Genpact Harnesses Blockchain Technology to Transform F&A Operations to Improve Cash Flow and Enhance Customer Experience

Digital solution reimagines processes and drives smart contracts, eliminating billing errors and dramatically speeding payments

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Genpact, a global professional services firm focused on delivering digital transformation, is reimagining how companies manage order-to-cash operations via a digital finance and accounting (F&A) solution that leverages Blockchain technology in a new way to dramatically transform operations, customer satisfaction, and cash flow management, by eliminating billing errors and accelerating payment time.

“Industry disruption is making cycle times irrelevant in finance. Leading companies will be those that harness the power of digital technologies to transform processes, improve billing quality and timeliness, and drive greater accuracy and visibility,” says Shantanu Ghosh, senior vice president, senior vice president, CFO Services and Consulting at Genpact. “Our solution delivers an entirely new digital way to run F&A operations. Genpact’s industry-leading domain expertise managing one of the world’s largest learning data sets for F&A processes – combined with our proven capabilities developing digital solutions for finance organizations – gives us valuable insights that help CFOs and their teams improve cash flow, operating profits, and customer experiences at an accelerated pace and in a predictable manner.”

In most industries, approximately 70 percent of invoice disputes occur due to inaccurate information and missing or late invoices, which frustrates customers, and also ties up cash in accounts receivable, delays payments, and increases costs. Genpact’s solution – which it is co-creating with clients and optimizing its deep expertise running F&A operations for hundreds of large multinational enterprises – uses distributed ledger Blockchain technology, allowing various internal and external stakeholders to easily and transparently share data among multiple computer systems. This eliminates the potential for data mismatches among multiple parties involved in F&A functions – such as accepting and processing orders, managing fulfilment, and generating invoices – and as a result, reduces time spent managing disputes.

The solution drives smart contracts that deliver seamless, automated execution of transactional data, including invoice and contract information. This disruptive approach has the potential to dramatically reduce the amount of past due invoices to less than 3 percent in most companies, which enhances cash flow performance, reduces revenue leakage from disputes, and lowers costs.

Genpact’s Blockchain F&A solution also integrates with customer and supplier banks, allowing visibility to transaction status across end-to-end operations. By automating the payment process once the transaction has been validated and approved, the solution eliminates the potential for errors, which speeds payments processing and delivers a more seamless customer experience.

While initially conceptualized to support order-to-cash operations, Genpact also plans to extend the Blockchain solution’s scalable platform to bring transformational value across the finance and supply chain organizations. As part of its strategy to drive both digital-led innovation and digital-enabled intelligent operations for its clients, Genpact leverages its Lean DigitalSM approach, which combines design thinking methodologies, leading digital technology and analytics, Lean principles, and deep domain expertise to develop solutions that generate significant business impact to create sustainable competitive advantage.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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