NEW YORK & SANTA CLARA, Calif. - Genpact (NYSE: NYSE:G), a global professional services firm, and ServiceNow (NYSE: NYSE:NOW), a leader in digital workflow solutions, have expanded their partnership to deliver enhanced Source-to-Pay applications, integrating artificial intelligence (AI) to optimize finance and supply chain operations. The collaboration aims to boost team productivity, streamline user experiences, and improve cost efficiency in procurement and sourcing.
Dropbox (NASDAQ: NASDAQ:DBX), a notable client, has already experienced a significant transformation in its procurement operations through the Source-to-Pay solution, achieving a 50% reduction in the procurement cycle within eight weeks. This has led to a more centralized procurement experience and reduced reliance on manual processes.
The Source-to-Pay offering leverages ServiceNow's AI capabilities, which are built into the platform, to enable quick and accurate data extraction from finance and supply chain documents, regardless of their format. This technology is expected to save time and resources for businesses.
Solutions within the Source-to-Pay offering include a procurement-as-a-service that integrates ServiceNow's Sourcing and Procurement Operations (SPO) with Genpact's expertise, a supplier communication solution to enhance supplier relationships, and a payables-as-a-service that combines ServiceNow's Accounts Payable Operations (APO) with Genpact's accounts payable domain knowledge.
ServiceNow's senior vice president of global partnerships and channels, Erica Volini, remarked, "The amount of manual offline work involved in finance and supply chain operations makes them prime candidates for digital transformation."
Genpact has more than doubled its business on the ServiceNow platform since 2020 and plans to continue expanding its resources and staffing to support the partnership.
The information for this article is based on a press release statement.
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