Tata Consultancy Services (TCS) has received an award for Operational Performance at the inaugural Association of Management Consulting Firms (AMCF) Awards presentation in New York. The AMCF awards, which celebrate excellence in management consulting, recognized TCS for its demonstration of improved operational and business performance.

TCS was also a finalist in two other categories – Customer Engagement and Developing Markets. TCS was the only Indian-based firm to be recognized as a finalist in any category.

The AMCF awards spotlight the most innovative and effective consulting projects done over the past year, as chosen by an independent panel of judges comprising well-known executives from business and government as well as respected journalists and academics.

“AMCF award winners have made important contributions to the consulting industry, and we recognize them as innovators and exemplary performers,” said John Furth, President & CEO, AMCF. “These consulting teams represent a tremendous force in helping companies find sustainable solutions to critical challenges across industries.”

“We are truly honored to be recognized by the Association of Management Consulting Firms for excellence in Operational Performance,” said Rajagopal J, Executive Vice President and Head, Consulting, TCS. “This designation by an organization that is a true thought leader and trusted resource in the consulting industry only further encourages us to continue to help our customers identify critical challenges and devise effective solutions, allowing them to remain operationally prudent yet strategically focused.”

Source:  www.top-consultant.com

Deutsche Bank has selected Tata Consultancy Services (TCS) as a strategic partner for its Production Management Transformation Initiative, within its Capital Markets business unit.

To achieve this transformation, TCS will deliver a global application service desk, service operations and all other IT Infrastructure Library (ITIL) services to the bank at locations across seven countries – the USA, UK, Germany, Hungary, Philippines, Singapore and India. TCS will partner with Deutsche Bank to transform to an ITIL-aligned model, aimed at significantly improving service delivery through this framework of best practices. The team will leverage the concept of LEAN to eliminate non-value added activities and provide cost efficiencies to the bank.

“Our extensive experience in IT transformation initiatives, industry-leading domain capabilities in financial services and long-term partnership approach allows us to offer superior value to Deutsche Bank as they look to leverage their strong market position. We are committed to the success of this transformation initiative and will bring our very best capabilities to the engagement,” said Ramanamurthy Magapu, Banking Industry Solutions, TCS.

Source:  www.top-consultant.com

Tata Consultancy Services (TCS), an IT services, consulting and business solutions firm, was adjudged the Outsourcing Company of the Year 2011 award at the Data News Awards for Excellence ceremony held in Brussels.

The Data News Awards are the leading award series for the information technology (IT) and telecom industry in Belgium and recognize exceptional performances by companies and individuals across 12 categories. The nominees are drawn up from a long list of contenders nominated by the editorial team, which undergoes a first-level selection based on online voting by the readers of Data News, after which a specialist jury of Chief Information Officers (CIOs) and industry leaders decides on the final winner.

“A two phase process of having our readers (accounting for over 75% of all IT professionals in Belgium) vote on the nominees, followed by an expert jury deciding the winner ensures that the company that wins holds both a strong reputation for performance in the general market and the respect of top CIOs and IT decision makers. TCS emerged as the clear winner, ahead of 25 other companies, a point that underscores its growing reputation in Belgium and indeed across Europe. It is also notably the first India-headquartered company to ever win this award,” said Luc Blyaert, Editor-in-Chief of Data News (a part of the Roularta Media Group).

Shankar Narayanan, Director & Head, TCS Benelux, said: “This award is a landmark recognition for us in Belgium, where we have been expanding over the years. It is also one of our largest operations in Europe today. It reflects the trust and confidence that TCS has built within the IT and business community through our approach of delivery excellence, deep industry expertise and most importantly – forging long-term partnerships with our clients. This recognition belongs as much to each of our clients, as it does to us.”

TCS has been operating in the Belgian market since 1992, as part of its larger Benelux (Belgium, Netherlands and Luxembourg) business unit. Its Belgian operations comprise over 1100 consultants who provide services to leading firms in the country including several BEL20 companies in the telecom, retail, manufacturing and financial services sectors. TCS Belgium is a part of the company’s Global Network Delivery Model.

Source:  Top-Consultant

Tata Consultancy Services (TCS) announced today that its client, Cathay United Bank, a full-service bank in Taiwan and TCS BaNCS have won The Asian Banker’s prestigious Best Core Banking Implementation Award for Medium-sized Banks as well as the Overall Best Core Banking Implementation Award. Its client, Standard Chartered Bank, a leading international bank, and TCS BaNCS have won The Asian Banker’s prestigious Best Trading Back Office Project Award.

NG Subramaniam, president of TCS Financial Solutions, said: “We are delighted to share these two Core Banking implementation awards with Cathay United Bank. This award-winning core banking transformation program highlights our growing success in the Greater China region. Cathay United Bank needed a solution with demonstrated scalability that could provide online, real-time transaction processing. TCS BaNCS’ advanced system architecture also allowed CUB to work across database platforms and operating systems, enabling CUB to experience maximum flexibility in deployment options whilst lowering its total cost of ownership.”

