Thursday, June 4, 2009

TCS to launch platforms for finance and accounting and procurement

Information Technology giant Tata Consultancy Services (TCS) will be launching its platform-based BPO services for financing and accounting besides procurement.

The company last year launched platform-based BPO, which involved combining IT with operations, to creat a standardised technology led platform for process execution.

TCS had chosen platform based BPO as part of its non linear growth strategies and looks to it as an important long term growth initiative. It had already launched platforms in areas such as life and pension processing and human resource outsourcing.

The company, which had made a strategic acquisition of the capitive BPO unit of the Citigroup last year to suppliment its portfolio of offerings for the global banking and financial services industry, has now emerged the second largest integrated BPO player from India with over 25,000 professionals, including 12,000 from the Citigroup BPO acquisition with the combined revenues of the TCS BPO and its subsidiaries.

The BPO operations now emcompass seven verticals executing over one billion plus transactions. The BPO revenue stood at Rs 1919 crore last fiscal up from Rs 1402 crore the previous year.

The company in its Annual Report for 2008-09 had stated that besides Platform BPO the non linear growth strategies also encompased asset leveraged solutions and small and medium business initiatives.

One of the pillars of assets leveraged solutions was TCS financial solutions, a strategic business initiative focussing on building and selling software products to global financial services industry from capital markets and securities trading and settlement besides core banking products.

It also offered other risk compliance and private banking products. Other verticals in which the company was in frameworks and solutions included government and life sciences.

The strategic business unit for the Small and Medium businesses offered IT as a service, an innovative business model under which the company would provide and manage IT remotely to SMEs and charge them on a subscription basis.

The services and solutions within this framework included core business applications such as ERP, CRM, Finance and accounting.

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