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COGNIZANT CONSULTING
Helping organizations engage people and uncover insight from data to shape the products, services and experiences they offer
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COGNIZANT CONSULTING

Helping organizations engage people and uncover insight from data to shape the products, services and experiences they offer

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COGNIZANT CATALYST

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Cognizant's cloud-based AP platform that allows our customers to create intelligent and automated financial solutions.

Opportunities exist for organizations to achieve breakthrough productivity enhancements in their finance & accounting processes for operational efficiency & improved bottom-line performance. In Accounts Payable, operational improvements can be made by eliminating wasteful transactions & automating the process elements such as variance handling, approvals, reporting, inquiry management, vendor enablement, migration to e-commerce, discount and rebate management, etc. With intelligent technology bundled with rich domain expertise, Cognizant is continuously optimizing client accounts payable processes to improve efficiency, minimize costs & enhance vendor relationships.                     

OFFERINGS

Accounts Payable Outsourcing Solution

Cognizant’s objective is to help you construct a vision and a plan that moves your AP department from being a cost reduction target to a revenue generating partner. Cognizant’s next-generation cloud-based Accounts Payable solutions, representing an intelligent blend of domain expertise & advanced technology enables invoice processing through:

  • Centralized Document Management: all paper invoices received, sorted, batched and digitized.
  • E invoicing: receive invoices in virtually any format, migrating you to a nearly 100% digital environment.
  • Auto Data Capture: Intelligent data extraction using OCR and ICR.
  • Workflow Capabilities: End-to-end automated invoice processing, reporting and analytics to force compliance to policies.
  • Seamless Integration: A well-defined integration methodology to post invoices into your main ERP system.
  • Vendor Portal: Facilitates supplier self‑service, e‑invoicing, call reduction and allows collaboration on billing disputes, enables dynamic discounting and automates payment inquiry status.
  • Customer Support: Help desk with email and telephonic support in more than 11 languages.
  • Risk Mitigation: Our tools and processes are backed by an annual SSAE16 report–we manage AP risk per Sarbanes‑Oxley regulations.

Refund and Complex Payment Processing

Cognizant’s payment processing solutions handle all of the typical issues of high volume consumer payments–returned checks, intra‑company hand‑offs for consumer payment inquiries and escheatment. Our solution helps simplify the process of mass payments including refunds, rebates or other high‑volume applications. 

  • Accept consumer payment information from legacy customer systems.
  • Refunds can be disbursed on a daily, weekly or monthly basis in check, ACH and card format.
  • If checks are returned, Cognizant handles the returned payments per client policies and procedures.
  • Authorized customer service agents will have access to a secure web‑enabled inquiry tool to easily search for one or multiple payments.
  • All cash management activities: stops, voids, account reconciliation, etc. can be turned over to Cognizant.
  • We provide a one-stop shop for payment processing, escheatment processing and year-end 1099 distribution. 

RESOURCES

Financial Transformation

Organizations are rethinking operational structures and capabilities needed to power tomorrow’s shared services engine. Newer models will be built on synergistic intersection of technology, analytic techniques and processes.                          

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.                          

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Cloud Accounts Payable Platform—Cognizant Catalyst | Cognizant