Genpact publishes first of a series of survey results covering nearly 1,000 executives
Genpact Limited (NYSE: G), a global leader in designing, transforming and running business processes and operations, announced the findings of a global research study that reveals how senior leaders across industries are prioritizing strategic operational initiatives to materially address the critical challenges that their companies face.
This expansive research, utilizing an innovative social media-based method, covered 920 senior executives across finance, procurement, risk, marketing and operations from the largest enterprises in mature economies in North America, Europe and Asia Pacific. The first report in the series is focused on the finance function. The remaining reports will be published in the coming months and provide insights on other functional roles as well core operations in banking, insurance, life sciences and healthcare.
According to finance executives, regulatory compliance, risk management, and cost reduction are the biggest worries confronting their firms. The results however vary significantly across industries. Banking, financial services, and insurance (BFSI) executives include compliance and risk management among their top three concerns, respectively, in 72% and 70% of the cases. Executives in other industries are more concerned about innovation and growth.
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Finance executives believe that the finance function can play a key role in addressing some of these issues. However, its ability to impact these challenges depends on levels of maturity and preparedness, which vary widely across companies and industry sectors, as well by sub-functions.
Specifically, financial planning and analysis (FP&A) and master data management (MDM) have emerged as two key areas to watch. Finally, executives believe that three levers of operating model transformation – technology, process reengineering, and advanced organizational structures such as shared services and business process outsourcing – create impact very differently.
“Along with advanced organizational structures and process transformation, agile technology can be quite powerful when targeted effectively,” said Shantanu Ghosh, senior vice president and business leader, CFO Services and Consulting at Genpact. “As part of our role designing, transforming, and running process operations, we continue to invest in targeted technology, operating model design and process science and focus on industry nuances to provide senior business leaders with a roadmap to achieve the business outcomes they seek.”