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Tata Consultancy Services provides end-to-end analytics solutions across the finance value chain including data management, reporting, analytics and insights, predictive modeling, and optimization to support customers in enabling an intelligent enterprise powered by new-age digital solutions
NEW YORK | MUMBAI, August, 2024: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has been recognized as a Leader in the IDC Marketscape for Worldwide Enterprise Analytics and AI Business Process Services for Finance and Accounting 2024 Vendor Assessment (doc # US51353223, July 2024).
According to the report, “TCS has a high share of enterprise F&A BPS clients for which it performs end-to-end advanced analytics including AP/AR analytics, working capital optimization, forecasting/planning, credit/collections, fraud analytics, profitability analysis, and cash flow analysis”. The report further states, “TCS also has numerous generative AI pilots and POCs for use cases including document analysis, conversational finance, accounting and financial report generation, financial analysis and forecasting, and fraud detection and risk mitigation”.
“In-order to achieve the next frontier of growth and efficiency, finance leaders need to focus on better data controllership, richer insights, and speed and agility in processing and decision-making. Technologies like analytics, machine learning, AI, Gen AI are key to institutionalizing this. TCS, with its Cognix™ powered suite of solutions has been helping enterprises across industries embrace these technologies at pace, enhancing their core metrics and paving the way for market success” said Ashok Pai, Senior Vice President & Global Head, Enterprise Cognitive Business Operations, TCS. “We believe that this recognition is a reflection of our continued investments in technology and innovation and our efforts to drive digital adoption for our clients”
“TCS performed well across a multitude of metrics such as its extensive capabilities around AI and analytics across the finance value chain, driving adoption of these digital technologies amongst their client base and aligning future investments and strategies to evolving market needs. This has been possible because of its investments in proprietary and partner-based solutions and integrated platforms with Cognix™ at the core. Gen AI continues to be a key focus area, positioning TCS well to drive enhanced value creation for its clients” said Raymond Pucci, Research Director, Intelligent Finance & Customer Care Business Process Services
TCS offers a comprehensive suite of offerings across the finance-value chain. It helps organizations revolutionize their finance and accounting operations spanning across Procure-to-Pay, Order-to-Cash, Record-to-Report with technologies like automation, AI, Gen AI, advanced analytics, and cloud to significantly improve their efficiency, speed, and compliance. Its AI-led strategic finance offerings like financial planning and analysis, cash and liquidity management, and taxation equips enterprises with data-driven decision-making for enhanced resilience and financial performance. TCS also provides a host of industry-specific finance and accounting services like trust and equity accounting for financial services, revenue cycle management for healthcare, passenger and cargo revenue accounting for travel and transportation, store accounting for retail, and meter to cash for utilities to cater to the inherent accounting nuances and needs of various industry domains. It advises and supports CFOs in their broader ESG imperatives with services like ESG reporting framework design, ESG data benchmarking, Insights for carbon emission reduction, and adoption of carbon neutral finance strategies.
TCS brings in a unique approach to clients’ finance transformation needs by combining its advisory, technology and operations expertise well- supported by its contextual know-how, strong digital and partner ecosystem and future-ready talent pool.
TCS Cognix™ for Finance, an AI-driven human-machine collaboration suite, is at the heart of this transformation approach. It offers a customized, fit-for-purpose transformation approach aligned to the business dynamics and operations maturity of enterprises. The transformation journey enabled through Cognix™ powered maturity assessment tools and frameworks delve into process discovery and analysis along with benchmarking of client’ operational metrics with best-in-class industry standards and peers. It is then followed up with recommended digital solutions to track and improve metrics on an on-going basis. Cognix™ offers a library of pre-built digital solutions across the finance value chain that are built using multiple technologies like AI, GenAI, analytics and automation. These solutions can be easily deployed into the client’ environment for accelerated value realization.
About IDC MarketScape:
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of technology and service suppliers in a given market. The research utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each supplier’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of technology suppliers can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective suppliers.