TCS a Leader in Digital Finance and Accounting Business Process Services: IDC MarketScape

Tata Consultancy Services' CogniX™ for Finance, Consulting-led Transformation Capabilities, and Domain Expertise Help It Deliver Future-ready and Intelligent Finance Operations

NEW YORK | MUMBAI, March 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 IDC MarketScape for Worldwide Digital Finance and Accounting Business Process Services¹.

The report analyzes 14 finance and accounting business process services providers, specifically looking at their digital capabilities to deliver F&A services including intelligent workflow or automation, robotic process automation, cloud/platforms, business process as a service, and blockchain.

“In the Business 4.0™ world, CFOs are playing a key role in the organizational strategies, leading the pursuit of new business models. TCS CogniX™ for Finance, an AI-driven human-machine collaboration suite, helps CFOs expedite the digital transformation agenda and champion purpose-driven, adaptive, and resilient operations for accelerated growth,” said Ashok Pai, Global Head, Cognitive Business Operations, TCS. “Our Leadership position in this assessment is a recognition of our vision, strategy and investments aimed at developing future-ready and differentiated offerings and our demonstrated ability to deliver superior business outcomes for our customers.”

TCS CogniX, powered by TCS’ Machine First™ Delivery Model (MFDM™), helps enterprises gain a competitive edge through cognitive operations. It helps enterprises embrace a culture of continuous innovation, deliver an enriched experience and gain exponential business value.

TCS CogniX for Finance orchestrates multiple technologies, platform solutions, process benchmarking and service transformation frameworks to deliver future-ready finance operations for CFOs. It contextualizes solutions to industries and harnesses knowhow from a vast expanse of customer operations to realize a configurable enterprise. Its ecosystem of pre-built solutions spanning the finance and accounting value chain are well positioned to address varied digital requirements. These easy-to-deploy, modular and scalable value builders with pre-built accelerators and frameworks help accelerate digital transformation journeys for customers.

Examples of value builders include predictive journal entry, intelligent reconciliation, month-end cockpit, and cash-flow command center. These bring together multiple digital levers to address specific business KPIs and have helped deliver superior business outcomes such as improved working capital, optimized cash flow, improved user experience, and enhanced controllership for customers across the globe.

TCS’ digital finance solutions include intelligent insights powered by TCS’ autonomous enterprise software, ignio™, cloud-based P2P platforms, intelligent visualization and persona-based dashboards, AI-based chatbots, OCR/ ICR solutions, mobility-based workplace solutions, and advanced analytics solutions.

“With its comprehensive portfolio of services spanning across the finance value chain, its deep industry knowledge and contextual know-how backed by investments in technology and innovation, TCS is well positioned to help progressive CFOs re-imagine their finance operations,” added Ashok Pai.

About IDC MarketScape

IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’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 IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.

About Tata Consultancy Services Ltd. (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^TM 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 469,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $22 billion in the fiscal year ended March 31, 2020, 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 Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.

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^{1 IDC MarketScape: Worldwide Digital Finance and Accounting Business Process Services 2020–2021 Vendor Assessment, doc # US45837620, February 2021}