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A Playbook for Managing at the Crossroads

OUR LATEST THINKING

Innovation Beyond The Four Walls

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FEATURED NEWS

May, 20, 2015

Cognizant to Present at the Cowen and Company 43rd Annual Technology, Media & Telecom Conference

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The Cognizant Difference

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Content

Our Approach

Leading companies use our customized BPS solutions to gain an advantage in the marketplace. We help you save costs immediately, while making refinements that make businesses work smarter. With the right BPS partner, you can redirect valuable resources more efficiently and strategically. Turn to us and re-focus your internal resources on strategic capabilities to innovate and grow your business.
  • Vertical Markets

    Process services for financial services, communications, healthcare, media, life sciences, insurance, retail and travel and hospitality.
  • Research and Analytics

    From data gathering to equity and fixed income research, we deliver across the value chain.Services include portfolio/risk analytics as well as industry analysis.
  • Finance and Accounting

    Reduce operating costs to increase payment accuracy, accelerate your revenue cycle and better manage information.
  • Business Process as a Service (BPaaS)

    Align people, process and technology in a BPS delivery model combining services such as analytics, reporting, cloud-based IT and data warehousing.
  • Legal Process Services (LPS)

    Streamline legal department operations with the support of Corporate Transactional Services, Risk Management & Compliance Support, Litigation Support Services and Intellectual Property Management.
  • Intelligent Process Automation

    Cognizant’s Intelligent Process Automation (IPA) suite of solutions drives outcomes from automation to fuel more intelligent decisions. It's how we empower smart people with smart technology and help align our clients’ processes around outcomes, results and acceleration.

Industry Solutions

Our BPS expertise and deep industry knowledge help us provide full process services to multiple vertical industries around the world. Many of the largest companies source their business processes with us.

OUR LATEST THINKING

Optimizing Outcome‑Driven Change: It’s About the Process, Not the Technology
IT enablement, digitization and automation are crucial for supporting processes that are cost‑effective and value‑rich. Nonetheless, technology can only deliver these benefits if businesses understand the flaws in their processes and take steps to rectify them. Using a structured, comprehensive approach, companies can clearly define and deconstruct inefficient processes and reconstruct them to achieve the desired outcomes, a clear and quantifiable return on investment.
Revitalizing Finance
With a fundamental shift in the CFO mission, the finance function has become a critical change agent across organizations. The role of financial leaders such as CFOs is evolving, from a traditional financial controller, to one that drives performance improvements across the organization.
How Digital Is Quickly Reshaping Customer Experience Processes
By invoking six strategies that reimagine the power of customer support processes, digitally‑savvy companies can create unprecedented levels of new business value and significantly elevate customer experience.
The Robot and I: How New Digital Technologies Are Making Smart People and Businesses Smarter by Automating Rote Work
Our latest study shows that when enterprise robots are applied to automating core business processes, they can extend the creative problem-solving capabilities and productivity of human beings and deliver superior business results.
Future-Proofing Insurance: Deepening Insights, Reinventing Processes and Reshaping Services
Insurance carriers face an imminent sea change in how their mission-critical processes remain efficient, agile and innovative. Ensuring relevance in the future requires redefined business models fueled by heightened productivity across “business as usual” activities.
Employee Wellness: Two Parts Perspiration, One Part Persistence
With employee health affecting bottom lines, organizations need to support preemptive initiatives that encourage both personal wellness and quantifiable results. Here's how we are addressing this major challenge.
Optimizing Voluntary Strategy via Realigned TPA Engagement and Targeted Investments
For group insurers with voluntary offerings, working with third-party administrators (TPAs) is a double edged sword, one fraught with problems of costs, up- and cross-selling, inadequate data, decoupling challenges and more; IT modernization programs are problematic as well. We offer a framework that enables companies to align their voluntary and TPA strategies.
Diagramming Change to Better Inform Business Process Renovation
To gain the full benefits of business process management, banks must apply a business process model and notation-driven approach that identifies organization-wide process re-engineering and change management issues before they undermine project success.
Research as a Service: Ripe and Ready for Prime Time
Research as a service (RaaS) can be delivered on a full-time equivalent (FTE), managed services or pay-per-use model, depending on a research client's needs for scalability and persistency and the research demands of its business.
The Shared Services Imperative: Evolve from Cost-Killer to Value-Driver
By applying new 'SMAC Stack' technologies to enterprise work, shared services leaders can standardize and automate process work activities, while at the same time delivering greater value through process innovation, reducing risk and revealing new sources of revenue for stakeholders.

