Genpact, Microsoft partner for AI-driven finance
NEW YORK, UNITED STATES — Business process outsourcing (BPO) firm Genpact has announced a strategic collaboration with Microsoft to modernize enterprises’ finance systems.
The partnership aims to leverage Microsoft’s Azure OpenAI Service and Genpact’s decades-long expertise in finance and accounting services.
AI to streamline financial operations
By combining data, technology, and artificial intelligence (AI), the collaboration will fuel innovation for finance organizations globally, enabling quicker decision-making supported by AI-driven insights.
“Our strategic collaboration with Microsoft will drive the next wave of finance transformation using AI to transform finance functions into strategic, data-driven operations that support growth and competitiveness,” said Balkrishan “BK” Kalra, President and CEO of Genpact.
Genpact’s responsible use of Azure OpenAI Service is already yielding early results in modernizing finance functions globally.
Among the system’s milestones are the enhancement of automation, quicker customer collection processes, and a reduction in support tickets.
“AI is revolutionizing the finance industry by enabling unprecedented levels of efficiency, accuracy, and innovation,” said Nicole Dezen, Chief Partner Officer, Microsoft.
“We are thrilled to partner with Genpact to combine their domain expertise with Microsoft Azure OpenAI Service to empower finance organizations to harness the power of data to drive business transformation.”
How did Genpact fare in 2023?
Genpact reported a total revenue of $4.48 billion, a 2% increase from the previous year and a notable 3% rise in constant currency terms.
Digital Operations Services emerged as a strong growth driver within the company, contributing $2.48 billion to the revenue pool, up by 3% (4% in constant currency).
Meanwhile, the firm’s Data-Tech-AI Services also saw a positive trajectory, with revenues reaching $1.99 billion or a 2% increase.
For this year, the BPO firm forecasts to grow between 2-3% or a total revenue between $4.57 billion and $4.61 billion.
Genpact provides services to clients in over 30 countries worldwide. It recently ranked #16 in the OA500 2024, an objective index of the world’s top 500 outsourcing companies.
