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AstraZeneca, Business Process Partner Genpact and Trintech Recognized for Transforming Reconciliation Process
|By Business Wire
|July 8, 2014 08:10 AM EDT
a leading global provider of integrated software solutions for the Last
Mile of Finance™, announced today that its customer AstraZeneca received
an Alsbridge Innovation Award for its balance sheet reconciliation
transformation project. In collaboration with AstraZeneca and Genpact,
the company’s business process outsourcing partner, Trintech implemented
its Certification solution to manage reconciliations of AstraZeneca’s
multibillion-dollar balance sheet. The Alsbridge Innovation Awards
honors innovative practices of an outsourcing relationship and
acknowledge the technology and techniques that enable successful
“This award recognizes the tremendous teamwork and collaboration on the
part of AstraZeneca, Genpact and Trintech to transform our balance sheet
reconciliation process around the world,” said Natalie Childs, Global
Process Owner of Record to Report and Fixed Assets at AstraZeneca. “We
didn’t want to move the needle a little bit, we wanted to do much more
than that – we wanted to innovate and create a world-class
reconciliation platform. And we did just that: the team delivered the
project on time and under budget, and more importantly, improved the
day-to-day operations of our finance organization.”
Through the project, AstraZeneca, Genpact and Trintech designed,
configured and implemented a new global approach to balance sheet
reconciliation that delivered measurable results:
Improved productivity for 300 users
Increased compliance across 26,000 accounts
Improved balance sheet integrity
Eliminated Excel, paper and human intervention in reconciliation
Reduced cost of service
Accelerated the period-close process
“The improvement in AstraZeneca’s finance processes underscores the
benefits of effective collaboration between global companies, business
process outsourcing providers and technology companies,” said Roy
Rajarshi, who led the project for Genpact.
Trintech CEO Paul Byrne commented on the award, “It has been an honor to
work alongside AstraZeneca and Genpact on this global initiative. We are
most proud of our work at Trintech when our customers are recognized for
the advancements they make with the help of Trintech’s technology.”
Certification is a module of Trintech’s Cadency solution, which
automates the Last Mile of Finance to increase efficiency, improve
visibility, shorten cycle times, lower costs and reduce risk. This
SaaS-based tool serves as a global policy and platform that monitors
activity on every account and automatically assigns risk and approvals.
The workflow systematically guides monthly compliance tasks, and it acts
as a single system of record accessible from anywhere to enable
real-time analysis and collaboration.
“In an era when business process outsourcers play a growing role in
international finance, this project demonstrates that automation and
real-time access are increasingly important to the collaboration and
success of global finance teams,” Byrne added.
Trintech is the leading provider of financial software solutions for the
Record-to-Report process. Over 800 clients in 100 countries – including
half of the Fortune 50 and the FTSE 100 – rely on our solutions to
optimize resources, reduce costs, manage risk and monitor activities
across the entire finance organization worldwide. Trintech’s Cloud-based
Cadency™ software manages all aspects of the financial close – from
automating and managing balance sheet reconciliation, journal entries,
to governance, risk and compliance, and financial reporting. ReconNET™
streamlines daily operational reconciliations such as bank and credit
card transactions. Trintech has offices located across the US, UK,
Australia, France, Ireland, the Netherlands and the Nordics, with
partners in South Africa, Latin America and across the Asia Pacific
AstraZeneca is a global, innovation-driven biopharmaceutical business
that focuses on the discovery, development and commercialization of
prescription medicines, primarily for the treatment of cardiovascular,
metabolic, respiratory, inflammation, autoimmune, oncology, infection
and neuroscience diseases. AstraZeneca operates in over 100 countries
and its innovative medicines are used by millions of patients worldwide.
For more information please visit: www.astrazeneca.com
Genpact Limited is a global leader in transforming and running business
processes and operations, including those that are complex and
industry-specific. Their mission is to help clients become more
competitive by making their enterprises more intelligent through
becoming more adaptive, innovative, globally effective and connected to
their own clients. Genpact stands for Generating Impact – visible in
tighter cost management as well as better management of risk,
regulations and growth for hundreds of long-term clients including more
than 100 of the Fortune Global 500. They have global presence – 64,000+
employees in 24 countries with key management and corporate offices in
New York City.
Alsbridge is a management consulting firm that helps companies reduce
costs and enable their businesses by optimizing the way they work with
their vendors. With over 200 consultants on four continents, Alsbridge
has been a trusted advisor to over 40% of the Fortune 500 and currently
advise over 200 clients a year on over $11b in spend. This gives us
tremendous market insight and deep benchmarking databases that our
experienced consultants use to help clients engage the optimal vendors
for their situation, negotiate best practice terms at fair market
prices, and improve the way they govern vendor relationships. Alsbridge
clients utilize the most cost effective and value added sources globally
for IT infrastructure services, network carrier services, hardware and
software, application support and development, business processes and
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