PR - Genpact Celebrates 10 Years; Pioneer of Offshore BPO

Genpact (NYSE: G), which manages business processes for companies around the world, celebrates its 10th anniversary this week. What began in 1997 as a 30×30 ft. mail-processing venture near Delhi, India, has become a $613 million enterprise across nine countries serving dozens of well-known corporate brands in 15 industries.

“Ten years ago, when we were still part of GE, we had an idea and a dream,” says Genpact President & CEO Pramod Bhasin. “The Business Process Outsourcing industry was unheard of in India. Phone lines did not work, and the only office buildings available were old-fashioned and certainly not equipped for our needs. But we knew it was a great idea, and with the backing of a great company, and our energy and commitment, we knew we would find a way.”

Research conducted by the Black Book of Outsourcing predicts the worldwide BPO market will hit $700 billion in 2008 as more companies focus on their core and embrace business process outsourcing.

Genpact, which listed on the New York Stock Exchange under the ticker symbol “G” on August 2nd of this year, has been a key player in the Business Process Outsourcing industry since the beginning. “We owe a special acknowledgement to the leaders, visionaries and organizations that pioneered this industry in India, and the team at Genpact is certainly among them,” wrote Kiran Karnik, president of India’s National Association for Software and Services Companies (NASSCOM) in a congratulatory letter.

Not only was Genpact a trailblazer of business process outsourcing in India, it pioneered the industry in China and Eastern Europe as well. But it is in India, where Genpact has facilities in six cities, plus hiring centers in another 12, that is prospering because of the clean new industry that has turned dusty suburbs like Gurgaon into hubs of high-rise buildings and commerce. 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!”