NEW YORK, May 17, 2018 /PRNewswire/ -- Genpact (NYSE: G), a global professional services firm focused on delivering digital transformation, was recently named a leader in procurement services by IDC MarketScape.
The report, IDC MarketScape: Worldwide Procurement as a Service 2018 Vendor Assessment (doc #US42630617, February 2018) highlights Genpact's use of digital technologies across the procurement value chain, including its artificial intelligence (AI)-based Genpact Cora platform. IDC also cites Genpact's advanced analytics which help clients quickly drive smarter, more strategic business decisions that contribute to growth.
"Genpact's clients stress its advanced technologies, robust analytics capabilities and tools, and deep process and domain expertise as reasons why they view Genpact as a strategic partner to speed transformation that directly support companies' business goals," said Alison Close, leader of IDC's Worldwide Finance and Accounting, BPaaS, and Analytics Services practice. "Genpact also stands out among its peers specifically for its full-time dedicated resources in its worldwide procurement services practice."
Delivering business impact
Today's procurement organizations play increasingly important roles to drive strategic corporate growth. Genpact helps companies deliver business impact by transforming procurement operations to improve earnings, optimize working capital, mitigate risk, drive operational efficiencies, and enhance user experience to internal customers and external partners.
For example, Genpact reimagined how a global aerostructures manufacturer sources direct materials, which helped the manufacturer's largest customer to sell more airplanes. Transforming procurement operations supported the customer's growth strategy by streamlining the supplier base, and in turn minimizing risks and speeding source-to-contract timelines. Results included between $200-300 million annual savings in direct material costs, with estimates of $1.3 billion over the lifetime of airplane contracts. Genpact also helped the manufacturer foster cross-functional collaboration and improve supplier negotiation and contract execution.
"Companies now demand more strategic value from their procurement operations to drive growth – process and cost efficiencies are just table stakes," said Shantanu Ghosh, business leader, CFO and Transformation Services at Genpact. "We continue to invest in our digital and analytics capabilities to ensure our clients have access to the best insights so they can make fast market decisions. Our approach drives holistic transformation of procurement organizations across the front, middle, and back offices for optimal business impact throughout the enterprise."
See Genpact's website to learn more about the company's procurement services and Genpact Cora platform.
About IDC MarketScape
IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor's position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
Genpact (NYSE: G) is a global professional services firm that makes business transformation real. We drive digital-led innovation and digitally-enabled intelligent operations for our clients, guided by our experience running thousands of processes for hundreds of Global Fortune 500 companies. We think with design, dream in digital, and solve problems with data and analytics. We obsess over operations and focus on the details – all 78,000+ of us. From New York to New Delhi and more than 20 countries in between, Genpact has the end-to-end expertise to connect every dot, reimagine every process, and reinvent companies' ways of working. We know that rethinking each step from start to finish will create better business outcomes. Whatever it is, we'll be there with you – putting data and digital to work to create bold, lasting results – because transformation happens here. Get to know us at Genpact.com and on LinkedIn, Twitter, YouTube, and Facebook.
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