NEW DELHI : Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, has been named a Leader in Everest Group’s PEAK Matrix® Assessment for Procurement Outsourcing Services.
Cited as key strengths were TCS’ holistic portfolio of service offerings and capabilities across the procurement value chain and its expansive industry and geography coverage. The report highlights how TCS Cognix™ for Procurement, an AI-driven human-machine collaboration suite, accelerates digital transformation for clients using an ecosystem of pre-built solutions. TCS’ robust digital ecosystem, partnerships with leading procurement platform providers, and its new working models powered by SBWS™ have also been recognized in this report.
“TCS is helping customers navigate evolving market complexities and supply volatility using an AI-driven human-machine collaboration framework to enhance resilience and increase speed-to-market in the procurement function, helping CPOs influence demand, drive innovation, and foster strategic supplier relationships,” said Ashok Pai, Global Head, Cognitive Business Operations, TCS. “Our designation as a Leader in this assessment is a reflection of our innovation-led approach, customer-centricity, extensive investments in digital technologies and the resultant market impact.”
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, 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 is a proprietary cloud-based smart procurement solution that leverages intelligent automation to transform the procure-to-pay function for greater agility and superior supplier engagement.
“TCS emerged as a Leader in Everest Group’s 2021 Procurement Outsourcing (PO) Services PEAK Matrix® Assessment due to its holistic portfolio of service offerings and capabilities across the procurement value chain supported by its strong technology capabilities and consulting/advisory practice,” said Shirley Hung, Partner, Everest Group. “In 2020, it launched TCS Cognix for procurement powered by its Machine First Delivery Model (MFDM™) framework to accelerate digital transformation among clients. It is also integrating its consulting practice with operations and technology teams to present the best of its procurement capabilities to clients.”