(Press Release 3rd Jan 2024 )
The agreement comes as Cambridge addresses the growing desire for digital engagement and innovative products that effectively meet the needs of learners, teachers, and researchers. In response to this demand, Cambridge and Cognizant will drive digital transformation, transition to a product-centric approach and leverage AI technology.
Cambridge is a leader in assessment, education, research and academic publishing. As part of the University of Cambridge, this connection gives the organisation a depth of experience in research, academic publishing, national education systems, international education, and English language learning.
The renewed relationship is designed to help Cambridge to deliver accurate exam results and better learning outcomes to millions of learners around the world and will help Cambridge to use generative AI technologies to deliver productivity improvements and an exceptional learning experience for millions of learners.
“We are delighted to be continuing our work with Cambridge University Press & Assessment to deliver an innovative digital approach to education,” said Rohit Gupta, UK&I Managing Director at Cognizant. “Cambridge is one of the world’s most renowned and admired institutions, in a sector where cutting-edge technologies such as AI show enormous potential. Through this collaboration we hope to positively impact millions of learners across the globe,” he continued.
“Cognizant is an excellent provider to support us with the next phase of our digital transformation,” said Mark Maddocks, Chief Information Officer at Cambridge University Press & Assessment. “The team have a deep understanding of our priorities and roadmap. We look forward to continuing this collaboration and strengthening our leading position as the world of education and learning changes.”
About Cambridge University Press & Assessment
Cambridge University Press & Assessment is a world-leader in assessment, education, research and academic publishing.
Part of the University of Cambridge, it shares its mission ‘to contribute to society through the pursuit of education, learning and research at the highest international levels of excellence’. Through its products and services, it informs action around some of the world’s most pressing challenges, including climate change. It helps people across the world to realise their potential, benefiting society and the planet.
Find out more at www.cambridge.org.
About Cognizant
Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we’re improving everyday life. See how at www.cognizant.com or @cognizant.
Source: Cognizant
FORTREA SELECTS COGNIZANT AS ITS TECHNOLOGY TRANSFORMATION PROVIDER
((Press Release 4th Jan 2024)
Cognizant (Nasdaq: CTSH) and Fortrea (Nasdaq: FTRE), a leading global provider of clinical development and patient access solutions to the life sciences industry, today announced that Cognizant has been selected as Fortrea’s strategic technology transformation provider.
By partnering with Cognizant, Fortrea aims to continue advancing its mission and delivering solutions to its pharmaceutical, biotechnology and medical device customers – and to the patients those customers serve – within the confines of a sound and secure digital infrastructure.
Over the four-year agreement, Cognizant is expected to transform Fortrea’s global technology environment. Cognizant’s approach to the project is expected to bring the speed and agility necessary for the deployment of the next generation hybrid cloud and platforms required for a new era of digital innovation for Fortrea. The state-of-the-art technologies and services are designed to empower Fortrea to transform into a “born digital” organization, enabling a seamless digital experience with agility and efficiency across many different touchpoints.
In June 2023, Fortrea successfully completed its spin-off from its former parent company in a move designed to enhance its agility; capitalize on growth opportunities in phase I-IV clinical trials and patient access; and extend its leading positions in oncology, clinical pharmacology and partnership models. In 2024, Cognizant will play a fundamental role in the exit from Fortrea’s Transition Service Agreements with its former parent company, facilitating a smooth switch and the establishment of the global Fortrea infrastructure, application management, and end-user services.
Cognizant’s strategic services are expected to elevate Fortrea’s data and analytical capabilities with the goal of setting new standards in the CRO industry and driving modernization required to support Fortrea’s global operations. Fortrea also expects to benefit from Cognizant’s robust life sciences and healthcare technology experience to help address the evolving needs of its customers, including some of the industry’s leading enterprises.
“Today’s announcement reflects Fortrea’s renewed organizational agility following our spin-off,” said Alejandro Martinez Galindo, Chief Information Officer of Fortrea. “We are selectively investing in clinical applications and platforms that give us and our customers an advantage in the race to bring life-changing treatments to patients faster. As we build the infrastructure that’s essential to supporting these platforms and quickly delivering the insights our customers rely on, we have the opportunity to be ‘born digital.’ Our new modern ecosystem will be designed to speed decision making with innovation in clinical development. Cognizant’s deep expertise will help make our vision a reality.”
“Cognizant is proud to partner with Fortrea as they leverage technology to build a world-class culture of excellence that benefits customers, patients, employees and shareholders,” said Cognizant EVP, Software and Platform Engineering, Prasad Sankaran. “With our deep domain expertise in clinical trial platforms, medical administration automation and secure collaboration, we can help Fortrea fortify its position as an independent, best-in-class digital, global Contract Research Organization.”
