Genpact and ServiceNow Expand Partnership to Offer Source-to-Pay Applications Across Finance and Supply Chain Operations

Rhea-AI Summary

Genpact and ServiceNow have expanded their partnership to deliver Source-to-Pay applications across finance and supply chain operations, leveraging AI capabilities to accelerate team productivity, simplify user experience, and increase cost efficiency. Leading organizations like Dropbox are already reaping the benefits of this solution, transforming their procurement, sourcing, and case management operations.

Positive

• Expanded partnership between Genpact and ServiceNow to deliver Source-to-Pay applications across finance and supply chain operations
• AI capabilities used to accelerate team productivity, simplify user experience, and increase cost efficiency
• Leading organizations like Dropbox already benefiting from the Source-to-Pay solution, transforming their procurement, sourcing, and case management operations

Negative

• None.

Insights

Market Research Analyst

The expanded partnership between Genpact and ServiceNow has the potential to significantly influence the efficiency and cost-effectiveness of supply chain and finance operations for businesses like Dropbox. The integration of Genpact's domain expertise with ServiceNow's AI capabilities indicates a strategic move towards enhancing digital transformation in procurement and sourcing. The reported 50% reduction in the procurement cycle for Dropbox is a tangible outcome that could set a benchmark for operational excellence within the industry.

The collaboration's emphasis on AI to streamline processes could lead to broader adoption across various sectors, potentially creating a ripple effect of increased productivity and cost savings. The focus on upskilling and training suggests a long-term investment in human capital, which is crucial for sustaining the technological advancements introduced by such partnerships. This could lead to improved service offerings and heightened competition among industry players, ultimately benefiting end-users.

Financial Analyst

The announcement of Genpact and ServiceNow's enhanced partnership is indicative of the growing demand for AI-driven solutions in finance and supply chain operations. For investors, the key takeaway is the potential for this collaboration to contribute to revenue growth for both companies. Genpact's doubling of its business on the ServiceNow platform since 2020 demonstrates a robust market appetite and scalability of the service offerings.

Dropbox's significant reduction in procurement cycle time post-implementation presents a strong case study for the effectiveness of the Source-to-Pay solution. This could lead to increased sales and a stronger competitive edge. The planned expansion of resources and staffing by both companies suggests confidence in the growth prospects of this partnership, which could be a positive signal for market performance and future earnings potential.

Supply Chain Management Expert

The integration of AI into sourcing and procurement operations, as exemplified by the Genpact-ServiceNow partnership, represents a transformative step in supply chain management. The ability to automate complex, manual processes and to improve supplier communication and collaboration could significantly reduce lead times and enhance supply chain agility.

The focus on accounts payable and the integration of eSignature solutions like Dropbox Sign into procurement workflows are indicative of a broader trend towards end-to-end digitalization of the supply chain. This could lead to more resilient and transparent supply networks, which are increasingly important in the face of global disruptions. The potential long-term benefits include not only cost savings but also improved supplier relationships and compliance with regulatory requirements, which are critical for sustainable supply chain operations.

Genpact Source-to-Pay offering uses ServiceNow AI capabilities to help accelerate team productivity, simplify the user experience and increase cost efficiency

Leading organizations like Dropbox are already reaping the benefits of the Source-to-Pay solution, transforming their procurement, sourcing, and case management operations

NEW YORK & SANTA CLARA, Calif.--(BUSINESS WIRE)-- Genpact (NYSE: G), a global professional services firm focused on delivering outcomes that transform businesses, and ServiceNow (NYSE: NOW), the leading digital workflow company making the world work better for everyone, announced today an expanded partnership to deliver Source-to-Pay applications across finance and supply chain operations. The Genpact Source-to-Pay offering uses ServiceNow AI capabilities to help accelerate team productivity, simplify the user experience and increase cost efficiency. Leading organizations like Dropbox (NASDAQ: DBX) are already benefiting from the Source-to-Pay solution, transforming their procurement, sourcing, and case management operations. Source-to-Pay enables a seamless purchasing and case management process across work teams, allowing procurement to focus on more strategic priorities.

(Graphic: Business Wire)

“At Genpact, we’re focused on leveraging industry-leading partnerships to bring holistic solutions to our clients,” said Riju Vashisht, chief growth officer, Genpact. “For Dropbox, we combine our domain and technology expertise with ServiceNow’s sourcing and procurement operations platform, offering a unified entry point, dynamic forms, and automated purchasing orchestration. We helped Dropbox execute its vision to reshape their procurement operations, cutting the procurement cycle by 50 percent and improving user experience and efficiency, all while maintaining cost control.”

“The amount of manual offline work involved in finance and supply chain operations makes them prime candidates for digital transformation,” said Erica Volini, senior vice president of global partnerships and channels at ServiceNow. “Genpact’s leadership in this space, combined with the AI-fueled automation power of the ServiceNow Platform, will help ensure our joint customers will get better business results, faster time to value, and increased productivity for their procurement and finance operations.”

