How Genpact is Helping Retail with Procurement
Genpact and BJ's Wholesale Club (BJ's), a leading operator of membership warehouse clubs, will work together in a multi-year partnership. The partnership aims to enhance BJ's agility, drive innovation and support its growth plans.
Genpact is collaborating with BJ's to provide expertise across finance and accounting, indirect procurement, HR, merchandising and other support functions.
"Across the retail industry, the demand for agility is driving smarter, more scalable operations," says Rajnish Sinha, Global Business Unit Leader for Retail at Genpact.
"Genpact is supporting BJ's operations by applying its expertise in finance and accounting, digital adaptations and data-driven process governance to position the company for long-term success through continuous innovation."
Transforming leading enterprises
Genpact is a global professional services and solutions firm delivering outcomes that shape the future. Its 125,000+ people across more than 30 countries are driven by innate curiosity, entrepreneurial agility and a desire to create lasting value for clients.
Powered by its purpose – the relentless pursuit of a world that works better for people – Genpact serves and transforms leading enterprises, including the Fortune Global 500, with deep business and industry knowledge, digital operations services and expertise in data, technology and AI.
Genpact provides sustainability services, including ESG assessment, carbon counting, supplier management and supply chain due diligence, to support companies in making impactful decisions through data and insights.
The firm has been recognised as a Leader in Everest Group's SAP Business Application Services PEAK Matrix assessment for mid-market enterprises.
Harnessing the tools of strategic technology
The partnership will focus on the continued growth of the company, harnessing the tools of strategic technology investments and optimised operations. ServiceNow is serving as the core platform for managing and integrating workflows.
"BJ's is committed to driving automation and innovation to enhance productivity," adds Graham Luce, Executive Vice President and General Counsel for BJ's Wholesale Club.
"With Genpact's proven operations expertise, we are focusing on growth while implementing operational improvements."
Along with operational improvements, BJ's is accessing top-tier talent and technology to support its growth plans.
How Gen AI can help retail
In a blog post on Genpact's website, written by Aswin Chandrasekaran, Senior Partner for Data and AI Advisory at Genpact, outlines how Generative AI (Gen AI) presents a transformative opportunity for consumer packaged goods (CPG) and retail companies, extending beyond mere productivity gains to revolutionise business operations, innovation and value creation.
Similar to the widespread impact of electricity, gen AI has the potential to become an integral part of business processes.
Key applications of gen AI in CPG and retail include:
- Data insights: Analysing vast amounts of product, customer and consumer data to generate meaningful insights.
- Data recommendations: Converting insights into actionable recommendations for various aspects of business operations.
These applications can lead to:
- Improved supply chain management through order lifecycle data analysis.
- Enhanced sales planning through point-of-sale data interpretation.
- Better in-store product placement.
- Enhanced product filtering capabilities for consumers.
- Smarter product suggestions to increase basket size.
To successfully integrate gen AI, companies should:
- Democratise its use among employees, providing training and opportunities for safe experimentation.
- Identify suitable projects by evaluating business outcomes, value generation, implementation complexity and risk.
- Establish a centre of excellence to oversee AI development and ensure ethical, fair and accountable solutions.
By leveraging gen AI effectively, CPG and retail companies can enhance customer experiences, increase brand loyalty, and uncover new growth opportunities.
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