RESULTS

  • Driving Transformation at a Leading Grocer
  • Transforming Utilization Management for a Group Health Plan
  • Claims Fraud Analytics at a Leading Auto Insurer
  • Reducing Time‑to‑Market for Top Pharmaceutical Company
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Driving Transformation at a Leading Grocer

A leading grocery store chain had doubled its size through acquisition and faced the challenges of a complex integration. The effort was complicated by an accounting function spread across 30 locations. Laden with manual processes and with several different legacy F&A systems, the company suffered from a high cost of operations.

Cognizant collaborated with management to drive a finance transformation agenda, delivering process harmonization across the business. We introduced higher levels of automation, enhanced controls and better compliance through our suite of smart tools. The company reported a savings of $295 million on optimized invoice processing alone.

  • Architected and executed a finance transformation plan
  • Introduced automation and enhanced controls
  • Saved $295 million on invoice processing alone

Transforming Utilization Management for a Group Health Plan

In addition to tremendous cost pressures from healthcare payers, insurance companies are struggling to realize ROI from their clinical programs and challenged to justify investment in proactive measures for health and wellness. Our client, a large group health plan, faced these issues: corporate mandate to cut medical management costs, inconsistent nurse productivity rates, staffing for case management operations and rising clinical labor costs adding to already escalating operational costs.

Our Global Clinical Services team deployed more than 150 registered nurses as a turnkey solution for the Utilization Management continuum, including Intake, Nurse Review and Peer Review Preparation. These were experienced US-accredited RNs operating from URAC certified facilities in the Philippines, with deep domain expertise in case management. As a result, we were able to reduce operating costs by more than 40%, while increasing turn around time compliance to more than 99%.

  • Cognizant deployed more than 150 registered nurses in a turnkey solution
  • Reduced operating costs by more than 40%
  • Increased turn-around time compliance to more than 99%

Claims Fraud Analytics at a Leading Auto Insurer

A leading auto insurer was experiencing a higher than industry average incidence of fraudulent claims. The aim of our engagement was to enhance their upstream fraud detection capabilities not only at the claims-level, but also at the customer-level.

Our team built a predictive model to identify fraudulent claims based on data related to type of policy, claims history, premium and a varierty of other datapoints. Cognizant used logistic regression to identify the factors characteristic of fraudulent claims and narrow down from an initial 97 to 7 critical parameters.

As a result of our intervention, there was a significant reduction in false positives and the customer saved millions by managing the fraud detection process better and more efficiently.

  • Identified the key factors driving fraudulant claims
  • Reduced false positives
  • Leveraging analytics saved millions

Reducing Time-to-Market for Top Pharmaceutical Company

Time-to-market is critical in the pharmaceutical industry – where lead times for new drugs can be up to 12 years. Our client, a large global pharmaceutical company, needed to focus on core activities, reduce cost of data operations and standardize processes across the globe.

Through better reporting and process management, Cognizant helped free up resources to focus on new products and increasing the drug development pipeline. Our clinical trials services drove process and staffing efficiencies in the client’s clinical trial operation and reduced overall costs by 30 - 40%. In addition, over a period of five years, Cognizant provided productivity gains of 30 percent.

  • Leveraging our global delivery model, reduced overall costs by 30 - 40%
  • Better reporting and process management freed up resources to focus on new products and increasing the drug development pipeline
  • Cognizant optimized processes and provided productivity gains of 30% over a period of 5 years
  • Driving Transformation at a Leading Grocer
  • Transforming Utilization Management for a Group Health Plan
  • Claims Fraud Analytics at a Leading Auto Insurer
  • Reducing Time‑to‑Market for Top Pharmaceutical Company

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