“We’re looking forward to bringing Cognizant expertise from across our service portfolio to support Fortrea’s goal of providing a seamless digital experience for their customers. And we expect our work together will help Fortrea achieve a step-change from the legacy systems common across the industry, to a fully digital ecosystem leveraging the latest technology, which should result in better customer experiences and greater efficiency,” said Cognizant EVP & President of the Americas, Surya Gummadi.
About Fortrea
Fortrea (Nasdaq: FTRE) is a leading global provider of clinical development and patient access solutions to the life sciences industry. We partner with emerging and large biopharmaceutical, medical device and diagnostic companies to drive healthcare innovation that accelerates life changing therapies to patients in need. Fortrea provides phase I-IV clinical trial management, clinical pharmacology, differentiated technology-enabled trial solutions and post-approval services. Fortrea’s solutions leverage three decades of experience spanning more than 20 therapeutic areas, a passion for scientific rigor, exceptional insights and a strong investigator site network. Our talented and diverse team of about 19,000 people working in more than 90 countries is scaled to deliver focused and agile solutions to customers globally.
Source: Cognizant
Disclaimer:
Forward-Looking Statements
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties and assumptions as to future events that may not prove to be accurate. These statements include, but are not limited to, express or implied forward-looking statements relating to the business relationship between Cognizant and Fortrea, Fortrea’s ability to deploy a modern, secure digital ecosystem that helps bring treatments to patients faster, the benefits to Fortrea from Cognizant’s robust life sciences and healthcare technology portfolio, and the other benefits from the business relationship between Cognizant and Fortrea. These statements are neither promises nor guarantees but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, the competitive and rapidly changing nature of the markets we compete in, the competitive marketplace for talent and its impact on employee recruitment and retention, legal, reputational, and financial risks resulting from cyberattacks, changes in the regulatory environment, including with respect to immigration and taxes, and the other factors discussed in the most recent Annual Report on Form 10-K and other filings of Cognizant with the Securities and Exchange Commission (the SEC”) and the other risk factors discussed in Fortrea’s Information Statement filed with Fortrea’s Registration Statement on Form 10, as amended, as filed with the SEC, as such risk factors may be amended or updated from time to time in each of the companies’ subsequent periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Neither Cognizant nor Fortrea undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.
Cognizant Impact Study Predicts Generative AI Could Inject $1 Trillion Into U.S. Economy Over 10 Years
(Press Release Jan 10, 2024 )
In partnership with Oxford Economics, Cognizant (NASDAQ: CTSH) today revealed findings from its new economic impact study New Work, New World, which predicted that 90% of jobs will be disrupted in some way by generative AI (gen AI), setting the stage for a profound shift in how we approach work, productivity and economic growth. The study also found that the technology’s impact will be influenced by the rate of business adoption and how quickly individuals can adapt to new ways of working.
“Our study aims to lift the curtain on the effects generative AI may have on our global workforce,” said Adrian Cooper, CEO at Oxford Economics. “The research findings showcase just how quickly this technology might disrupt the trajectory of the U.S. economy, offering invaluable insights for leaders to harness its potential and adapt swiftly.”
Generative AI offers the potential to improve operational efficiency, create new revenue streams, innovate products and services, and ultimately redefine businesses. To quantify generative AI’s potential impact on productivity and the future of work, Cognizant partnered with Oxford Economics to create an economic model that explores three scenarios of U.S. businesses’ generative AI adoption. This model considered 18,000 tasks that drive the U.S. economy, and carefully examines the impact Generative AI may have on the jobs that ladder up to these tasks. While focused on the U.S. workforce, the general themes that emerged from the findings can be applied globally. The research unveiled key insights, including:
- AI adoption will skyrocket over the next decade before settling into maturity: Businesses are in the experimental phase of adoption for AI capabilities. However, the findings reveal that adoption could leap from 13% to 31% in just four to eight years. After the 15-year mark, the findings predict that adoption may slow but will continue to grow for at least 15 more years.
- Economic advancement could soar: Generative AI technology could boost U.S. productivity by 1.7-3.5% and grow the U.S. GDP between $477 billion and $1 trillion in annual value over the next 10 years, based on business adoption rates.
- Simultaneously, the job market could be disrupted: Half of all jobs (52%) are predicted to significantly change as generative AI is integrated to automate job tasks. As a result, approximately 9% of the current U.S. workforce may be displaced, with 1% potentially struggling to find new employment based on historical economic shifts.
