Tata Consultancy Services' Consulting-led Approach, Proprietary Solution – Cognix™ for Procurement, and End-to-End Procurement Offerings, Were Highlighted as Key Strengths
LONDON | MUMBAI, September 02, 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 NelsonHall NEAT for Procurement Transformation[1].
According to the report, TCS looks to continue driving procurement engagements with a consulting-led approach while investing in digital to support future growth. TCS was recognized for its range of proprietary source-to-pay tools, as well as its experience in applying RPA in the procure-to-pay function and buying channel selection. Highlighted as a key strength was its proprietary cognitive procurement solution – TCS Cognix™ for Procurement – with a focus on enhancing the user experience. Additionally, it highlighted TCS’ potential to cross-sell procurement to other enterprise business services clients with further opportunities created by the launch of Cognix plug-and-play solutions.
“To meet changing consumer demands, manage supply volatility and drive cost and sustainability objectives, enterprises need to digitally reimagine their procurement operations, leveraging an AI-driven human-machine paradigm to deliver resilient supply networks, consolidate strategic spends and gain deep operational insights,” 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 offers a comprehensive portfolio of consulting-led procurement solutions across the source-to-pay value chain covering spend management, strategic sourcing and category management, contract management, supplier management, master data management, and transactional procurement. TCS’ large team of global procurement experts leverages its strong advisory and technology services, contextual knowledge of the customer’s business, and proprietary solutions such as TCS Cognix, an AI-driven human-machine collaboration suite, to drive procurement transformations for enterprises.
Cognix for Procurement, powered by TCS’ Machine First™ Delivery Model (MFDM™), unlocks the immense value that lies at the intersection of business process, IT infrastructure, and applications layer. It contextualizes solutions by harnessing knowhow from the vast expanse of customer operations. Cognix for Procurement accelerates the digital transformation journey of CPOs using an ecosystem of pre-built, configurable, and reusable digital solutions called Value Builders to address their specific business imperatives of agility, predictability, spends optimization, supply assurance and sustainability. Some examples of Value Builders include Spend Analyzer, Interactive CPO Visualizer, Touchless Master Data Manager and Price Variance Analyzer.
In addition, TCS offers ignio™ Cognitive Procurement and TAP™ to help digitally transform the procurement function. These are also available as part of the Cognix suite. ignio Cognitive Procurement leverages AI/ML to bring speed and scale to the procurement process, enabling enterprises to deeply understand procurement behavior, monitor purchase transactions in the background, and make smarter purchase decisions faster.
TCS TAP helps organizations adopt agile sourcing with smart procurement, automate intelligently, engage suppliers, and make changes flexibly. TAP offers one integrated solution to enable modern sourcing practices, full contract lifecycle, supplier performance management, catalog-based requisitions, PO-based buying, supplier collaboration, and end-to-end invoice management including intelligent capture, auto-matching, exception routing, approvals, and payment processing.
Alisa Samoylova, Procurement BPS Market Analyst, NelsonHall, said: “TCS has been recognized as a Leader for continuous investment in the procurement transformation space. It has a wide range of proprietary S2P tools and significant experience in automating clients’ procurement, particularly P2P. TCS continues to show commitment to the procurement services market by investing in digital solutions and further developing onshore and nearshore delivery centers.”
About NelsonHall
NelsonHall is the leading global analyst firm dedicated to helping organizations understand the ‘art of the possible’ in digital operations transformation. With analysts in the U.S., U.K., and Europe, NelsonHall provides buy-side organizations with detailed, critical information on markets and vendors (including NEAT assessments) that helps them make fast and highly informed sourcing decisions. For service providers, NelsonHall provides deep knowledge of market dynamics and user requirements to help them hone their go-to-market strategies.
[1] NEAT for Procurement Transformation 2021, Alisa Samoylova, NelsonHall, July 26, 2021
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 55 years. Its consulting-led, cognitive powered, portfolio of business, technology and engineering services and solutions 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 615,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of US $27.9 billion in the fiscal year ended March 31, 2023, and is listed on the BSE and the NSE 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
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