Global leader in digitally-powered business process management and services Genpact has 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.
Based on multiple studies including a study done jointly by the Genpact Research Institute and HfS Research, CFOs across the board struggle with three challenges in providing actionable insights to their business leaders, including the ability to get relevant disparate data from internal and external sources; delay and the effort it takes for their teams to manage and do basic analysis on that data, reducing its relevance and leaving little scope for predictive analytics and business insight value adds; and lack of reporting mechanism that creates the user experience for business leaders to use that data to drive real time actions.
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 senior vice president Intelligent Automation and IT Services at HfS Research, Tom Reuner.
"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," added Reuner.
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 senior vice president and chief digital officer, Genpact, Sanjay Srivastava.
"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," he added.
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.