NEW Delhi, August 6, 2024 – Genpact (NYSE: G), a global professional services and solutions firm delivering outcomes that shape the future, today announced its intention to expand its strategic alliance with Advantage Solutions (NASDAQ: ADV), a premier 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.
The new collaboration between Genpact and Advantage Solutions is expected to address order-to-cash and supply chain management inefficiencies, including deductions leakage, poor recovery of invalid claims, manual customer service operations, as well as inefficient supply chain planning, logistics, and fulfillment. As the collaboration evolves, the companies plan to introduce new solutions aimed at meeting the changing needs in the CPG and retail sectors, ensuring clients benefit from cutting-edge innovations and improved operational efficiencies.
“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 of 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, at 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.”