NEW YORK | MUMBAI, February 27, 2023: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has been recognized as a Leader in Everest Group’s PEAK Matrix® for Procurement Outsourcing1.
The report states that TCS has a holistic portfolio of offerings and capabilities to help clients in their procurement digital transformation journey. It acknowledges that TCS has built a robust procurement digital ecosystem comprising of in-house solutions like ignio™ – its cognitive intelligence platform and TAP™ – its cloud based S2P platform and also third-party providers that include best of breed platform providers and others. The report recognizes TCS Cognix™ as a differentiator that accelerates the digital transformation agenda for TCS’ clients.
“To effectively manage the ever-evolving market dynamics – consumer needs, supply risk and growing sustainability consciousness, procurement functions must embrace a technology-infused, innovative and collaborative model. TCS is helping procurement organization across the globe, solve complex challenges and be future-ready, leveraging its AI-driven human-machine collaboration suite – TCS Cognix™ and configurable operating model,” said Ashok Pai, Global Head, Cognitive Business Operations, TCS. “Our leadership position in this assessment is a testament to our market success, and forward-looking vision aligned to the changing needs of Chief Procurement Officers (CPOs).
TCS brings in a unique approach to clients’ transformation needs by leveraging its advisory, technology and operations capabilities along with its strong digital ecosystem and contextual know-how, to help procurement organizations across the globe become value enablers for their businesses.
With its sourcing and multi-category expertise and various AI-based solutions like spend analytics and category insights, TCS helps procurement organizations optimize spends and drive superior value through a category sourcing and contracting strategy. It helps them gain more control, minimize risk, improve operational efficiency by automating their procure-to-pay processes and improve their visibility through AI-driven insights and personalized visualization. It also helps organizations build sustainable procurement practices by helping them embrace ESG across the value chain, starting from ESG-based supplier identification to selection of sustainable products and services, to driving contractual ESG based metrics and tracking performance of suppliers’ ESG goals, and CO2 emissions across purchases.
These services are powered by TCS’ AI-driven human-machine collaboration suite, TCS Cognix™ for Procurement that provides a library of pre-built and contextualized digital solutions to cater to specific business challenges and objectives of CPOs. For example, a cognitive command center provides CPOs with real-time predictive insights and a comprehensive view of the procurement transactions to enable saving opportunities, risk mitigation, and compliance improvement.
These digital solutions can easily be plugged into an enterprise’s technology ecosystem to drive transformation at speed and scale. Additionally, Cognix has a maturity assessment and governance module to benchmark operational metrics and drive movement towards best-in-class operations.
Cognix leverages TCS’ in-house technology capabilities across automation, AI, analytics, blockchain, IoT, metaverse to name a few. It leverages TCS’ vast partner ecosystem across leading platform, technology, process mining technologies to build cutting-edge solutions aligned to the CPO imperative.
“TCS’ holistic offerings across the end-to-end procurement value chain supported by its robust digital ecosystem comprising in-house solutions and third-party partnerships along with its consulting capabilities have helped it emerge as a Leader in Everest Group’s 2022 Procurement Outsourcing (PO) Services PEAK Matrix® Assessment,” said Vignesh Kannan, Practice Director, Everest Group. “TCS has contextualized its TCS Cognix™ platform for procurement operations by developing reusable modular components for specific use cases across Source-to-Pay (S2P) to help clients in their procurement digital transformation journey. It continues to invest in talent management initiatives and has expanded its delivery footprint with new nearshore centers in Europe and Latin America.”
1 Procurement Outsourcing (PO) – Service Provider Landscape with Services PEAK Matrix® Assessment 2022, Shirley Hung, September 1, 2022, Everest Group