With the TCS BaNCS Core Banking solution, Cathay United Bank has now achieved a 99.9% uptime. Cathay United Bank now takes 30% to 40% less time to develop and launch new products and 20% to 30% less time to implement new system functionality. Supported by the new 24/7 real-time system, delivery channels like call centers and the internet can handle real-time transactions 24 hours a day. Growth rates at CUB have also improved greatly. TCS BaNCS Core Banking solution also acts in accordance with a full range of local regulatory compliance requirements across the Greater China region.

Commenting on Standard Chartered Bank’s award, NG Subramaniam said: “We are very pleased to be awarded the Best Trading Back Office Project Award with our leading client, Standard Chartered Bank. Our team is determined to provide outstanding capital markets, banking and insurance software solutions for our growing list of clients across the globe. This award highlights our commitment to Standard Chartered Bank as well as Asia’s thriving capital markets sector. This project has been a great team effort. I would like to congratulate all stakeholders involved in this outstanding implementation.”

The TCS BaNCS Corporate Actions solution features flexible, parameterized maintenance functions, granular processing at the security and market level through structured business rules. In addition, the solution provides access to multiple corporate action feeds and reduces manual intervention to ensure data integrity. The solution is instrumental in strengthening automation and thereby assists to reduce manual operations. This award-winning project enabled Standard Chartered Bank to process corporate actions across various markets over a single unified 24/7 platform.

Source:  Top-Consultant

The Law Society of England and Wales has chosen Tata Consultancy Services (TCS) as a strategic transformation partner.

TCS will work with The Law Society initially on a significant system development project, which aims to create a more effective online service for The Law Society and its members. This marks another step in TCS’ foray into the global legal services industry – a sector that can benefit tremendously from technology solutions that can drive higher efficiency levels and, ultimately, profitability.

In the UK in particular, the legal services industry is forecast to undergo material change as the Legal Services Act (LSA) 2007 comes into implementation in 2011. This act is aimed at liberalising the legal services market and bringing the entire market under one regulatory framework by creating “Alternative Business Structures” – that will allow non-lawyers in management and ownership roles. Once the LSA comes into effect, competition is expected to increase and new entrants into the sector will necessitate better regulation and robust systems to meet their demands.

“Following the successful launch of our flagship Legal Management Solution (LMS), we are committed to helping the UK legal services sector during this defining period and strengthening our capabilities as a preferred technology partner to this industry,” said AS Lakshminarayanan, VP and Head, TCS Europe.

The application to be developed by TCS will enable The Law Society to manage the changes brought on by the LSA by streamlining operations and improving efficiencies. This will be done by a systematic review of the society’s business processes, information practices and systems needs, many of which have previously comprised simplistic, fragmented and siloed solutions. The TCS application will also help the Solicitors Regulation Authority (SRA) toward regulating not just individuals, but firms and Alternative Business Structures – by improving internal processes resulting in more effective regulation and reduced cost structures.

Commenting on the partnership, Steve Jeffree, CIO and operations director, The Law Society, said: “As a result of the changing nature of the society, we not only needed a platform that provided the maximum opportunity for the transformation, but also a partner with legal domain knowledge and deep competencies in application development and its implementation. TCS has the depth of expertise and wealth of supporting tools, which allow us to implement these changes and ultimately help us become an agile organization.”

Source:  Top-Consultant

Tata Consultancy Services (TCS) reported its consolidated financial results for the quarter ended December 31, 2010, saying revenue in the quarter rose to 96.6 billion rupees, from 76.5 billion rupees a year earlier.

Net income rose 30 percent to 23.7 billion rupees ($520 million) in the last quarter, beating analysts’ estimates.

TCS CEO and MD, N Chandrasekaran said: “Sharp focus on our strategy with rigorous execution discipline has helped us capture volumes, defend our margins and deliver another stellar quarter. Demand environment continues to be strong and we are focused on helping our customers become more efficient and plan for growth.” He added: “With clients’ focused on transforming their businesses and becoming globally competitive in this dynamic macro environment, we are optimistic that demand for our solutions will continue to be strong going forward.”

Growth was led by the developed markets like the United States and Europe with strong contributions from Asia Pacific and Middle East and Africa.

Profit was also boosted by a foreign exchange gain of 521.6 million rupees, compared with a currency loss of 354.7 million rupees in the year earlier period, the company said.

Source:  Top-Consultant

TCS reported revenues of $2 billion for the quarter ended September 30, 2010, representing an all time high sequential revenue growth of $210 million.

Net income was $455 m; up 13% Q-o-Q; up 35% Y-o-Y, while operating margins reached 28%, a historical high the company said.

TCS CEO and MD, N Chandrasekaran said, “It has been a quarter of superior performance across the board, driven by volume growth of over 11%. In uncertain economic conditions, our results are a milestone on the path to strong demand recovery. Our teams have displayed the agility to respond to these opportunities across markets and more importantly, execute flawlessly. Given the growth we have achieved across all industry units, we are very positive about the global demand recovery going forward while being watchful in view of the macro environment.”

Chief Financial Officer, S Mahalingam said, “It has been a quarter of strong revenue and margin performance all round. As a team, we have been disciplined in managing costs in an optimal manner while fully supporting the growth of the business.” He added, “With our major operating currencies continuing to be volatile, we remain vigilant on this front.”

