Cognizant and ServiceNow Partnership Aims to Build $1 Billion Joint Venture

Cognizant and ServiceNow have formed a strategic partnership to promote the widespread adoption of AI-driven automation in various industries. This collaboration is anticipated to expedite the journey toward creating a combined business worth $1 billion for both companies.

"Across sectors, firms strive to improve their competitiveness, optimize operations, and deliver better overall experiences, but face challenges around platform silos and intensive, manual workflows. Cognizant and ServiceNow are well-positioned to address these challenges through the combination of our deep industry expertise, enterprise AI solutions and ServiceNow's powerful platform, delivering innovative, cost-effective solutions that enhance the value of our clients' products and services to their end customer," said Ravi Kumarc S, CEO, Cognizant.

Cognizant's ServiceNow Business Group will assist mutual clients facing increased costs, accumulating technology debt, manual workflows, and subpar customer experiences. Their objective is to leverage AI technology to drive enhancements in crucial areas such as:

  • Improved operational effectiveness: They will revamp managed services to enhance IT efficiency and ensure greater business stability.

  • Enhanced experience: By leveraging the Cognizant Neuro️ suite of AI-driven platforms, they will transform fragmented customer, employee, and business experiences into a unified and comprehensive total experience.

  • Accelerated innovation: By utilizing Cognizant's industry-specific intellectual property (IP) and ServiceNow's industry solutions, they will enable faster innovation and reduce time to market for their clients.

"Every CEO is in an innovation race right now. The winners will embrace AI-led transformation to reinvent how they do business. By combining the power of Cognizant's solutions and services with the intelligent platform for end-to-end digital transformation, we will accelerate automation to solve our customers' toughest challenges. This means organizations in every industry from healthcare and life sciences to financial services, can keep pace in this ever-changing environment," said Bill McDermott, Chairman and CEO, ServiceNow.

Cognizant's ServiceNow Business Group, which comprises experts from various disciplines, represents a substantial expansion of the longstanding partnership between the two companies. Together, they will introduce integrated solutions aimed at addressing intricate challenges, streamlining operations, and improving experiences for employees and end customers.

Through the integration of the Now Platform️ and ServiceNow's industry-specific product solutions with Cognizant's deep domain expertise and intellectual property (IP), clients will gain the ability to transcend isolated decision-making and harness enterprise-wide data for improved business differentiation.

Optimizing critical workflows  

The collaboration aims to enhance customer and employee experiences throughout the organization by leveraging generative AI and hyper-automation to optimize ERP systems.  In addition, it focuses on optimizing critical workflows such as onboarding, credentialing, and contract and audit management. By streamlining inter-enterprise processes and facilitating real-time data exchange, efficiency is maximized.

Streamlining contact center management is another objective to drive personalized engagement and improve customer retention.

The two companies will improve asset management through proactive maintenance and procurement, enhancing operational effectiveness.

Additionally, the collaboration addresses the need for effective pathways toward achieving net zero emissions. This is accomplished through ServiceNow's ESG solution, which helps companies activate ESG strategies, programs, and initiatives.

In other news, ServiceNow has recently unveiled its latest generative AI solution - Now Assist for Virtual Agent - to enhance self-service experiences by enabling more intelligent and natural conversations.