Officer at Microsoft, “AI is revolutionizing the finance industry by enabling unprecedented levels of efficiency, accuracy, and innovation.” “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.”
By utilizing Microsoft’s AI tools extensively, Genpact is also modernizing its own financial operation in order to improve the experience of its suppliers and employees. Utilizing technology, data, and artificial intelligence, Genpact has produced impressive outcomes in a number of financial domains, including:
With the use of cutting-edge AI algorithms, Genpact has improved vendor management automation. By analyzing large volumes of supplier data, the company has doubled supplier satisfaction and achieved 85% accuracy in responses. Real-time communication combined with a data-driven strategy is facilitating successful transaction negotiations and fewer disagreements.
Invoice and payment monitoring have been streamlined, and AI-powered analytics and automation have revolutionized Genpact’s customer collections process.
Genpact has introduced a large-scale language model-based digital assistant that automates the submission of tax documents with sophisticated machine learning (ML) and natural language processing (NLP). The employee experience has greatly improved and support requests have decreased by 53% as a result of this AI-driven innovation.
Genpact’s decades-long experience in AI innovation and its AI-first strategy, which focuses on leveraging data, technology, AI, and industry-leading partnerships to drive outcomes for clients, communities, shareholders, and talent, are strengthened by this relationship.