All major markets grew in double digit terms with Europe leading the pack. TCS’ North American revenues crossed one billion dollars. All emerging markets grew with India and APAC leading the pack. All industry verticals grew in double digits, highlighting the diversity of the business portfolio and holistic nature of business growth.

The company’s portfolio of financial products under the umbrella brand of TCS BaNCS continued to gain traction in the global financial services industry. The company won 13 engagements in core banking, capital markets and insurance segments across markets in China, India, the US, the UK and Europe. In addition, five installations went live during the quarter. TCS BaNCS Core Banking product was named a leader in a leading analyst firm’s Magic Quadrant for International Retail Core Banking during the quarter.

Human Resources

Utilization in Q2 FY11 was 83.8 % (excluding trainees) and 77.7 % (including trainees). The attrition rate in Q2 for IT Services was 13.1 % (LTM); BPO, 22.5% (LTM); while the overall attrition was at 14.1%. At the end of Q2, the total employee strength of the company was 174, 417. Non Indian nationals formed 7.1% of the total employee base and 30.4% were women.

“We have had the highest quarterly gross and net addition of employees in the company’s history on the back of strong growth performance,” said Ajoy Mukherjee, Vice President, Head, Global Human Resources. “Given the recovery in business demand, we will exceed the hiring target we had set for this fiscal year.”

Source:  Top-Consultant

Diligenta, a business process outsourcing (BPO) provider in the UK and a subsidiary of Tata Consultancy Services (TCS), announced major business wins with The Phoenix Group and Old Mutual International following the transfer of Unisys Insurance Services Limited’s (UISL) UK life and pensions services business to Diligenta. Diligenta’s new contract with The Phoenix Group has been extended by an additional six years until 2018, and both contracts will generate £250 million in revenue for the company over that period, reinforcing Diligenta’s position as one of the largest BPO providers in the UK.

Diligenta will begin delivering the services currently provided to UISL’s clients on September 1, 2010. Diligenta was selected as the preferred bidder following a rigorous selection process by UISL’s largest client, The Phoenix Group.

This deal secures Diligenta’s position as a leading provider within the UK’s life and pensions BPO market and will see Diligenta managing further books of business owned by The Phoenix Group and acquiring a third client, Old Mutual International. The number of policies Diligenta now administers will rise from 3.6 million to over 5 million.

Phiroz Vandrevala, Chairman, Diligenta and Executive Director, TCS, stated that the new contract reinforced the company’s commitment to providing transformational services to the UK life and pensions market.

Tony Kassimiotis, Managing Director, Operations at Phoenix Life commented on the deal, “We are grateful to Unisys and Diligenta for working so constructively with us to get to this point.

“We have agreed on a deal that preserves continuity for our UISL-serviced policyholders, whilst promising a migration to the more modern administration platform already being operated by Diligenta for 2 million of our policies. Moving to a platform with greater scale and capability will drive down our unit costs over time, which will support our mission to deliver improved returns for our customers and value for our shareholders.”

Diligenta also recently announced a major IT transformation program, migrating 2 million policies for The Phoenix Group, from numerous platforms, onto the single TCS BaNCS system. The objective of the program was to improve operational efficiency, with a view to enhancing customer experience. It will also augment Diligenta’s ability to react quickly and effectively to any major regulatory change. In due course, this process will continue with the transference of the policies that UISL services, on behalf of its clients, onto the BaNCS platform.

Source:  Top-Consultant News

Unisys Corporation has sold Unisys Insurance Services Limited (UISL) to Diligenta Limited, a subsidiary of Tata Consultancy Services Limited.

Unisys sells UK-Based insurance and pension processing business

UISL, which is headquartered in the UK and has operations in Liverpool and Bournemouth, provides business process outsourcing services to the UK life and pensions industry.

Terms of the transaction were not disclosed.

Source:  Top Consultant News

Tata Consultancy Services (TCS) reported a 47% jump in quarterly profit from a year earlier on a stronger demand for its services.

N. Chandrasekaran, CEO and MD said: “Our ability to react to growth opportunities and execute efficiently has helped TCS deliver a superior performance for the fourth successive quarter. Our volumes have grown and our margins are at near historic highs.”

The company said net profit rose to 19.31 billion rupees (419 million dollars) for the final quarter of the financial year that ended in March 2010, from 13.14 billion rupees in the same period a year ago, according to US accounting standards. Revenues for the quarter rose 7.9% to 77.38 billion rupees.

For the full year, TCS reported a 33% rise in consolidated net profit to 70 billion rupees (1.52 billion dollars).

Commenting on the performance in 2009-10, Mr. Chandrasekaran said: “Strong volume growth of 17 percent during the year has rounded off an exceptional year for TCS. Our sales and execution machine is primed and we have laid a solid platform for growth. There is significant traction for our strategy of full services which together with our global engagement model positions us well for accelerated growth.”

TCS does not provide a revenue outlook. However, last week, Infosys forecast sales may increase as much as 18% to $5.67 billion in the 12 months ending March 31, 2011. Accenture has projected sales may grow as much as 10% next year.

Source: Top-Consultant