The manufacturing sector is undergoing dramatic change on a global scale.
From weathering the storm of economic uncertainties owing to fluctuating market demands and the geopolitical unraveling of global supply chains to staying afloat amid cost pressures, recessionary fears and keeping up with evolving technology, the challenges manufacturers currently face are unprecedented.
But with the right tools, expertise and trusted partnerships, manufacturers can navigate these troubled waters and emerge from the storm stronger than ever, according to Genpact’s Global Business Leader for Manufacturing, Diwakar Singhal.
“Manufacturers are reimagining their operating model and supply chains to be more resilient and flexible in response to disruptions,” he tells The CEO Magazine. “It’s no longer about making customers happy; it’s about helping them visualize ‘what’s next’ and how to get there faster with a solid plan to balance operational modernization and resilience.”
Genpact is a leading global professional services firm that focuses on business process management and digital transformation. With a strong emphasis on advanced analytics and AI, Genpact assists organizations in enhancing their operations, improving the customer experience and driving innovation.
Leveraging its industry expertise, it provides tailored solutions across various sectors, including banking, healthcare and lifesciences, high tech, insurance, consumer goods and retail, enabling clients to achieve sustainable growth and operational efficiency.
Successful impact
Singhal has been with Genpact since the company’s inception in 1997. Having climbed up the ladder within the company and entrusted by management to establish the organization in new geographies within India and China, Singhal has led transformation teams in various capacities and multiple roles in finance, supply chain, procurement, IT, data and analytics.
“As the Global Business Leader for Manufacturing, which is the largest vertical within Genpact, I handle a diversified portfolio spanning oil and gas, automotive, utilities, aerospace and chemicals and materials, which is growing at 15 percent year on year,” he explains.
“This has given me a unique perspective on solving the challenging problems of our clients, and I’m passionate about finding innovative solutions to address the complex problems impacting the manufacturing industry to drive industry standards and practices forward.”
“I feel extremely fulfilled to know that Genpact’s expertise are valued and trusted by Fortune 500 and Forbes Global 2000 companies.”
Along with his deep experiential knowledge in streamlining, optimizing and modernizing business operations with AI and advanced technologies to help companies enhance long-term value, efficiency and productivity, throughout his career, Singhal has also focused on developing a deeper context and understanding about the customers’ problems.
He says one of the most rewarding parts of his role is knowing that Genpact’s efforts directly contribute toward the success and growth of its clients’ business.
“I value building and fostering strong, lasting relationships with clients and their appreciation of Genpact’s positive impact on business,” he says. “I feel extremely fulfilled to know that Genpact’s expertise is valued and trusted by Fortune 500 and Forbes Global 2000 companies.”
The value of AI
The dawn of AI, including generative AI (genAI), is having a profound impact on manufacturing, and global firms are increasingly looking toward automation solutions for faster turnaround times, lower operational costs and improved accuracy.
“AI is enhancing operational outcomes in the manufacturing sector through supply chain optimization, automation of routine tasks and predictive maintenance,” Singhal says. “It’s improving customer engagement, advancing analytics and decision-making capabilities and accelerating development and design processes.”
He points to a recent HFS-Genpact Study, in which 74 percent of respondents said they anticipate genAI to be a springboard for value creation, driving not only productivity gains, but also customer satisfaction, revenue growth and competitive edge within the next two years.
“We bring energy, thought leadership and an entrepreneurial spirit and are committed to developing disruptive solutions for our clients.”
The challenges around this advancement, he says, can lie in the costs associated with its purchase and implementation. “The upfront investment required for embracing such technology, including infrastructure, procurement and training, can be prohibitive for many companies,” he says.
What’s also concerning are increasing data security attacks and breaches. “AI requires vast amounts of data to function effectively, and managing this data securely is a significant challenge,” Singhal explains.
“Poor data quality can hinder the effectiveness of AI systems, making it crucial to have robust data management strategies and governance in place. As AI and cloud applications proliferate, they also open new avenues for sophisticated cyberattacks.”
Partnership in action
This rapid pace of technological advancements opens new avenues for innovation and growth.
“Genpact leverages its extensive experience and cutting-edge technology to help industry players navigate disruptions,” Singhal says. “By staying ahead of technological trends, we ensure that our clients are not only prepared for change but can also capitalize on new opportunities.”
What gives the company the competitive advantage in the manufacturing industry is its unique blend of industry expertise, lean methodology and AI capabilities.
“At Genpact, we design with intention, solve problems using advanced technologies and have the right talent to drive operational excellence,” he explains.
“Our extensive experience in both design and delivery for global manufacturers allows us to develop advanced operating models that are quickly deployed, providing more value early in the journey. We bring energy, thought leadership and an entrepreneurial spirit and are committed to developing disruptive solutions for our clients.”
“Genpact’s values and operational approach enable true partnership with our clients, fostering innovation and continuous evolution to better serve businesses and their customers.”
Genpact offers an end-to-end suite of services for manufacturing players at various stages of their transformation journey.
“Our strong credentials and unparalleled expertise in domain, AI and lean help power manufacturers toward achieving our clients’ business objectives,” he says.
The manufacturing industry continues to evolve in its investment in AI and advanced analytics for supply chains, aftermarket services, the skill gap and sustainability objectives. Singhal says the company will continue to be at the forefront of this evolution, partnering with manufacturers to ensure they achieve excellence and resilience.
“We’re building responsible AI centers of excellence for our clients and have already been granted a few patents and filed several genAI patents. Over 110,000 employees are enrolled in our genAI training, and 65,000 have completed the courses to reach a foundational understanding of the new technology and its application,” he says.
“We partner with our clients to redesign their target operating models and invest in co-innovation programs to ideate, design and develop solutions that drive significant impact and scalability.
“Genpact’s values and operational approach enable true partnership with our clients, fostering innovation and continuous evolution to better serve businesses and their customers.”
