Genpact [NYSE: G]: Building, Transforming, and Managing Risk Operations

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NV “Tiger” Tyagarajan, CEO In the fast-paced finance realm, customers expect you to show them the money. Or they’ll show you the door.

No one knew this better than one of the largest finance firm with 45,000 customers across 35 countries. Although it had been a rocket-ship ride toward success for the company but a particular predicament was snowballing into one of the biggest headaches for them.

"Our business has always dealt with complex processes in banking, insurance, or high-end finance and accounting, supply chain, and analytics in all of these areas"

The company’s customer list was growing, but they were still spreading financial statements manually. They needed to speed things up, eliminate errors, and reduce the cycle time. It was taking too many tedious copy-and-pastes and error-prone data entries to get numbers where they needed to be. Employee churn created the additional headaches of onboarding, training, and retraining the team, making it hard to keep everyone following credit policy to meet on-time credit decisions and compliance requirements. The company needed to do things differently, but they were not sure about where to begin with. And that’s where Genpact came. Through its consultative approach and state-of-art product line, Genpact was able to automate the painstaking part of the client’s financial spreading for both public and private companies. This included taking the right numbers out of the right documents to formatting them into the right template and logging each step along the way.



Numerous such success stories stand as a testament to the enormous success that Genpact (NYSE: G) has acquired throughout their years of operations in the risk management services space. A global professional services firm that makes business transformation real, Genpact drives digital-led innovation and digitally enabled intelligent operations for its clients. “Our business has always dealt with complex processes in banking, insurance, or high-end finance and accounting, supply chain, and analytics in all of these areas,” says NV “Tiger” Tyagarajan, the CEO of Genpact. “The reason clients want to talk to us about artificial intelligence and analytics is because we know how to use it in their domain. We rebranded to say our engagements are becoming ones in which the customer wants transformation and wants us to help them.”

The Automation Commanders

By using a consultative approach to reimagine operations and embed analytics, Genpact harnesses opportunities from big data, machine learning, data engineering, and data science and deliver tangible business outcomes. The approach is backed up by Genpact’s Cora CommandCenter which gives the cloud-based governance and insights that the clients need to advance compliance, productivity, business performance, and outcomes across wide range of automation applications and use cases. Genpact’s Cora CommandCenter centralizes RPA and workflow orchestration platforms into a single view across locations, environments, and systems to help clients successfully manage their digital workforce. With alerts, exception management, insights, and centralized governance controls, Cora CommandCenter digitally transforms the enterprise operations and frees up IT teams.


Cora CommandCenter aggregates governance across leading RPA solution providers, improving operations of critical processes with the necessary controls



Cora CommandCenter protects the client’s current and future automation investments. By continuously tracking robotic workflows, task queuing, system livelihood, and process completions, it gives clients a one-stop repository of insights and governance across their automation technologies. By proactively tracking bot operations—24 hours a day, seven days a week —Genpact helps protect companies' technology assets and drive greater return on investment. Cora CommandCenter can increase effectiveness of automation initiatives, while also dramatically reducing the time business and technology teams need to manage their digital workforce. “One of the single largest shifts in the industry is the move from an entirely human workforce to a combination of people and machines,” says Sanjay Srivastava, chief digital officer, Genpact. “Many executives do not realize that a digital workforce requires just as much – if not more – management as a human workforce. As companies expand the use of bots, the questions are around governing and monitoring performance, especially when integrating hybrid automation solutions. Cora CommandCenter answers these questions. It aggregates governance across leading RPA solution providers, improving operations of critical processes with the necessary controls.”

Mitigates Risk, Improves Security And Compliance

Genpact Cora CommandCenter uses best-in-class security and data encryption technologies, which helps companies mitigate risk and improve compliance in automation and artificial intelligence (AI) implementations. User-friendly dashboards with auditing and analytics tools deliver predictive insights across business units, processes, and RPA solutions. Machine learning-enabled exception and incident management provides real-time push alerts. By easily monitoring bot performance, task queuing, system livelihood, and process completions, across a wide range of RPA solutions and use cases, Cora CommandCenter facilitates scalability to speed digital transformation. Moreover, the product helps free up staff to focus on growth initiatives such as identifying new revenue streams and improving customer service.



