DBT Bureau
Pune, 5 August 2024
Genpact intends to expand its strategic alliance with Advantage Solutions, a provider of business solutions to consumer goods companies and retailers, to address finance and supply chain challenges in the consumer packaged goods (CPG) and retail sectors.
Genpact and Advantage Solutions are teaming up to fix issues in order-to-cash and supply chain management, such as deduction leaks, poor claim recovery, manual customer service, and inefficient logistics. They plan to create new solutions to meet the changing needs of the CPG and retail sectors, helping clients with better innovations and efficiency.
“We plan to combine Advantage Solutions’ expertise in client management and retail connectivity with Genpact’s data, technology, and AI solutions to enable retailers and CPG companies to streamline processes and drive efficiencies,” said Tarun Chopra, Unit Leader, Consumer Goods, Genpact. “In the deductions space, our strong track record in recovering revenue leakage, using advanced analytics and AI, aims to both recover and prevent losses, delivering significant financial gains for our clients.”
Leakage can account for 7% to 10% in lost revenue due to inefficiencies in the deductions process, and Genpact addresses this using advanced data analytics, generative AI, and automation technologies like Genpact Cora to enhance productivity in contract automation, order management, cash applications, and deductions.
Genpact’s and Advantage’s planned solution for supply chain management is expected to include a SaaS-based platform that will digitize order management and trade promotions deductions, enhancing speed, accuracy and customer satisfaction. SMBs (small to midsize businesses) and brands often face challenges with cost-effective, reliable and expedited order-to-cash management.
“Under our new expected collaboration, clients would be able to enjoy enhanced, digitized and automated operations,” said Brandon Thornell, Executive Vice President for Branded Services, Advantage Solutions. “They will be able to harness the power of data, analytics and digital offerings on a global scale, providing both cost efficiencies and growth opportunities. In the supply chain domain, we are committed to optimizing operations through data-driven insights that enhance inventory management, reduce transportation costs and improve demand forecasting.”
