Volvo Cars selects Cognizant for its procurement services

By BizClik Admin
Automotive manufacturer, Volvo Cars, has selected IT company, Cognizant, for its finance, accounting and procurement business process services

In an announcement made by Cognizant, the information technology (IT) company, has furthered its partnership with Volvo Cars. Cognizant’s relationship with the automotive manufacturer began back in 2011. 

"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."

What does this new agreement mean for Volvo Cars and Cognizant?

Under the renewed contract agreement, Cognizant will provide Volvo Cars with its finance, accounting, and procurement services across the automotive manufacturers global accounts payable and accounts receivable, as well as its direct and indirect procurement and logistics services. 

Over the next three years, Cognizant will help Volvo Cars to harmonise its finance, accounting, and procurement processes with the implementation of Intelligent Process Automation (IPA). With this implementation, Cognizant will drive efficiency and support into Volvo Cars’ ongoing digital transformation.

Cognizant will also harness best in class payment-on-time (POT); highly automated and contactless processing of invoices; and quicker resolutions for supplier and customer queries. The IT company will also help to reduce the cost of delivery of business process services and improve overall business outcomes for Volvo Cars. 

Who is Cognizant? 

Founded in 1994, Cognizant is an information technology (IT) company that is dedicated to helping its clients ‘modernise technology’, ‘reimagine processes’, and ‘transform experiences’. In doing so, Cognizant helps its clients to stay ahead of the fast-paced changing world. 

“The digital economy offers unprecedented opportunities to create innovative new products, services and experiences. Our customised business process services help you stay ahead of evolving customer demands,” said Cognizant.

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