TCS Clocks Highest Brand Value Growth in IT Services in 2020
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- Tata Consultancy Services is Among the Top 3 IT Services Brands in the Brand Finance 2021 Rankings; its Brand Value Grew by $1.4 Billion Over the Prior Year - the Highest Absolute Growth Among the 25 Companies Assessed - TCS' Brand Value Increased by Over 10 Percent in a Challenging Year When the Overall Brand Values for the IT Services Industry Dropped 3 Percent - TCS has Been Adjudged the Fastest Growing Brand in the Industry Over the Past Decade 2010-20
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NEW YORK and MUMBAI, India, Jan. 26, 2021 /PRNewswire/ -- Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading global IT services, consulting and business solutions organization, has further consolidated its position among the Top 3 most valuable brands in the IT services sector according to Brand Finance, the world's leading brand valuation firm. According to the Brand Finance IT Services 25 2021 report, TCS grew its brand value by $1.425 Billion – the highest absolute growth among the 25 companies assessed, that too in a challenging year when the brand value of IT services companies collectively dropped by 3 percent. Further, at 10 percent growth over the prior year, TCS has outperformed its peers in the Top 3 category.
This strong growth is primarily attributed to the company's superior financial, customer and market performance. TCS navigated this period of disruption successfully with the launch of its Secure Borderless Workspaces™ (SBWS™) operating model that helped customers carry out their mission critical activities, and also launch new technology-led transformational initiatives to enhance their operational resilience and deliver superior customer experiences in new virtual and contactless engagements. The seamless adaptation to new ways of working and the increased agility engendered by location-agnostic remote working models have led to faster execution on the ground and enhanced customer satisfaction, helping TCS win more business and gain market share.
"With what was a very tough 2020, led so ably by its CEO Rajesh Gopinathan, TCS has excelled itself once again. Along with 10% growth in its brand, its market cap also hit pole position in its industry and it is increasingly closing in on the top two in the IT services sector table," said David Haigh, Chief Executive Officer, Brand Finance. "I attribute this ongoing success to TCS' incredible commitment to serving all its different stakeholders, be it staff, clients, its general public and the wider world. This dedication, over a long period of time, translates itself into consistent and outperforming brand value. 2021 will undoubtedly be another great year for TCS and its brand."
"This recognition of our brand strength is a stellar reaffirmation of the continued trust that our customers have placed in us over the years. By helping them cope with the pandemic and thrive in the recovery, we demonstrated the undisputed power of resilience, collective knowledge and innovation," said Rajashree R, CMO, TCS. "We are proud and excited to embark on the next phase of our growth, building on our beliefs, and harnessing the passion, dedication and strength of our 469,000 associates who are the true custodians of Brand TCS."
TCS partners with some of the world's largest corporations in their innovation, growth and transformation initiatives. In the past year, it has expanded and deepened relationships, deploying effective solutions, and winning some of its largest deals to date. TCS has been systematically investing in research and innovation, taking up promising themes in each industry, and leveraging its domain knowledge to build innovative solutions that are proactively showcased to customers. In addition, the company has been partnering with customers through the discovery, definition, refinement and delivery phases at the TCS PacePorts™, its co-innovation centers located across the world.
As a brand, TCS expanded its long-term commitment to global marathon and running partnership platforms with the launch of its innovative #ThisRun global community for runners of all levels. During the year, TCS won the 2020 Gartner Communications Award in the category 'Excellence in Building a Corporate Brand' for its multi-phased communication strategy, centered around its Business 4.0™ thought-leadership framework. TCS was recognized as a Superbrand across the United States and United Kingdom based on the strength of its brand reputation across channels, business performance, industry-leading job creation, scale of employee training and development, and dedication to nationwide corporate social responsibility initiatives.
About Tata Consultancy Services Ltd. (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 469,000 of the world's best-trained consultants in 46 countries. The company generated consolidated revenues of US $22 billion in the fiscal year ended March 31, 2020, 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 Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
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SOURCE Tata Consultancy Services
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