Cora CommandCenter is part of Genpact's ongoing strategy to drive digital-led innovation and digitally-enabled intelligent operations that help clients drive more meaningful business impact. Genpact has automated approximately 100 million transactions, identifying new ways of working that drive strategic business results. The firm helps companies around the world unlock areas for competitive growth, achieving more than $325 million in annual savings and an average 40 to 50 percent increase in productivity for clients with RPA and intelligent automation initiatives. For example, a global food and beverage company's teams can now take on more strategic roles to improve customer service since Genpact helped automate 80 percent of invoices and 65 percent of help desk queries. Cora CommandCenter monitors key performance indicators to insure the digital workforce delivers quality results that align with strategic growth initiatives.
The collections and cash automation delivers 90 percent of transactions with 99 percent accuracy, and RPA has lowered processing costs per invoice by 60 percent.

Digital Transformation For Competitive Growth

Cora CommandCenter is powered by Genpact Cora, a modular, AI-based platform that accelerates digital transformation at scale. The platform has capabilities in natural language understanding, conversational AI, computer vision, deep learning, big data, data science, data engineering, machine learning, RPA, ambient computing, dynamic workflow, and software-as-a-service. Genpact Cora allows companies to easily integrate advanced technologies, all delivered through a mature application program interface and open, flexible architecture.

The Cora CommandCenter solution is backed up by Genpact Cora Livespread that can speed up the clients’ financial spreading for commercial underwriting and risk management. It automates the tedious steps involved in spreading financial statements—and does so with fewer errors. All this means that the clients can rapidly analyze data to make faster, smarter credit decisions.

A Smarter Way to Spread the Numbers

Cora LiveSpread uses artificial intelligence (AI) to pull numbers from documents and online systems. Then it puts them into preferred format for quick, fully auditable insights that you can easily trace back to the source. As result, the clients get faster cycle times, higher underwriter productivity, improved compliance, and greater operational consistency. Further, Cora LiveSpread automates the painstaking part of financial spreading. It pulls data from the right places, then formats it into the right template to be ready for analysts. Machine learning and AI makes it easy to audit everything back to the source.

The solution’s Automated Receiver tool allows the clients and their customers to upload documents in any format— including spreadsheets, PDFs, or scanned paper documents— all through a custom web portal. The tool can also pull data automatically from online accounting systems like QuickBooks, Great Plains, SAP, and Oracle Financials. Next, the Automated Extractor tool uses advanced document and image processing algorithms to import the right numbers from the right places into the right format— in a way that’s easy to trace back to the source. It uses geometric scaling to recognize characters by shape, then converts them into a digital format. And it’s even smart enough to pull numbers from tricky places like images and footnotes. Finally, the Automated Normalizer tool uses machine learning and natural language processing to normalize numbers and get them ready for analysts. It puts everything into the right template, with every decimal and currency symbol where it’s supposed to be. It can even group data by industry, sector, and type of financial statement, then apply the right analytics models for each data type.

Focus on Augmented Intelligence

Having carved a unique niche in the risk management services space, Genpact will aim to focus on augmented intelligence. Tyagarajan mentions, “Our view is that AI is augmented intelligence. We used to hire accountants for their math skills. But with computers today, we never test for math. We test for accounting skills, thinking and financial engineering [abilities]. More and more, expertise is going to be tested based on judgement, empathy and creativity.”

Tyagarajan explains that Genpact has many clients who use large industrial equipment to stream data through sensors and the Industrial Internet of Things (IIoT). He cited Genpact's partnership with Envision Virgin Racing, an electric motor racing team, as an example of this. The analytical data from the cars can combine with human ingenuity to perfect batteries that might ultimately mitigate climate change. This is why, he believes that augmented intelligence is something to celebrate—not fear.

Company
Genpact [NYSE: G]

Headquarters
New York, NY

Management
NV “Tiger” Tyagarajan, CEO

Description
Genpact (NYSE: G) builds, transforms, and manages credit risk operations by harnessing opportunities from advanced analytics, AI and automation, and speeds up credit decisions, and reduces the total cost of ownership. By using a consultative approach to reimagine operations and embed analytics, the company harnesses opportunities from big data, machine learning, data engineering, and data science and deliver tangible business outcomes. The approach is backed up by the company’s Cora CommandCenter which gives the cloud-based governance and insights that the clients need to advance compliance, productivity, business performance, and outcomes across your wide range of automation applications and use cases