While some feared job losses in the West due to the outsourcing boom, unemployment has remained low (4.7 percent in the U.S.), in part because companies like Genpact have helped improve business performance, generating more higher-value jobs back home.
“One day, Business Process Outsourcing will become India's largest private sector employer,” Bhasin predicts. While Genpact started by providing document-management and credit-card services, the company now performs 3,000 processes involving financial planning & analysis, insurance services, enterprise-wide software and IT services, logistics and procurement services, data analytics, and process re-engineering.
It's not unusual for processes to start in Genpact's El Paso, Texas, facility, cross over the border to Juarez, Mexico, then be sent electronically to India, China, or Eastern Europe, before returning to the UK or the US.
Due to its GE heritage, Genpact gained domain expertise in such industries as consumer & commercial finance, healthcare, transportation, and energy, then moved into adjacent verticals, like pharmaceuticals and automotive.
Throughout its growth journey, Genpact held true to its values, embraced Six Sigma and continuous improvement, and made transparency with clients a hallmark. “Our clients teach us a lot.
We have learned so much from them. It's exciting to work with them to continually raise the bar in terms of what we can deliver,” Bhasin notes.
“Your business transformation is nothing short of incredible,” wrote the vice chairman of a major US client to Genpact's 30,000 associates.
“The Genpact team does a great job for our businesses, and your growth is a reflection of your dedication to process quality and excellence.”
Other clients from around the world have added their congratulations. Said one bank executive in Australia, “It is absolutely amazing to see how much you have grown.
Your customer focus, quality discipline and overall drive towards operational excellence have enabled you to become the market leader. Congratulations on your 10th anniversary!”
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