ServiceNow connects the enterprise end-to-end with AI built natively into the platform. The Source-to-Pay offering from Genpact leverages these AI capabilities to allow businesses and teams to quickly and accurately identify, understand, and extract data from finance and supply chain documents, even when the documents have varied text, formatting, and templates––helping save valuable time for teams.

Solutions inside of the Source-to-Pay offering include:

• Sourcing and Procurement Operations: Genpact’s procurement-as-a-service seamlessly integrates ServiceNow’s Sourcing and Procurement Operations (SPO) solution with Genpact’s sourcing and procurement expertise, delivering a centralized and efficient digital procurement experience for suppliers, buyers, and employees.

• Supply Chain: Genpact’s intuitive supplier communication solution is 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, ultimately leading to smoother transactions and improved relationships.

• Accounts Payable: Genpact’s payables-as-a-service blends ServiceNow’s Accounts Payable Operations (APO) with Genpact’s deep expertise across the accounts payable domain. It delivers a unified interface fostering an enhanced collaboration between suppliers, business units, and finance.

Dropbox is transforming its procurement operations with the Source-to-Pay offering, resulting in a modern, centralized procurement experience. The collaboration between ServiceNow and Genpact has helped Dropbox execute their vision and shape their procurement operations, significantly improving agility and sustainability. Dropbox has successfully eliminated manual ticket tracking, minimized redundant data entry, and reduced reliance on procurement experts, resulting in a 50% reduction in the procurement cycle in just eight weeks. The company is now focused on contract management by integrating ServiceNow Legal Service Delivery’s automation capabilities onto the platform, as well as integrating Dropbox Sign, 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.

“ServiceNow and Genpact helped us streamline our procurement processes, allowing Dropbox to optimize our purchasing workflows and make them more adaptable to evolving business requirements,” says Reunan Varene, director of Source to Pay at Dropbox. “We’re excited to also explore how generative AI can enable conversation, provide insights, and help reach conclusions more quickly. This will raise the quality of support, save time, and improve consistency and ease of use for everyone.”

Genpact and ServiceNow are committed to significant team expansion. Genpact has already more than doubled its business on the ServiceNow platform since 2020, with a strong emphasis on upskilling and training to ensure clients have access to premier solutions. The two companies plan to further expand their resources and staffing, ensuring customers continue to benefit from their deep expertise and capabilities.

Visit here to learn more about Genpact and ServiceNow digital transformation solutions.

About Genpact

Genpact (NYSE: G) is a global professional services firm delivering the outcomes that transform our clients' businesses and shape their future. We're guided by our real-world experience redesigning and running thousands of processes for hundreds of global companies. Our clients – including many in the Global Fortune 500 – partner with us for our unique ability to combine deep industry and functional expertise, leading talent, and proven methodologies to drive collaborative innovation that turns insights into action and delivers outcomes at scale. We create lasting competitive advantages for our clients and their customers, running digitally enabled operations and applying our Data-Tech-AI services to design, build, and transform their businesses. And we do it all with purpose. From New York to New Delhi and more than 30 countries in between, our 125,000+ team is passionate in its relentless pursuit of a world that works better for people. Get to know us at Genpact.com and on LinkedIn, Twitter, YouTube, and Facebook.

About ServiceNow

ServiceNow (NYSE: NOW) makes the world work better for everyone. Our cloud-based platform and solutions help digitize and unify organizations so that they can find smarter, faster, better ways to make work flow. So employees and customers can be more connected, more innovative, and more agile. And we can all create the future we imagine. The world works with ServiceNow™. For more information, visit: www.servicenow.com.

© 2024 ServiceNow, Inc. All rights reserved. ServiceNow, the ServiceNow logo, Now, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries. Other company names, product names, and logos may be trademarks of the respective companies with which they are associated.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240206494114/en/

Genpact Media Relations

Siya Belliappa

718-561-9843

siya.belliappa@genpact.com

ServiceNow Media Relations

Caroline Parkinson

415-866-4580

caroline.parkinson@servicenow.com

Source: ServiceNow, Inc.

FAQ

What are the main benefits of the Genpact and ServiceNow Source-to-Pay offering?

The Source-to-Pay offering uses AI capabilities to accelerate team productivity, simplify user experience, and increase cost efficiency, transforming procurement, sourcing, and case management operations.

Which organizations are already benefiting from the Source-to-Pay solution?

Leading organizations like Dropbox are already benefiting from the Source-to-Pay solution, transforming their procurement, sourcing, and case management operations.

How has Dropbox improved its procurement operations with the Source-to-Pay offering?

Dropbox has streamlined its procurement processes, optimized purchasing workflows, and made them more adaptable to evolving business requirements, resulting in a 50% reduction in the procurement cycle.

What are the specific solutions included in the Source-to-Pay offering?

The offering includes sourcing and procurement operations, supply chain solutions, and accounts payable operations, all aimed at fostering better collaboration, improving relationships, and enhancing collaboration between suppliers, business units, and finance.

What are the future plans for team expansion and resources for Genpact and ServiceNow?

Genpact and ServiceNow are committed to significant team expansion and further resources and staffing to ensure customers continue to benefit from their deep expertise and capabilities.