Genpactand Tradeshift announced a strategic partnership to help enterprises transform accounts payable and procurement processes and better leverage data for competitive growth. Procure-to-pay (P2P), which links procurement and accounts payable operations, involves highly manual and fragmented processes with lengthy cycle times that requires many resources. The Genpact and Tradeshift partnership allows enterprises to reimagine this function. They can strengthen invoicing infrastructure, improve cash optimization, and harness data more efficiently, driving scale, agility, and better decision making through insights-to-action analytics.
The partnership combines the power of the Genpact Cora digital business platform and Tradeshift’s leading-edge business-to-business (B2B) network technology. By leveraging Genpact’s expertise with artificial intelligence, machine learning, robotic process automation, dynamic workflow, advanced analytics, and other digital technologies, and Tradeshift’s apps ecosystem, organizations can accelerate digital transformation.
Katie Stein, chief strategy officer and global business leader, Enterprise Services, Genpact, said, “Finance organizations often face challenges with P2P operations in viewing and analyzing data quickly across disconnected supplier systems, limiting the added value they could provide to respond more effectively to market demands. The digital technology of our Genpact Cora platform, combined with Tradeshift’s sophisticated B2B network, creates a connected ecosystem that provides faster, smarter access to data to drive more strategic decisions.”
The Genpact and Tradeshift partnership allows companies to link their accounts payable and procurement operations to a global network of buyers and sellers. Enterprises can digitize supplier and trade processes and accelerate innovation with apps, which increases agility to adapt more easily to changing business conditions.
Rinus Strydom, chief commercial officer, Tradeshift, said, “Genpact is a leader in finance and accounting, with decades of experience running operations for numerous global Fortune 500 companies. Its deep process and domain expertise, coupled with its strength in analytics and artificial intelligence, will enable Tradeshift to scale its services faster to jointly help our clients speed their digital transformation.”