- Jobs with higher levels of knowledge work may be most affected: In the past, technology advances and automation have impacted mainly manual labor and process-centric knowledge work. Generative AI is poised to do the opposite, having a higher disruption on knowledge work. Additionally, jobs involving credit analysis, computer programming, web development, database administration, and graphic design already have a theoretical maximum exposure score of about 50%. By 2032, as technology advances, some jobs’ exposure scores may climb to 80%.
- Even CEOs will feel an impact: The data found that C-Suite executives – even CEOs – could see a theoretical maximum exposure score (the degree to which a job’s tasks are prone to being automated by generative AI) of more than 25%, as they begin using gen AI for everything from competitive assessments to strategic decision-making.
- “Generative AI has already astonished us with its capabilities across industries, but the true impact of its integration in our daily business operations has just scratched the surface,” said Ravi Kumar S, Chief Executive Officer, Cognizant. “To apply the technology’s potential to amplify our productivity, we must understand its full influence on the future of work and come together to create the best opportunities for people to grow alongside it.”
- Reskilling The Workforce as AI Advances
- While the timeline of this research spans more than a decade, Cognizant believes that leaders across all sectors of society should work together today to establish a new trust compact that will enable businesses, workers, and economies to thrive in the age of generative AI. As this technology becomes commonplace in the workforce, new employee skills will be in demand to support areas including business strategy and AI management. Reskilling programs, once seen as a tactical add-on to an employee’s career path, will become an essential part of the workday, with time allocated for training and education.
- In line with this vision, Cognizant recently launched its Synapse initiative, designed to revolutionize and rebalance the landscape of tech education and workforce development by redefining opportunities for more than one million individuals worldwide. Drawing on Cognizant’s deep expertise and long history as a tech reskiller, the initiative aims to create a new, employable talent pool for the expanding digital economy by 2026.
- Methodology: Cognizant New Work, New World Study
- Oxford Economics was commissioned by Cognizant to assess and forecast the economic impact of Generative AI technology on the United States over the next 10 years.
- The project was executed through five main phases of work that sequentially enabled the development of the assumed inputs for Oxford’s Global Economic Model (GEM). These inputs were designed to reflect how we anticipate the implementation of generative AI technologies by businesses in the United States over the forecast horizon could influence structural drivers of economic activity, notably total factor productivity (TFP) growth. To reflect the uncertainty inherent in such a process three scenarios were run to develop a range of outcomes.
- Source : Cognizant
Cognizant unveils gen AI-powered Innovation Assistant, in collaboration with Microsoft, empowering Cognizant’s employees to innovate
Press Release ( Jan 16, 2024 )
Cognizant (Nasdaq: CTSH) announced its collaboration with Microsoft on the launch of the Innovation Assistant, a generative AI-powered tool built on Microsoft Azure OpenAI Service, which will augment Cognizant’s internal innovation program, Bluebolt.
The Innovation Assistant is a pioneering tool designed to assimilate enterprise knowledge and enable greater creativity and innovation among teams of Cognizant employees working to solve client challenges across industries. The launch exemplifies Cognizant’s commitment to transforming human-machine collaboration through AI and advancing knowledge and innovation by leveraging the company’s vast technical and industry knowledge.
“The creativity and ingenuity of Cognizant’s people is one of the things that sets us apart in our industry, and we see our Innovation Assistant as a game-changer in the way we generate and implement ideas,” said Ravi Kumar S, Cognizant’s CEO. “Together with Microsoft, we are harnessing the power of generative AI to revolutionize our approach to innovation, with the goal of ensuring we, and our clients, stay ahead in a rapidly evolving business environment.”
The Innovation Assistant is integral to Cognizant’s Bluebolt grassroots innovation movement, which provides a framework for Cognizant employees anywhere and at any level, to contribute to the innovation process from ideation to implementation. Harnessing the power of generative AI for Bluebolt will help Cognizant employees develop a unique combination of virtual guidance and real-world support that can utilize the company’s full depth of expertise and co-innovation for the benefit of clients.
“It’s amazing to see the power of gen AI enable innovation at different levels of an organization with Cognizant’s Innovation Assistant. They have used AI to create a platform that unlocks the potential of individuals and teams,” said Puneet Chandok, President, Microsoft, India & South Asia. “Built on Microsoft Azure OpenAI Service, Cognizant’s platform is a force multiplier that aims to enable customers to gain access to insights from enterprise data and stay ahead in the ever-evolving digital landscape.”
Cognizant is dedicated to maintaining the highest standards for responsible and ethical AI, focusing on safety, security, privacy, transparency and inclusion. The Innovation Assistant is designed to generate context-based ideas and solutions while safeguarding sensitive information and client confidentiality.
For more information on Cognizant’s approach to generative AI and the company’s commitment to responsible AI
Source: Cognizant
