Genpact expands partnership with ServiceNow

Wednesday 7 February 2024 15:28 CET | News

US-based digital transformation company Genpact has announced expanding its partnership with ServiceNow to deliver Source-to-Pay applications across finance and supply chain operations. 


The Genpact Source-to-Pay offering uses ServiceNow AI capabilities to help its clients accelerate team productivity, simplify user experience, and increase cost efficiency. Moreover, it facilitates an easy purchasing and case management process across work teams, allowing procurement to focus on more strategic priorities. As the official press release shows, organisations like Dropbox already included the Source-to-Pay solution’s capabilities in their businesses, transforming their procurement, sourcing, and case management operations. 

Addressing this, Genpact referred to its collaboration with Dropbox and explained that it implied its domain and technology expertise along with ServiceNow’s sourcing and procurement operations platform. These solutions delivered their client a unified entry point, dynamic forms, and automated purchasing orchestration. In the end, this cut the procurement cycle by 50% and improved user experience and efficiency, all while maintaining cost control. To this, ServiceNow also raised the topic of the manual offline work involved in finance and supply chain operations that needed digital transformation.

Genpact has announced expanding its partnership with ServiceNow to deliver Source-to-Pay applications across finance and supply chain operations


The Source-to-Pay offerings

ServiceNow has a platform that connects businesses end-to-end, which includes AI capabilities natively built into it. Genpact's Source-to-Pay offering uses these AI capabilities to allow companies and teams to easily and accurately extract data from finance and supply chain documents, even when the documents have varying text, formatting, and templates. This helps save a lot of time for teams. 

The Source-to-Pay offering also includes solutions like Sourcing and Procurement Operations, Supply Chain, and Accounts Payable. 

  • Genpact's procurement-as-a-service integrates ServiceNow's Sourcing and Procurement Operations with their own sourcing and procurement expertise. This delivers a centralised and efficient digital procurement experience for suppliers, buyers, and employees. 

  • Genpact's supplier communication solution is also designed to foster better collaboration with suppliers, identify and resolve issues faster, and reduce the time required to qualify new suppliers and manage the supplier lifecycle. This leads to easier transactions.

  • Additionally, Genpact's payables-as-a-service blends ServiceNow's Accounts Payable Operations with their expertise in accounts payable. In addition, it delivers a unified interface and an improved collaboration between suppliers, business units, and finance. 

Dropbox has transformed its procurement operations with the Source-to-Pay offering, resulting in a centralised procurement experience. 

ServiceNow and Genpact shared capabilities for Dropbox procurement operations

The collaboration between ServiceNow and Genpact helped Dropbox shape its procurement operations, improving its sustainability. Moreover, Dropbox removed manual ticket tracking, minimised redundant data entry, and reduced reliance on procurement experts, resulting in a 50% reduction in the procurement cycle in just eight weeks. 

According to the press release, Dropbox will further focus on contract management by integrating ServiceNow Legal Service Delivery's automation capabilities onto the platform, as well as integrating Dropbox Sign. This is designed as a simple-to-use solution to secure eSignatures for important agreements in one seamless workflow – all within Dropbox. The company is also exploring how to leverage ServiceNow's generative AI capabilities further to gain additional data insights, guide buying decisions, and simplify the user experience.

As per Dropbox's official statement, ServiceNow and Genpact helped the company upgrade its procurement processes, optimise its purchasing workflows, and make it more adaptable to evolving business requirements. 

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Keywords: partnership, source-to-pay, supply chain finance, financial services, procurement
Categories: Banking & Fintech
Companies: Genpact, ServiceNow
Countries: World
This article is part of category

Banking & Fintech




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