A new finance-as-a-service (FaaS) solution has been launched by coalition of companies. GenOne, a FaaS solution built around Workday Financial Management, provides a business model allowing companies to scale, manage finance operations. The new service was launched by Genpact a global professional services firm focused on delivering digital transformation. Genpact is joined in the partnership with OneSource Virtual and Deloitte. OneSource Virtual is a provider of business process services and automated solutions for Workday. The new solution is expected to re-structure finance operations and helps companies enhance competitive growth.
Workday and GenOne’s offering is aimed at CFOs and their teams. The finance-as-a-service solution is designed to increase agility, manage capital and finance planning more strategically, and work effectively with internal partners. Workday Financial Management unifies a full range of accounting capabilities to provide organisations with real-time business insights. The solution is expected to improve speed and control required to meet the complex needs of today’s business landscape.
Dealing with traditional managed service providers
“GenOne delivers unique cost advantages, output-based pricing, and flexible contracting,” said Alison Close, research manager, digital business operations and analytics services, IDC. “Traditional managed services providers will be hard pressed to compete with FaaS solutions like GenOne,” Close added.
GenOne builds on key Workday benefits to help clients quickly gain an expanded view of their business health, close cycle time, and improve internal controls and consistency across global operations. It also takes advantage of the Genpact Cora digital business platform, which leverages the power of advanced technologies such as artificial intelligence, machine learning, robotic process automation, and dynamic workflow.
“As companies continue to pursue multiple financial transformation journeys, they’re feeling tremendous pressure to produce quick returns,” said Katie Stein, chief strategy officer and global business leader, Enterprise Services, Genpact. “GenOne allows CFOs to be quickly at the forefront of continuous digital innovation and run their finance operations with agility and flexibility.”
The GenOne solution brings together Genpact’s best-in-class finance and accounting expertise and Deloitte’s deep experience as a Workday services partner.
Providing value faster and more efficiency.
“Today’s digital economy demands that finance organisations provide value faster, more efficiently, and with greater insights. GenOne will create more opportunities for our clients to radically simplify their financial processes. It will free up people for more strategic activities, and upgrade aging legacy technologies,” said Matt Schwenderman, principal, Deloitte Consulting. Schwenderman is also US leader of its Workday Financial Management practice. “Bringing together the experiences and capabilities of Genpact, OneSource Virtual, and Deloitte to solve some of CFOs’ most pressing challenges in an innovative way is truly exciting.”
The GenOne solution also leverages OneSource Virtual’s patented Workday integration technology. The platform is tailored to enable CFOs and their teams to analyse data immediately, with relevant, contextual financial insights. They can focus on driving strategic business outcomes instead of spending additional time to figure out how to pull essential information from numerous sources throughout an enterprise.
Enterprise Times: What this means for business?
The ‘on demand service’ model which has disrupted the software marketplace, SaaS, has finally reached the finance sector. The licensing and delivery model in which financial software is licensed on a subscription basis and is centrally hosted will be one to watch. It will be interesting to see, if this particular business model takes root in the section. The partners have a good track record in the on demand business model. OneSource Virtual is a pioneer of Business Process as a Service (BPaaS) and supports the automated delivery. This includes Robotic Process as a Service (RPaaS), of solutions exclusively using Workday software.This finance-as-a-service partnership will be one to watch. Will businesses embrace this model for managing such a crucial operation as finance.