PRESS RELEASE: Genpact, a global leader in digitally-powered business process management and services announced its expansion in Silicon Valley with an extensive innovation center that is the first of its kind to drive digital transformation across the entire customer experience journey.
As arguably the only Silicon Valley center to fully address how to apply technology beyond just front-end customer engagement, Genpact’s innovation lab leverages its unique Lean DigitalSM approach that harnesses the combined power of process-centric technologies, design thinking, and deep domain expertise. Genpact builds on its extensive knowledge derived from running operations for global enterprises to help companies deliver a seamless customer experience, which is especially critical in today’s digitally connected age.
Corporations globally have benefited by using digital technologies in the front end of the business process, enabling customers to engage seamlessly and conveniently. However, initial engagement is only a part of the larger customer experience which can include multiple interactions with what is traditionally the back office, and in many cases, middle office. As an example, it can take less than an hour to open a new checking account, but weeks for banks to complete compliance with the many anti-money laundering and other back-office processes to allow the customer end-to-end capabilities.
Genpact’s Lean Digital unique methodology delivers enterprise-wide innovation to companies that were traditionally hamstrung by legacy systems and processes. By driving reimagination that goes beyond “rip and replace,” Genpact’s approach navigates around legacy systems and operations, harnessing their existing power while also bringing new value.
The Genpact Lean Digital Innovation Center rearchitects the complete customer experience journey through a comprehensive program that includes three key components:
Customer-focused design thinking workshops to help identify and reframe problems, and develop innovative ideas that can easily scale for immediate business impact;
Digital incubation program that leverages carefully selected cutting-edge digital technology disruptors with proven success in quickly developing real-life solutions that add value to the customer experience; and
Co-innovation lab that brings enterprise executives together with technology and business process experts to turn ideas into actionable prototypes through rapid development in a hackathon style.
By creating synergies between its partner and client ecosystems, Genpact harnesses the power of digital technologies to create unique yet practical solutions for greater and more immediate return on investment. Genpact uses robotic process automation, natural language generation, natural language processing, machine learning, advanced visualization, dynamic workflows, digital security, mobility, Internet of Things, big data analytics, and other disruptive technologies. As an example, Genpact builds digital applications for GE’s Predix platform and partners with GE’s software center team in San Ramon.
Located in Palo Alto close to Stanford University, the center develops and showcases innovative solutions for finance and accounting, banking, insurance, manufacturing, consumer goods, life sciences, and high tech enterprises. For example, Genpact has already implemented Lean Digital use cases to automate and speed loan processing, financial spreading, accounts receivable, procurement, insurance administration, and other manual-intensive functions. The company also has reimagined industrial manufacturing asset optimization, digital customer engagement, and contact center analytics, among other process and operations.
“We are unique in a couple of ways. First, we run one of the world’s largest sandboxes inside our company that we use effectively to test, implement, and deliver the right digital technologies. As a result, we drive some of the world’s most pioneering work in human-machine interactions,” said Sanjay Srivastava, senior vice president and chief digital officer, Genpact. “Another differentiator is our deep and concentrated focus around bringing the middle and back offices in to the digital age so that they can match the transformation the front offices have already seen and collectively deliver true end-to-end transformation.”
Genpact’s Lean Digital Innovation Center leverages the operational knowledge of more than 70,000 associates in 25 countries. These sites incorporate the Silicon Valley center’s expertise and methods, and Genpact will continually expand its digital assets, business process knowledge base, and related resources.