Genpact has announced a collaboration with Microsoft aimed at driving modern finance transformation across enterprises. The collaboration focuses on leveraging data, technology, and AI to fuel innovation for finance organisations globally.

The collaboration aims to harness the power of Microsoft Azure OpenAI Service coupled with Genpact’s deep domain expertise, data capabilities, technology, and AI proficiency to transform finance organisations into future-ready entities. This initiative is geared towards enabling quicker decision-making supported by a solid foundation of data and AI.

Balkrishan “BK” Kalra, President and CEO of Genpact, stated, “Genpact has decades-long expertise and leadership in finance and accounting services. Our strategic collaboration with Microsoft will drive the next wave of finance transformation using AI to turn finance functions into strategic, data-driven operations that support growth and competitiveness.”

Genpact’s responsible use of Azure OpenAI Service is already showing promising results in modernising finance functions globally, providing businesses with faster access to insights and helping create a modern, actionable finance data and analytics strategy.

Nicole Dezen, Chief Partner Officer at Microsoft, commented, “AI is revolutionising the finance industry by enabling unprecedented levels of efficiency, accuracy, and innovation. We are thrilled to partner with Genpact to combine their domain expertise with Microsoft Azure OpenAI Service to empower finance organisations to harness the power of data to drive business transformation.”

Genpact is not only driving transformation in finance organisations but is also modernising its own finance function through extensive use of Microsoft’s AI tools. By harnessing the power of data, technology, and AI, Genpact has achieved significant results across multiple areas of finance:

• Enhanced vendor management automation with advanced AI algorithms has led to a 85% accuracy in response and doubled supplier satisfaction. Real-time communication, coupled with this data-driven approach, is driving favourable deal negotiations and reduced disputes.
• The customer collections process has been transformed with AI-powered analytics and automation, along with streamlining of invoice and payment tracking.
• Implementation of a large language model-based digital assistant, utilising advanced natural language processing (NLP) and machine learning (ML), has streamlined tax document submissions, resulting in a 53% reduction in support tickets and significantly improving employee experience.

In September last year, Genpact collaborated with AWS aimed at revolutionising financial crime risk operations through the integration of generative AI and LLMs. The partnership entails the integration of Genpact’s cloud-based financial crime suite, riskCanvas, with Amazon Bedrock, yielding significant efficiencies and benefits for clients, including Apex Fintech Solutions.