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Wipro Launches Finance and Accounting Business-Process-as-a-Service in Partnership with NetSuite
|By Business Wire
|May 21, 2014 09:11 AM EDT
Wipro Ltd. (NYSE:WIT), a leading Global Information Technology,
Consulting and Outsourcing company, today announced the launch of its
‘Finance and Accounting Business-Process-as-a-Service’ (F&A BPaaS)
solution for enterprises. Developed in partnership with NetSuite
(NYSE:N), the industry's leading provider of cloud-based financials /
ERP and omnichannel commerce software suites, Wipro’s F&A BPaaS is a
comprehensive, end-to-end business process solution that can help
improve business agility, user experience and process efficiency.
Wipro’s F&A BPaaS is built on the industry leading NetSuite platform,
along with best-in-class Wipro process capabilities in finance and
accounting. The solution empowers customers to selectively manage and
control their finance and accounting processes on a standardized
platform, in a 100% variabilized cost model. It also enables rapid
implementation of business processes, improves compliance standards, and
provides operational readiness, leading to significant cost savings.
The F&A BPaaS solution enables enterprises to manage their global F&A
operations, with extensive management reporting and analytics
capabilities, that would allow them to measure their current process
performance and set a goal for improvement. The solution also measures
and improves a set of pre-defined business outcomes.
“As enterprises renew their focus on agile finance and accounting
processes, there is an intensifying need in the market for a platform
that can provide end-to-end F&A solutions in an ‘as-a-service’ model. As
a result, enterprises are increasingly moving to innovative cloud-based
models. Leveraging Wipro’s comprehensive cloud services proficiency and
business process expertise, the F&A BPaaS solution helps organizations
in process harmonization, optimal organization design and change
management, offering transformational benefits to our customers,” said Jeff
Heenan-Jalil, Senior Vice President & Global Head, Advanced Technologies
& Solutions, Wipro Ltd.
Jim McGeever, COO, NetSuite, said, “NetSuite’s unified
cloud-based business management solution, along with Wipro’s strong
NetSuite capabilities, operations and process management tools, provide
the backbone for the F&A BPaaS Solution. Wipro's heavy investment in
NetSuite, coupled with its domain expertise and process capabilities in
accounting and financial management make it the ideal implementation
partner for F&A BPaaS.”
In May 2013, Wipro was awarded NetSuite’s ‘BPO Partner of the Year’ for
the successful F&A BPaaS implementation for Global Payments, a leading
payments processing company.
Rubens Silva, CFO, Global Payments Brazil said, “Wipro executed a
Business Process as a Service (BPaaS) solution for enabling the Finance,
Accounting and Payroll business processes end-to-end, for our Brazilian
operations. The solution platform was deployed in 5 months, to provide
operational efficiencies and full regulatory compliance, in an
innovative zero-capex business model.”
Wipro has been named a leader by Gartner in the F&A BPO Magic Quadrant
*Magic Quadrant for Finance and Accounting BPO, Cathy Tornbohm, May 29,
About the Magic Quadrant: Gartner does not endorse any vendor,
product or service depicted in its research publications, and does not
advise technology users to select only those vendors with the highest
ratings. Gartner research publications consist of the opinions of
Gartner's research organization and should not be construed as
statements of fact. Gartner disclaims all warranties, expressed or
implied, with respect to this research, including any warranties of
merchantability or fitness for a particular purpose.
About Wipro Ltd.
Wipro Ltd. (NYSE:WIT) is a leading Information Technology, Consulting
and Outsourcing company that delivers solutions to enable its clients do
business better. Wipro delivers winning business outcomes through its
deep industry experience and a 360 degree view of "Business through
Technology" - helping clients create successful and adaptive businesses.
A company recognized globally for its comprehensive portfolio of
services, a practitioner's approach to delivering innovation, and an
organization wide commitment to sustainability, Wipro has a workforce of
140,000 serving clients across 61 countries. For more information,
please visit www.wipro.com.
Wipro Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth
prospects are forward-looking statements, which involve a number of
risks, and uncertainties that could cause actual results to differ
materially from those in such forward-looking statements. The risks and
uncertainties relating to these statements include, but are not limited
to, risks and uncertainties regarding fluctuations in our earnings,
revenue and profits, our ability to generate and manage growth, intense
competition in IT services, our ability to maintain our cost advantage,
wage increases in India, our ability to attract and retain highly
skilled professionals, time and cost overruns on fixed-price, fixed-time
frame contracts, client concentration, restrictions on immigration, our
ability to manage our international operations, reduced demand for
technology in our key focus areas, disruptions in telecommunication
networks, our ability to successfully complete and integrate potential
acquisitions, liability for damages on our service contracts, the
success of the companies in which we make strategic investments,
withdrawal of fiscal governmental incentives, political instability,
war, legal restrictions on raising capital or acquiring companies
outside India, unauthorized use of our intellectual property, and
general economic conditions affecting our business and industry.
Additional risks that could affect our future operating results are more
fully described in our filings with the United States Securities and
Exchange Commission. These filings are available at www.sec.gov.
We may, from time to time, make additional written and oral
forward-looking statements, including statements contained in the
company’s filings with the Securities and Exchange Commission and our
reports to shareholders. We do not undertake to update any
forward-looking statement that may be made from time to time by us or on
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