Wesco Enhances Finance Operations with Genpact's AP Suite Transformation

Wesco, a prominent player in business-to-business distribution and supply chain solutions, has announced a significant transformation in its accounts payable (AP) operations. Partnering with Genpact, a leader in advanced technology solutions, Wesco is utilizing the Genpact AP Suite to modernize its financial processes, enhancing both accuracy and efficiency.

The Partnership Evolution

Four years ago, Wesco and Genpact began collaborating to reinvent Wesco’s finance function, focusing heavily on overhauling the AP process. This partnership has proven vital in standardizing and automating the workflows associated with accounts payable. As a result, Wesco not only strengthened its relationships with suppliers and customers but also managed to reduce operational costs and save valuable time.

David Schulz, Chief Financial Officer at Wesco, noted, “Through iterative development and continuous improvement with Genpact by our side, we've reached a point where 40% of our more than 3 million annual invoices are processed with zero human intervention.” This impressive statistic underscores the efficacy of the implemented systems that leverage artificial intelligence to streamline the financial workflows.

Technological Advancements

The transformation is attributed to the adoption of Genpact's full AP Suite, which comprises specialized AI agents for various functions. These range from data extraction and exception handling to duplication detection and helpdesk support. Such tools have allowed Wesco to significantly reduce manual workloads, enhance the precision of invoice extraction, and gain real-time visibility into process health via advanced dashboards.

Genpact's AP Suite exemplifies the notion that accounts payable isn't merely a back office function anymore; it is increasingly seen as the frontline of enterprise AI. As Saurabh Gupta, President at HFS Research, explained, “The Genpact AP Suite brings the HFS vision of ‘services as software’ to life.” This integration allows for the creation of an intelligent solution that unifies what often are fragmented multi-ERP environments.

Transforming Accounts Payable

The outcomes of these advancements are not merely incremental; they represent a seismic shift in how Wesco approaches its finance operations. By creating a more touchless AP experience, Wesco is now better positioned to ensure agility across its finance enterprise. The organization's shift toward a predominantly automated environment drives both faster processing and heightened accuracy in payment operations.

Wesco generates approximately $22 billion in annual sales and operates more than 700 sites in almost 50 countries. Its broad customer base spans several sectors, including commercial, industrial, government, technology, telecommunications, and utilities. This extensive network benefits significantly from the streamlined AP operations, leading to improved supplier interactions and overall satisfaction.

With this initiative, Wesco is paving the way for how modern finance functions can evolve through the power of technology. It exemplifies how businesses can achieve rapid and measurable outcomes by embracing advanced solutions like those offered by Genpact. The future of accounts payable at Wesco was no longer constrained by conventional methodologies but rather driven by innovative practices designed for success in a digital era.

For organizations looking to enhance their financial operations, Wesco’s evolution serves as a commendable model. The journey illustrates the potential of AI-driven solutions in creating efficient, transparent, and adaptable business processes that can respond dynamically to changing market conditions.

For more information about the agentic AI-powered Genpact AP Suite, visit the Genpact website.