NEW YORK, Feb. 21, 2017 /PRNewswire/ -- Genpact (NYSE: G), a global leader in digitally-powered business process management and services, today announced that HfS Research, a leading industry analyst firm, has recognized Genpact in the 2016 Procurement as-a-Service Winner's Circle.
The HfS Blueprint report finds that as procurement organizations look for more flexible, modular services and delivery options, as well as innovative commercial models that facilitate collaboration, providers are rethinking their services. Design thinking, intelligent automation, actionable and accessible data, and plug-and-play digital services are rapidly becoming table stakes in procurement as-a-service.
The report evaluates 15 firms as recognized by their clients in eight areas of execution and innovation. HfS Research specifically cites Genpact as a complete, end-to-end procurement services provider with capabilities that meet organizations' transactional and strategic needs. The report highlights Genpact's investment in source-to-pay expertise, its Lean Digital℠ approach to transforming procurement functions, advanced analytics capabilities, and global access to procurement talent and thought leadership.
"Genpact is delivering the flexible solutions and commercial models that organizations are looking for, while its Lean Digital approach enables companies to address business outcomes with the right digital technologies and analytics," said Derk Erbé, HfS Research vice president, Supply Chain, Procurement, and Energy. "By successfully growing its procurement practice to offer end-to-end solutions and embedding design thinking across its solutions, Genpact has moved into the Procurement as-a-Service Winner's Circle."
Through Lean Digital℠, Genpact allows organizations to bypass legacy constraints by harnessing three complementary domains – digital process-centric technologies, design-thinking methods, and Lean principles. With these capabilities, Genpact addresses clients' challenges with innovative procurement as-a-service solutions that increase revenue, optimize working capital, improve innovation and the user experience, manage risk, and reduce cost.
For example, Genpact helped transform a global surgical products firm's procurement function, significantly reducing third-party risk, improving the user experience by introducing agile governance and supplier management, and saving $80 million in operating costs within 12 months. For a global manufacturing firm, Genpact manages the strategic sourcing of direct materials, saving $190 million in costs through the introduction of structured sourcing and a hypercompetitive negotiation process. These savings were delivered in 12 weeks, improving the firm's competitive market position in its value chain, and cutting the typical process time by 50 percent.
"Being part of the HfS Research Procurement-as-a-Service Winner's Circle reflects how we are enabling procurement functions to impact top-line growth by improving revenues, user experiences, risk management, working capital, and cost reduction through our commitment to developing agile services," said Jon Kirby, senior vice president, Procurement at Genpact. "We create value for clients by applying digital technologies, advanced analytics, and deep domain insights that result in seamless processes across both finance and procurement operations."
For more information about Genpact's procurement as-a-service capabilities, visit: http://www.genpact.com/what-we-do/business-services/procurement?source=PR022017.
For details about Genpact's Lean Digital℠ approach, visit http://www.genpact.com/leandigital/?source=PR022017. To access a summary of HfS' report, go to http://www.genpact.com/what-we-do/business-services/procurement?source=PR022017.
About HfS Research
HfS Research is The Services Research Company™—the leading analyst authority and global community for business operations and IT services. The firm helps enterprises validate their global operating models with world-class research and peer networking. HfS Research coined the term The As-a-Service Economy to illustrate the challenges and opportunities facing enterprises needing to re-architect their operations to thrive in an age of digital disruption, while grappling with an increasingly complex global business environment. HfS created the Eight Ideals of Being As-a-Service as a guiding framework to help service buyers and providers address these challenges and seize the initiative.
Genpact (NYSE: G) stands for "generating business impact." We are a global leader in digitally-powered business process management and services. We architect the Lean Digital℠ enterprise through our patented Smart Enterprise Processes (SEP℠) framework that reimagines our clients' operating models end-to-end, including the middle and back offices. This creates Intelligent Operations℠ that we help design, transform, and run. The impact on our clients is a high return on transformation investments through growth, efficiency, and business agility. For two decades, first as a General Electric division and later as an independent company, we have been passionately serving our clients. Today, we generate impact for a few hundred strategic clients, including approximately one-fifth of the Fortune Global 500, and have grown to over 75,000 people in 25 countries, with key offices in New York City. The resulting business process and industry domain expertise and experience running complex operations are a unique heritage and focus that help us drive the best choices across technology, analytics, and organizational design. For additional information, visit www.genpact.com. Follow Genpact on Twitter, Facebook, LinkedIn, and YouTube.
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