Leading global IT services organisation, Tata Consultancy Services (TCS), on Thursday was named as the fastest growing IT services brand in the world in an assessment done by leading brand valuation firm, Brand Finance.
According to Brand Finance IT Services 15 annual report for 2018, TCS now has a total brand value of USD 10.391 billion; a growth of 14.4 percent from last year's total of USD 9.081 billion, with an increase of USD 1.309 billion.
The new value is the fastest incremental growth of all companies in the industry, and places TCS in the top three most valuable brands in the global IT services sector along with IBM and Accenture.
This puts TCS in a unique group of businesses with a brand valuation over USD 10 billion mark, and the company's new brand value means that it now contributes over 73 percent to the value of the larger Tata brand, which is valued at USD 14.236 billion and ranked 104 in the world rankings.
Brand Finance's annual report analysed the brand value and brand strength of the 5,000 largest brands across 38 sectors in the world in order to arrive at a list of the world's most valuable brands.
The brand strength was derived by benchmarking brand related measures against competitors.
Brand strength is used to determine an appropriate stream of forecasted brand royalties, which is discounted to a net present value, the brand value.
"Last year TCS achieved a significant milestone, being ranked as one of the world's top three IT services brands for the first time ever," said CEO, Brand Finance, David Haigh.
"This year, the company has consolidated that position even further by adding more than USD 1.3 billion to its value, which is a huge achievement for the company and its new CEO, who completes his first year in office this month. TCS' forward-thinking approach to digital technologies, its growing brand presence in its key markets, paired with its core values of customer service, employee development and re-skilling has seen its brand value grow exponentially - so much so that it's now the fastest growing brand in the IT services industry," Haigh added.
"The growth we have demonstrated on brand leadership is a testament to our steadfast commitment to our clients, our people, and the communities we work in. The innermost core of our company values has always been our resolute focus on our clients and their success. We look forward to using the vast contextual knowledge we have built to further benefit our clients in their transformation journeys towards Business 4.0," said CEO and MD, Tata Consultancy Services, Rajesh Gopinathan.
"As we refocus our company towards the new opportunities in the Business 4.0 era and mark the 50th year of the founding of TCS, I am certain that each one of our 390,000 employees worldwide will take great pride in TCS' brand leadership within the industry," Gopinathan added.
Over the past two years, TCS has strengthened its portfolio of global brand sponsorships by forging new partnerships in the United Kingdom, Sweden, India, Japan and Australia, adding to its existing premium partnerships, such as the TCS New York Marathon and the TCS Amsterdam Marathon among others.
Over 3000 of its clients have participated at its running events in 2017.
It has also augmented its brand presence at high level forums by being appointed as a strategic partner to the World Economic Forum and the European Business Summit and extended a range of its own branded properties including the TCS Summit, TCS Analyst Days and TCS Innovation Forum, which are run as global events across all its key markets.
These have become major gatherings of C-Level business leaders across the world, boosting TCS' brand at the boardroom and executive committee levels.
TCS' global campaigns such as #DigitalEmpowers, which was launched at Davos to showcase the potential for digital technologies to become a force for good in the world, is part of several initiatives that have won over 50 awards for marketing, communications and branding excellence.
Recently, the company was recognised for its thought leadership by winning eight accolades at the Corporate Content Awards in London.