Tata Consultancy Services’ F&A Services and Solutions Help CFOs Lower Risks, Improve Cash, Respond Accurately to Changing Market Dynamics and be Better Prepared for the Future
NEW YORK | MUMBAI, January 24, 2023: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has been recognized as a Leader and Star Performer in Everest Group’s PEAK Matrix® for Finance and Accounting Outsourcing (FAO). TCS was named a Star Performer for demonstrating the most improvement year-on-year (YoY) over time on the PEAK Matrix.
The report states that TCS posted the highest YoY growth in FAO revenue among the Leaders, driven by large transformation deals and scope expansion in the areas of strategic F&A. The report also cites that TCS has received one of the highest client satisfaction scores and has been appreciated by clients for its transformation capabilities, collaborative approach, relationship management and proactiveness.
TCS’ strong digital ecosystem, process mining tools, consulting capabilities, and comprehensive offerings including its robust BPaaS capabilities have been cited as key strengths in this report. It further acknowledges TCS’ investments and efforts in enhancing its Cognix™ for F&A product suite and strengthening its industry-specific and FP&A offerings.
“The finance function is evolving into a strategic business team for their organizations, driving profitable growth and assuming a broader set of responsibilities linked to innovation, sustainability, and enterprise performance. Digital transformation is intrinsic to this, bringing in efficiency, insight, and value to the business. TCS is helping finance organizations across the globe lead this change by accelerating their digital transformation agenda using its AI-driven human-machine collaboration suite – Cognix,” said Ashok Pai, Global Head, Cognitive Business Operations, TCS. “Our leadership ranking in this assessment is a testament to our market success, and forward-looking vision aligned to the CFO imperative.”
TCS brings in a unique consultative approach to clients’ finance transformation needs by combining its technology and operations expertise, contextual know-how, proprietary platforms, partner ecosystem and future-ready talent pool to help them realize their goals. It helps finance organizations improve their efficiency, speed, and compliance by moving them to an automated, data-driven, cloud-enabled operating model through leverage of platforms and technologies like automation, AI, advanced analytics, blockchain.
TCS helps finance teams strengthen their resilience, improve financial performance, and respond quickly to changing market dynamics with its AI-powered strategic finance offerings around financial planning and analysis, cash and liquidity management, and tax compliance. It has built offerings to advise CFOs on ESG and support them in their broader ESG imperatives with a host of digitally-powered offerings in this space.
Powering this innovation for clients is TCS Cognix™, an AI-driven human-machine collaboration suite that brings in a progressive and differentiated approach to digital transformation. Cognix for Finance offers a comprehensive set of pre-built and contextualized digital solutions aligned to specific business challenges and objectives. For example, the CFO Financial Advantage tool provides CFOs and Controllers with real-time, intelligent insights on key financial metrics along with predictive insights for agile and smart financial decision making. These digital solutions can be easily plugged into an enterprise’s ecosystem to drive transformation at speed and scale. Cognix also has a maturity assessment and governance module to benchmark operation metrics and track movement towards best-in-class operations.
TCS has built its own proprietary platforms for finance such as its procure-to-pay platform TAP™ and revenue assurance platforms like TCS HOBS™. It also boasts of partnerships with leading platform and technology providers and has built industry-leading solutions to help CFOs with their strategic objectives.
“TCS’ strong digital ecosystem, consulting capabilities, BPaaS solutions, process mining capabilities, and best practices such as digital governance and change management to cater to end-to-end F&A requirements have helped it strengthen its position as a Leader in Everest Group’s Finance and Accounting Outsourcing (FAO) Services PEAK Matrix® Assessment 2022,” said Vignesh Kannan, Practice Director, Everest Group. “Its continued investments in enhancing its Cognix™ for Finance, industry-specific solutions, and FP&A offerings, along with high client satisfaction ratings and strong YoY growth in revenue has helped it achieve Star Performer status in this year’s assessment.”
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 613,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of US $25.7 billion in the fiscal year ended March 31, 2022, 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