Genpact and ServiceNow have expanded their partnership to deliver Source-to-Pay applications across finance and supply chain operations.
This collaboration combines the capabilities of professional services firm Genpact and digital workflow company ServiceNow, the companies said in a Tuesday (Feb. 6) press release.
By leveraging ServiceNow’s artificial intelligence (AI) capabilities and Genpact’s expertise, the expanded partnership aims to accelerate team productivity, simplify the user experience and increase cost efficiency, according to the release.
The Source-to-Pay offering from Genpact utilizes ServiceNow’s generative AI capabilities to enable businesses and teams to quickly and accurately identify, understand and extract data from finance and supply chain documents, the release said. This automation helps save valuable time for teams, even when dealing with documents that have varied text, formatting and templates.
Dropbox is one organization that has already deployed the Source-to-Pay solution for procurement, sourcing and case management operations, per the release. By leveraging Genpact’s domain and technology expertise along with ServiceNow’s sourcing and procurement operations platform, Dropbox has been able to cut the procurement cycle by 50%, improving user experience and efficiency, and maintaining cost control.
The Source-to-Pay offering includes various solutions such as sourcing and procurement operations, supply chain management, and accounts payable (AP), according to the press release. These solutions aim to deliver a centralized and efficient digital procurement experience for suppliers, buyers and employees; foster better collaboration with suppliers; and enhance collaboration between suppliers, business units and finance.
Genpact and ServiceNow have also committed to significant team expansion to ensure clients have access to these solutions, the release said. Genpact has more than doubled its business on the ServiceNow platform since 2020 and plans to further expand its resources and staffing.
PYMNTS Intelligence has found that large language models (LLMs) — the neural networks behind generative AI tools — could impact 40% of all working hours.
As such, LLMs have the potential to free up huge swaths of human work hours, but the success of companies that adopt these solutions could depend on how they repurpose those hours, according to “Understanding the Future of Generative AI,” a PYMNTS Intelligence and AI-ID collaboration.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More