TCS inks multi-year partnership with British retail giant Asda for Digital Transformation
Tata Consultancy Services (TCS) has entered into a multi-year partnership with the prominent British retail giant, Asda. The collaboration aims to support Asda's ambitious digital transformation efforts and implement a new IT operating model, following its separation from Walmart. TCS will play a pivotal role in building a new digital core for Asda this involves the implementation of several cloud-based ERP platforms to streamline various critical processes within the company. These include supply chain forecasting, buying and merchandising, HR operations, warehouse management, and e-commerce activities. Additionally, TCS will use its innovative Machine First Delivery Model to automate Asda's IT operations this initiative will enhance the overall experience for both employees and customers while boosting operational resilience.
Asda's decision to partner with TCS stems from the company's extensive experience in retail technology transformation and innovation. As Mohsin Issa, Chief Executive Officer of Asda, stated, "We look forward to working with them to accelerate our digital transformation journey and to unlock the potential of our business."
TCS has been making waves with several significant deals across various sectors. In late September, the company expanded its partnership with Standard Bank Group to enhance custody and settlement operations. Moreover, European Home Improvement company Kingfisher Plc has also used TCS OmniStore, an AI-powered unified commerce platform, to elevate its customer experiences.
Following the news, TCS's stock showed a positive trend, closing 1.48% higher compared to the previous day's closing price. Over the past six months, the stock has risen by 11.47%. Looking at the bigger picture, over the last year, TCS's stock has delivered a positive return of 15.73% to its shareholders.
For the first quarter of the fiscal year 2023-24 company announced a consolidated profit of ₹11,074 crore, higher 16.84% from the previous year. Additionally, TCS reported a revenue of ₹59,381 crore for Q1FY2024, reflecting 12.6% rise from Q1FY2023.
This partnership between TCS and Asda signifies a pivotal step in Asda's digital journey and is poised to bring about transformative changes in the retail giant's operations.
In July, TCS entered into a multi-year partnership with the British Broadcasting Corporation (BBC) to revamp its finance and payroll operations for greater efficiency, the primary objective is to modernize BBC's finance processes using cutting-edge digital technologies, aiming to boost efficiency, reduce processing time, and achieve improved outcomes. Under the agreement, TCS will oversee application processes supporting BBC's finance, procurement, and HR functions. Furthermore, TCS will introduce an integrated analytics-driven payroll platform to streamline BBC's payroll operations.
Amit Kapur, TCS's Country Head for UK and Ireland, expressed enthusiasm for this opportunity to transform BBC's financial and payroll functions, positioning TCS as a leader in delivering transformative business services to the media and entertainment sector. TCS, with a substantial workforce across 30 UK locations, stands as the country's largest software and IT services provider. In 2023, TCS has secured notable contracts in the UK, including with NEST, Marks & Spencer, Teacher's Pension Scheme, and the Phoenix Group.
Asda Stores, established in 1949 in Yorkshire, has faced financial challenges over the years. It was acquired by Walmart in 1999 and later by British-Indian billionaires Mohsin Issa and Zuber Issa in 2021. In February of the current year, Asda joined forces with Publicis Sapient for its e-grocery business. Now, TCS takes on the pivotal role of driving Asda's digital transformation to realize its long-term growth vision, said CEO Mohsin Issa. As of September 19, 2023, Asda operates 632 stores across the United Kingdom. England accounts for the majority of these stores, with 514, making up approximately 81% of all Asda locations in the country.
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