TCS Among Top 3 CFO Finance and Accounting Service Providers: HFS Research

Tata Consultancy Services' F&A Services Help CFOs Transform to a Data-Driven, AI-Powered Finance Operating Model that Improves their Cash and Helps them Respond Accurately to Changing Market Needs

PRESS RELEASE

LONDON | MUMBAI, September 29, 2022: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), has been ranked among the top three providers in the HFS Top 10 CFO F&A Service Providers 2022 report.

Among the 13 service providers assessed in the report, TCS was placed at number 1 for scope of services, number 2 for overall execution, and number 3 for vision and strategy, leveraging emerging technologies, and for size, scale and growth.

“CFOs want an autonomous finance function that yields timely insights for financial strategy and helps realize the organization’s growth and sustainability imperatives. TCS Cognix™ brings in the right blend of human, technology and contextual know-how to help CFOs embrace digital quickly which is vital to the futuristic finance design,” said Ashok Pai, Global Head, Cognitive Business Operations, TCS. “We believe that our ranking in this assessment is a reflection of our vision and our innovation towards building future-ready finance organizations for our customers.”

TCS offers a comprehensive portfolio of services across the finance and accounting value chain that includes core offerings of procure to pay, order to cash, and record to report and strategic finance offerings like financial planning and analysis, cash and liquidity management, and tax compliance.

Leveraging its deep domain knowledge, TCS has also built industry-specific finance and accounting services like trust and equity accounting for financial services, revenue cycle management for healthcare, passenger and cargo revenue accounting for travel and transportation, store accounting for retail, and meter to cash for utilities to cater to the inherent accounting nuances of various industries.

Its AI-driven human-machine collaboration suite, TCS Cognix™ brings in a progressive and differentiated approach to digital transformation. Cognix for Finance has a host of pre-built and contextualized digital solutions to help finance organizations with solutions for specific business challenges and goals. For example, the CFO Financial Advantage tool imparts 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 enterprises ecosystem to drive transformation at speed and in an agile manner. Cognix also has a maturity assessment and governance module to benchmark operation metrics and track movement towards best-in-class operations.

The offering combined with our unique consultative approach, partnership ecosystem, and future-ready talent pool is helping leading enterprises transform their finance operations to be data-driven, AI-powered and cloud enabled helping them strengthen their resilience, gain agility to lower their risks, improve cash and respond better to the changing market dynamics and needs.

Reetika Fleming, Executive Research Leader, HFS, “TCS has a robust set of offerings for the CFO's office, and this past year we’ve seen the company drive a strong uptick in helping clients go from consult to operate, including designing shared services and digital GBS functions. TCS has also added several new F&A modules to its Cognix platform, helping make emerging technology a reality for this function.”

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 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 606,000 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

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