labels: tata consultancy services, toyota financial services, it news
TCS bags Toyota Financial’s systems management contract news
Our Convergence Bureau
08 March 2003

Kolkata: Tata Consultancy Services (TCS) has bagged an offshore maintenance contract from Toyota Financial Services (TFS) of the US.

This is the first time that the US operations of Toyota Financial Services has outsourced the management and process improvement of its legacy management system to any party outside the US.

TFS is engaged in retail and wholesale financing, retail leasing and other financial services that are offered to the authorised dealers of Toyota and Lexus, as well as Toyota Material Handling, US, dealers, affiliates and their customers in the US.

TFS president and chief executive officer George E Borst says TCS had bagged the open-ended contract from among a total of seven bidders. “The idea behind the initiative was not just to save on costs, but also to ensure process enhancement and improvement.” The saving in costs for TFS on account of the outsourcing would approximately be 50 per cent.

“TCS was chosen because it was under-budget, the company has the capability to execute projects before time and it has exceeded our expectations,” he adds. “TFS, which has an asset base of $40 billion in the US, had decided to outsource its major IT systems management and allied work in the next few years.”

Says TCS vice-president Ajoyendra Mukherjee: “This contract had vested the company with the charge of IT consulting and maintenance programme of TFS. The entire work will be executed out of TCS’s Kolkata centre and an additional 50-60 people will be recruited for the purpose.”

 

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TCS bags Toyota Financial’s systems management contract