Genpact: Transforming Businesses Sustainably with Digital
As a technology business specialising in automation, artificial intelligence (AI), cloud, data and analytics, Genpact is a key partner for any business and its functions. From finance and accounting to sustainability, and even motorsport, the company has leveraged data in all kinds of scenarios to drive innovation and business growth.
On the 23rd January 2024, the company was recognised as the Sustainable Corporate of the Year by Frost & Sullivan, which is the second consecutive the company received this title.
As a global professional services firm, Genpact has delivered solutions to a variety of clients—800 across 30 countries globally. The company is also a dedicated partner of some top global providers, including Oracle, Microsoft, Amazon Web Services (AWS), and Deloitte.
Leveraging data for sustainability initiatives
Sustainability is but one of the services areas offered by Genpact as it supports companies in their pursuit of impact through data and insights. Offering solutions from environmental, social and governance (ESG) assessment and carbon counting, to supplier management and supply chain due diligence.
"Genpact's AI-first approach is paramount in effectively supporting sustainability goals that drive meaningful decisions, measure progress, and demonstrate tangible global impact," says Vidya Srinivasan, Global Infrastructure, Risk and Logistics Leader at Genpact.
"Being named as a second-consecutive recipient solidifies our ongoing pursuit of creating a more resilient world by leveraging data and AI as key transformation levers to build sustainable communities worldwide."
This achievement adds to last year’s recognition, but also a variety of work carried out by Genpact to support businesses in their own journeys. Moreover, a project previously carried out with Formula E’s Envision Racing showcased how the company can apply to the motorsport sector to better understand trends and data in real-time. While this was not a direct impact on the environment, the company supported the team that is part of a wider initiative to encourage electrification and global sustainability.
The power of data and insight for achieving corporate sustainability
Genpact urges its clients to rethink the way they deploy and run their ESG programmes. This is in light of a number of things the company recognised among clients and the corporate environment at large.
Challenges in collecting quality ESG data: Companies striving for accurate and compliant ESG reporting face hurdles due to manual data collection and reliance on multiple sources. This leads to a lack of investor-grade ESG data, characterised by inconsistencies and unstructured information, hindering the ability to derive real-time, actionable insights from ESG initiatives.
Integrating ESG into supply chain management: Recognising ESG risks and opportunities within supply chains, companies are increasingly incorporating ESG risk mitigation into their supplier management strategies. This involves collecting ESG data from suppliers, particularly concerning scope 3 emissions, which constitute a significant portion of total emissions, to enhance transparency in third-party practices.
Inconsistency in ESG reporting standards: The emergence of diverse standards and evolving regulatory frameworks poses a challenge for companies in maintaining standardised and consistent ESG reporting, leading to potential risks of non-compliance.
Shortage of ESG expertise: Many companies lack the necessary expertise to fully understand sustainability risks, their business impacts, and the implementation of effective governance and assurance processes. This deficiency spans knowledge, capacity, data handling, and experience in managing comprehensive ESG requirements.
Underutilisation of Digital Tools in ESG Reporting: The prevalent reliance on manual processes for ESG data collection, consolidation, and reporting limits the ability of organisations to provide high-quality, investor-grade ESG information. This underlines the need for greater adoption of digital technologies and analytics in ESG endeavours.
To find out how Genpact supports businesses with their sustainability strategies, head to the company’s website.
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