On June 21, 2024, Tata Consultancy Services (TCS) announced a new partnership with Xerox. They aim to transform Xerox’s IT technology using cloud and generative AI (GenAI).
Transformation Goals
Under the agreement, TCS will revamp Xerox’s technology services. They will migrate complex legacy data centers to the Azure public cloud and implement a cloud-based digital ERP platform. This will help them to streamline business processes. The integration of GenAI will help Xerox a lot.
Also Read | Upcoming Dividend, Bonus and Stock Split: Which Companies have record dates set for this week?
Agile, Cloud-First Model
TCS plans to develop a cloud-first operating model for Xerox. It will utilize its expertise in AI Cloud, Enterprise Solutions and cognitive business operations. TCS will create an AI-first enterprise platform for Xerox.
Statements from Leaders
Tino Lancelloti, who is Xerox’s Chief Information Officer, said that this digital transformation is crucial for reinventing Xerox’s operating model. This will simplify and enhance client experience. He expressed his confidence in TCS’s ability to deliver this complex program.
V Rajanna, who is President of Technology, Software and Services at TCS, mentioned the long-standing collaboration with Xerox. He further expressed excitement about supporting Xerox’s reinvention to support their long-term growth through digital advancements.
Amit Bajaj, President of TCS North America, praised Xerox’s bold initiative. He appreciated the transformation into a simpler and technology-driven company. By this it will be in a better position to serve its clients.
Also Read | 2800% Surge In The Share Price of This Multi-Bagger Defence Stock: Check Why?
Market Reaction
On June 21, 2024, shares of TCS saw a rise of 1.87%. They were trading at INR 3,858.1 at 10:20. Influenced by Accenture’s results, this gain is part of a bigger positive trend in IT stocks.
Accenture’s Influence
In a recent earning report by Accenture, it included a 26% surge in new bookings to over USD 20 billion. There was a slight adjustment in their 2024 guidance and that impacted the IT sector positively. Morgan Stanley noted positive signs in strategy and consulting growth and an increase in smaller deals.
For detailed Press release issued by TCS, CLICK HERE.
About the Author
Mr. Radhesh Tarang Shah, is a third-year management student at Institute of Management, Nirma University. He has a passion for writing articles and poems. He has experience as a financial analyst, author, news writer, marketer and social worker.
