Genpact Earns Leadership Status in Procurement Outsourcing
Genpact Earns Recognized Leader in Procurement Outsourcing Services
For the fourth consecutive year, Genpact has proudly been acknowledged as a leader in procurement outsourcing services. This recognition illustrates the company's deep expertise in sourcing and procurement, its robust ecosystem of partners, and its advanced technological innovations that are driving transformation for clients across various industries worldwide.
Exceptional Recognition of Genpact's Services
Genpact (NYSE: G), a prominent global professional services and solutions firm known for shaping the future through transformative outcomes, announced its distinguished recognition by the 2024 Everest Group Procurement Outsourcing (PO) Services PEAK Matrix® Assessment. This annual assessment evaluates top players in the industry, and Genpact's placement as a leader emphasizes the company's excellence in source-to-pay (S2P) services and innovative applications of technologies such as generative AI.
Driving Benefits Through Advanced Technology
The triumph comes from Genpact's relentless commitment to enhancing procurement through technology and data analytics. Steve Simko, the Global Procurement Service Line Leader at Genpact, stated, "Transforming procurement with technology and data analytics at the core is vital for helping clients maximize spend under management, minimize supply chain risk, and enhance supplier relationships and user experiences." This evolving strategy keeps pushing Genpact forward as an industry leader.
Evaluation Criteria of Everest Group
The Everest Group conducted a rigorous assessment of 24 global PO service providers, utilizing a stringent Request for Information (RFI) process, along with client references and comprehensive market analyses. Genpact stood out among these companies, also receiving accolades in the Source-to-Contract (S2C) Services PEAK Matrix® Assessment. Those recognized as leaders are noted for their superior technology capabilities and innovative engagement models that advance procurement solutions.
End-to-End Procurement Services
According to Shirley Hung, a partner at Everest Group, Genpact's comprehensive services through its Center of Excellence illustrate their strengths in sourcing, category management, and integrated procure-to-pay (P2P) models. This array of service offerings enables Genpact to deliver practical, market-leading procurement solutions, reinforcing its leadership stature in the sector.
Genpact's Commitment to Client Transformation
The scope of Genpact's procurement outsourcing services extends to providing deep domain expertise, advanced technology integration, and consulting capabilities. With an impressive digital ecosystem comprising the latest procurement solutions and third-party partnerships, the company is adept at addressing tailor-made client needs, ensuring enhanced user experiences and operational efficiency.
Genpact is actively enhancing its P2P offerings by employing innovative methodologies such as digital smart enterprise processes and transformation maturity models. This commitment facilitates optimal procurement strategies and processes, making significant impacts on their clients' operational effectiveness.
Continued Innovation and Future Prospects
In addition to integrating advanced AI and automation into S2P procedures, Genpact continues to explore new avenues to transform procurement services further. This innovative approach solidifies its role in offering procurement-as-a-service, catering to clients looking for a unified procurement experience.
As a reflection of its widespread influence, Genpact’s presence in various locations, including its operational centers, continues to grow, providing comprehensive P2P support regardless of the client's geographic location.
Frequently Asked Questions
What did Genpact achieve this year?
Genpact was named a leader in the 2024 Everest Group Procurement Outsourcing Services PEAK Matrix® Assessment for the fourth time.
What role does technology play in Genpact's procurement services?
Technology, especially generative AI, is at the core of Genpact's strategy to enhance procurement processes, maximizing efficiency and reducing risk.
Who conducted the assessment for the award?
The assessment was conducted by Everest Group, evaluating 24 global procurement outsourcing service providers through various metrics.
What are the benefits of Genpact's procurement services?
Clients benefit from advanced technology integration, deep expertise, and innovative solutions that improve spend management and supplier relationships.
How does Genpact ensure client success?
Genpact focuses on a blend of domain expertise, cutting-edge technology, and personalized consulting services to support clients across industries.
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