Cognizant selected by Volvo Cars for Finance & Accounting and Procurement Business Process Services

Rhea-AI Summary

Cognizant (Nasdaq: CTSH) has renewed its contract with Volvo Cars for finance and accounting (F&A) and procurement services for a three-year term. The agreement aims to streamline global accounts payable, receivable, and logistics, enhancing efficiency through Intelligent Process Automation (IPA). Cognizant will implement best practices in invoice processing and customer support, contributing to cost reductions and improved business outcomes. Since 2011, Cognizant has partnered with Volvo, and this renewal reflects its commitment to advancing Volvo's digital transformation.

Positive

• Renewed three-year contract with Volvo Cars to provide F&A and procurement services.
• Implementation of Intelligent Process Automation (IPA) to enhance operational efficiency.
• Opportunity for cost reduction and improved business outcomes through streamlined processes.

Negative

• None.

TEANECK, N.J., Feb. 9, 2022 /PRNewswire/ -- Cognizant (Nasdaq: CTSH) announced today that it has renewed its contract agreement with Volvo Cars to provide finance and accounting (F&A), and procurement services. The agreement covers the car maker's global accounts payable and accounts receivable, direct and indirect procurement and logistics services. 

In the new three-year agreement, Cognizant will enable Volvo Cars to harmonize its F&A and procurement processes and implement Intelligent Process Automation (IPA) to drive efficiency and support its ongoing digital transformation journey. Using best in class Payment On Time (POT), highly automated, contactless processing of invoices, quicker resolution to supplier and customer queries through ticketing tools, Volvo Cars will also be able to reduce the cost of delivery of business process services and improve overall business outcomes.

"The automotive industry has been undergoing continuous evolution as business models change and the shift to electric cars has become key to car makers' goals of climate neutrality. We are proud to support Volvo Cars in its rapid growth across numerous markets," said Anne-Sofie Risåsen, Head of Nordics, Cognizant. "We now look forward to strengthening the already established global standard F&A and procurement processes as we increase our footholds in direct and indirect procurement."

Cognizant has been engaged with Volvo Cars since 2011.

About Cognizant
Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we're improving everyday life. See how at www.cognizant.com or @cognizant. 

For more information, contact:

U.S. Jodi Sorensen jodi.sorensen@cognizant.com

Europe / APAC Christina Schneider  christina.schneider@cognizant.com

India   Rashmi Vasisht                         rashmi.vasisht@cognizant.com

 

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SOURCE Cognizant

FAQ

What services will Cognizant provide to Volvo Cars under the new contract?

Cognizant will provide finance and accounting (F&A) and procurement services, including accounts payable, receivable, and logistics services.

How long is the renewed contract between Cognizant and Volvo Cars?

The renewed contract is for three years.

What technologies will Cognizant implement to improve Volvo Cars' processes?

Cognizant will implement Intelligent Process Automation (IPA) to drive efficiency and streamline operations.

When did Cognizant start working with Volvo Cars?

Cognizant has been engaged with Volvo Cars since 2011.

What is the stock symbol for Cognizant?

Cognizant's stock symbol is CTSH.