Finance

Genpact partners with Microsoft for finance transformation across enterprises – Times of India

Published

3 weeks ago

May 5, 2024

Genpact has announced a strategic collaboration with Microsoft aimed at driving modern finance transformation across enterprises worldwide. This partnership is centered on leveraging data, technology, and AI to foster innovation within finance organizations on a global scale.
This collaboration aims to combine Microsoft Azure OpenAI Service with Genpact’s extensive expertise to propel finance organizations into the future.The goal is to facilitate faster decision-making supported by a robust foundation of data and AI.
Balkrishan “BK” Kalra, President and CEO of Genpact, emphasized the company’s long-standing leadership in finance and accounting services, stating that the collaboration with Microsoft will usher in the next wave of finance transformation.
Nicole Dezen, Chief Partner Officer at Microsoft, highlighted the transformative potential of AI in the finance industry, expressing excitement about partnering with Genpact to empower finance organizations to harness the power of data for business transformation.
Genpact is not only driving transformation for its clients but also modernizing its own finance function through extensive use of Microsoft’s AI tools. By harnessing the power of data, technology, and AI, Genpact has achieved significant improvements across various areas of finance:

Enhanced vendor management automation with advanced AI algorithms, resulting in 85% accuracy in response and doubled supplier satisfaction.
Transformed customer collections process with AI-powered analytics and automation, coupled with streamlining of invoice and payment tracking.
Implemented a large language model-based digital assistant to streamline tax document submissions, leading to a 53% reduction in support tickets and improved employee experience.

This collaboration underscores Genpact’s commitment to AI innovation and its strategy of leveraging data, technology, AI, and strategic partnerships to drive outcomes for shareholders, clients, communities, and talent. For more information on Genpact’s partners and generative AI solutions, visit their website.

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Finance

Big Players Maneuver In Global Finance And Industry

Published

3 hours ago

May 25, 2024

Press Room

Big Players Maneuver In Global Finance And Industry

What’s going on here?

From hostile takeovers to strategic acquisitions, major financial and industrial players are making bold moves to bolster their market positions. Spanish bank BBVA, Swiss private bank Julius Baer, and British IT services group Redcentric are all in high-stakes negotiations for potential mergers.

What does this mean?

BBVA’s €12.23 billion hostile takeover bid for Sabadell marks a major potential consolidation in the Spanish banking sector, despite opposition from Madrid. Julius Baer’s talks with EFG International highlighted competition in Swiss private banking, though discussions have ceased. In IT services, Redcentric’s negotiations with Milan-listed Wiit SpA could lead to a substantial acquisition. Additionally, private equity firm Carlyle is preparing to sell aerospace manufacturer Forgital, signaling increased activity in the aerospace sector. Also, Deutsche Bahn is advancing in the bidding process for its logistics subsidiary Schenker, with four contenders still vying for it.

Why should I care?

For markets: Strategic consolidations and divestments.

These moves reflect broader trends of consolidation and strategic realignment across industries. BBVA’s bold bid for Sabadell and Criteria’s acquisition of a 9.4% stake in ACS for €983 million signify aggressive strategies to capitalize on market opportunities. Carlyle’s plan to sell Forgital and Saudi Aramco’s in Repsol’s renewable energy division highlight the growing focus on portfolio diversification and sustainability.

The bigger picture: Global shifts in financial and industrial landscapes.

These developments indicate profound changes in the global financial and industrial sectors. KKR’s likely approval to acquire Telecom Italia’s fixed-line network without EU antitrust conditions signals a favorable regulatory climate for strategic deals. On the flip side, the Italian government’s decree for state broadcaster RAI to possibly merge its tower unit, RaiWay, with EI Towers shows the fluidity of managing national strategic assets. Meanwhile, Coventry Building Society’s £780 million purchase of Co-operative Bank underscores ongoing consolidation in the British banking sector.

Finance

Commodity price volatility presents ‘substantial’ challenges: Finance Ministry

Published

10 hours ago

May 24, 2024

Press Room

Commodity price volatility presents ‘substantial’ challenges: Finance Ministry

Bengaluru: The Union Finance Ministry said on Friday that the ongoing geo-political upheavals and the resultant volatility in prices of commodities globally, continues to be a cause of concern on the economic front, but added that there are enough macro-economic buffers to navigate these challenges.

“The unrelenting geopolitical tensions and volatility in global commodity prices, especially of petroleum products, present substantial multi-frontal challenges,” the ministry said in its latest Monthly Economic Review (MER), for the month of April 2024.

Nonetheless, the expectation is that the macro-economic buffers nurtured and strengthened during the post-Covid management of the economy will help the India navigate these challenges reasonably smoothly, the MER stated.

India’s retail inflation for April declined to a 10-month low of 4.83%, the second consecutive month below the 5% level. This was primarily due to easing of core inflation, even as food prices remained elevated.

There has been a continued decline in retail inflation since December 2023. It has been within the Reserve Bank of India’s (RBI) tolerance range of 2-6 per cent for the seventh month in a row. However, it has been above the central bank’s medium-term target of 4 per cent for 54 consecutive months.

Primarily due to the ongoing conflict in the Middle-East, prices of the benchmark Brent crude have risen more than 6 per cent year-to date.

On Wednesday, the MER stated that as per all available high-frequency data, the strong performance of the Indian economy in 2023-24 has carried onto the current April-June quarter (Q1 of 2024-25).

“The Indian economy closed FY24 strongly with its growth surpassing market expectations, despite strong external headwinds. Early indications suggest a continuation of the economic momentum during the first quarter of FY25,” it stated.

It said that industrial activity is gaining momentum and fixed investment is gathering pace on the back of the focus the government’s capital spending. “The forward-looking surveys of the Reserve Bank also indicate improving consumer confidence and industrial outlook,” the report said.

Published 24 May 2024, 22:45 IST

Finance

City of Lawton announces new Finance Director

Published

17 hours ago

May 24, 2024

Press Room

City of Lawton announces new Finance Director

LAWTON, Okla. (KSWO) – The City of Lawton has announced Rebecca Johnson as the city’s new Finance Director.

According to a press release from the city, Johnson’s experience includes service as a utility supervisor for the City of Norman, auditor for the Public Utility Division of the Oklahoma Corporation Commission, and most recently the Finance Director for the City of Duncan.

Johnson will begin her new role on June 3.

You can read the full press release here: