NEW YORK, March 9, 2017 /PRNewswire/ -- Genpact (NYSE: G), a global leader in digitally-powered business process management and services, today launched its Artificial Intelligence (AI) Reporting solution that harnesses the power of AI technologies to automate financial planning and analysis (FP&A) operations and drive more timely, insightful reporting. CFOs have fast, seamless access to both internal and external data sources like never before, driving more accurate forecasts for quicker, smarter business decisions.
Financial analysts currently can spend more than two-thirds of their time on data creation, collation, and other more administrative tasks, due to inefficient manual processing, fragmented data, and inflexible legacy systems, instead of focusing on extracting strategic insights from reports. Even among FP&A functions that have implemented digital technologies, only half of companies are at best satisfied with their impact, according to a study from the Genpact Research Institute and HfS Research.
Genpact's cloud-based AI Reporting solution uses advanced digital technologies to help enterprises reimagine the end-to-end financial reporting process. By integrating structured and unstructured data from internal and external sources, and automating reporting processes with predictive analytics, natural language processing and generation, and machine learning, the solution drives greater agility to adapt to new business requirements.
"Genpact demonstrates a nuanced understanding that intelligent automation must be tailored to specific use cases," said Tom Reuner, senior vice president, Intelligent Automation and IT Services at HfS Research. "The AI Reporting solution effectively blends internal operational data and external unstructured data to explain what happened in the business, and what were likely causes. By leveraging AI, Genpact helps clients run reports in an unattended manner. As a result, finance and management executives can avoid spending long hours interpreting results; rather, they can focus on the actions needed to positively impact their company's future."
Genpact helps CFOs and their enterprises drive smarter decision-making via dynamic, predictive, actionable insights to increase revenue, margins, and cash flow, as well as improve working capital management and instill greater confidence from internal stakeholders and investors. The AI Reporting solution has the potential to automate forecasting by up to 50 percent and report generation by more than 75 percent. These efficiencies can translate into greater agility and more effective workflow, and FP&A staff have the ability to spend less than 10 percent of their time preparing data.
"Our solution collects data and generates insightful reports in only a few hours, speeding and streamlining manual tasks that otherwise can take multiple employees many days to complete," said Sanjay Srivastava, senior vice president and chief digital officer, Genpact. "Our expertise managing one of the world's largest learning data sets for FP&A processes, including running the operations of hundreds of large multinational companies, gives us valuable insights that power AI to predictably deliver accurate results. In turn, we allow CFOs and their teams to focus on deeper analyses and elevate their roles as more strategic business partners."
In developing the offering, Genpact leverages its Lean DigitalSM approach – which combines design thinking methodologies, leading digital technology and analytics, Lean principles, and deep domain expertise – to generate significant business impact. For more information about the AI Reporting solution, see http://www.genpact.com/insight/solution-overview/artificial-intelligence-powers-cfo-reporting?source=PR022017.
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 DigitalSM enterprise through our patented Smart Enterprise Processes (SEPSM) framework that reimagines our clients' operating models end-to-end, including the middle and back offices. This creates Intelligent OperationsSM 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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