Genpact Teams Up With Deloitte and OneSource Virtual to Launch FaaS Service GenOne
Global professional services company Genpact has teamed up with One Source Virtual and consulting giant Deloitte to get into the Fintech space in a big way. Genpact published a press release on the company website in which it stated that the three companies have created a ‘finance as a service’ or FaaS platform named GenOne. According to the press release, it is a product “that reimagines finance operations and helps companies enhance competitive growth.” The product in question has been built for Workday Financial Management. The purpose of the service is to help companies and businesses to properly manage their financial operations.
GenOne is meant for the top executives in a company who are involved with the day to day financial operations. For instance, the Chief Financial Officer of a company and his team would be better equipped to handle the finances of the company if they are supported with GenOne. However, GenOne is not only about helping executives managing capital in a more efficient way. It also provides accounting services and more importantly, helps the executives with actionable insights in real-time. Last but not least, Genpact has also stated that GenOne provides a level of speed and accuracy that is absolutely vital for modern-day businesses. Alison Close, who is a researcher at one of the better-known analyst firms in the industry, spoke about the development. She said,
“GenOne delivers unique cost advantages, output-based pricing, and flexible contracting, Traditional managed services providers will be hard-pressed to compete with FaaS solutions like GenOne.”
Any service that is meant for enterprise use immediately gets an edge in the market if it has a cost advantage. It remains to be seen whether GenOne can leverage it to its advantage. Genpact has used its own Genpact Cora platform build the product. The global business leader and chief strategy officer of Enterprise Services at Genpact, Katie Stein stated that GenOne allows CFOs to use cutting edge financial software services and derive an advantage. She went on to add,
“As companies continue to pursue multiple financial transformation journeys, they’re feeling tremendous pressure to produce quick returns. GenOne allows CFOs to be quickly at the forefront of continuous digital innovation.”
It got without saying that it is a significant development for the FaaS space as a whole.