Tata Consultancy Services' Comprehensive Consulting-led Capabilities across the F&A Value Chain, Strong Digital Ecosystem, and Proprietary Solution Cognix™ for Finance, Highlighted as Key Strengths
NEW YORK | MUMBAI, October 04, 2021: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, has been recognized as a Leader in the Everest Group PEAK Matrix® for Finance and Accounting Outsourcing Services.
According to the report, TCS drives accelerated digital transformation for its clients with Cognix™ for Finance that leverages an ecosystem of pre-built digital solutions. It goes on to say that TCS has strong intelligent automation capabilities that are quite frequently highlighted by its clients as a key area of strength. The report also showcases TCS’ strong digital ecosystem, process mining tools, consulting capabilities, and change management as strengths. TCS’ industry specific finance solutions and its end-to-end BPaaS offerings have also been highlighted in this report.
“CFOs today provide financial leadership to drive business strategy and create a risk intelligent culture in addition to their traditional mandate of cost control, cashflow, financial reporting and operational resilience. TCS helps customers leverage AI and digital technologies to transform the finance function and make it an equal partner to business,” said Ashok Pai, Global Head, Cognitive Business Operations, TCS. “Our leadership position in this assessment is a testament to our innovation-led approach, customer-centricity, extensive investments in digital technologies and the resultant market success.”
TCS’ strong consulting and technology capabilities, proprietary solutions, deep domain expertise, contextual knowledge, world-class frameworks, and its global delivery footprint to create digitally-enabled, agile, future-ready and intelligent finance operations. TCS offers a comprehensive portfolio of finance and accounting services spanning both core processes such as procure-to-pay, order-to-cash, record-to-report and risk, compliance and audit support, as well as strategic processes such as financial planning and analysis, tax regulatory and treasury. It has developed robust industry-specific finance and accounting solutions across banking, financial services and insurance, retail and consumer business, communications, media and technology, manufacturing, life sciences and healthcare and energy, resources, and utilities.
A key differentiator is TCS’ intellectual property that is central to its transformational approach. It leverages Cognix for Finance, an AI-driven human-machine collaboration suite to digitally transform finance operations, helping customers achieve superior outcomes in working capital, cash flow, and controllership. Cognix unlocks the immense value that lies at the intersection of business processes, applications, and the IT infrastructure layer. It innovatively orchestrates the digital technology ecosystem and contextualizes solutions by harnessing knowhow from a vast expanse of customer operations. Cognix helps realize a configurable enterprise enabling organizations to achieve a competitive edge through cognitive operations.
Cognix uses an ecosystem of pre-built, configurable, and reusable digital solutions called value builders to address specific CFO goals. For example, a Cash-flow Command Center provides AI-powered real-time insights into the cashflow position at any given time with a view of the projected cash inflow and an impact assessment in case of an event. Similarly, GL Integrity Analysis empowers controllers with AI-powered intelligent insights and recommendations on detected anomalies.
Cognix also provides a comprehensive benchmarking and maturity assessment framework which enables C-suite executives to measure the cognitive maturity of their operations vis-a-vis industry benchmarks and provides recommendations to reach the desired future-ready state.
“TCS maintains its Leader position in Everest Group’s 2021 Finance and Accounting Outsourcing PEAK Matrix® Assessment by leveraging its strong digital ecosystem, consulting capabilities, and BPaaS offerings to cater to end-to-end F&A requirements and drive their clients’ transformation journey,” said Shirley Hung, Partner, Everest Group. “Through its advanced technology offerings, led by Cognix, cash optimization offerings, and flexible and modular approach, TCS supports its clients in building operational resilience and agility in their finance functions, as well as achieve differentiated business value.”
About Tata Consultancy Services (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 500,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $22.2 billion in the fiscal year ended March 31, 2021 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit www.tcs.com.
 Finance and Accounting Outsourcing (FAO) – Service Provider Landscape with PEAK Matrix® Assessment 2021, Shirley Hung, Vignesh Kannan, Abhishek Singh, Sailee Ladole, Everest Group, August 31
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