Tata Consultancy Services (TCS) shares were trading nearly 2% higher on October 5, Thursday, as the firm announced it has been selected by the Georgia Department of Labor (GDOL) to replace its 1980s-era legacy platform with a scalable cloud-based unemployment insurance system that streamlines the claims process.
“Digitised processes with automated workflows will enable faster processing of claims with reduced errors. Advanced security features embedded in the new platform will help prevent fraud, save taxpayer dollars, and ensure that benefits reach those in genuine need,” the IT services giant said in a press statement.
The firm noted that during the COVID-19 pandemic, Georgia experienced an unprecedented surge in unemployment claims, the third highest in the nation, and that placed tremendous strain on the state's ageing 40-year-old unemployment system and underscored the urgent need for change.
Over the past two decades, TCS has helped transform legacy unemployment insurance systems, partnering with Connecticut, Florida, Kansas, Maine, Mississippi, Missouri, New York, and Wyoming in their transformation journeys. TCS has also helped several states manage exponential increases in unemployment claims, including the integration of the Federal Government’s Pandemic Unemployment Assistance.
Bruce Thompson, Commissioner, of Georgia Department of Labor said, “A modern and responsive unemployment system minimises claims processing times, enhances the customer experience, prevents fraud, and positions GDOL to become the most transparent and responsive agency in state government.”
TCS’ latest order win comes after the tech behemoth already bagged multiple orders across sectors in September.
On October 4, TCS entered into a multi-year partnership with British retail giant Asda to support its digital transformation and to implement a new organisation-wide IT operating model, following its divestiture from Walmart.
Earlier on September 25, the firm had expanded its partnership with Standard Banks Group for its custody and settlement operations. European Home Improvement company Kingfisher Plc also used TCS OmniStore, an AI-powered unified commerce platform to drive its customer experiences.
TCS’ stock was the top Nifty gainer in trade on October 5, rising more than 2%. The stock has gained more than 11% this year as against benchmark Sensex which has risen 7.45% during the period.
(Edited by : Kanishka Sarkar)
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