Cognizant (CTSH), Microsoft Team Up to Streamline Healthcare
Cognizant Technology Solutions CTSH entered into a recent partnership with Microsoft MSFT within the healthcare sector, aimed at transforming healthcare administration.
The partnership focuses on integrating generative AI into the TriZetto Assistant on Facets, a crucial component of Cognizant's TriZetto software platform powered by Microsoft Azure.
The initiative aims to elevate productivity and efficiency for healthcare payers and providers, with a primary focus on ensuring timely responses and enhancing patient care across the United States.
The TriZetto Assistant on Facets, leveraging Azure OpenAI Service and Semantic Kernel, introduces a range of benefits, from providing access to innovation and data insights to enabling process automation and bolstering data security.
By automating processes and integrating generative AI within the TriZetto user interface, Cognizant and Microsoft are paving the way for a future where healthcare administration is marked by increased efficiency, accuracy and scalability.
Cognizant Technology Solutions Corporation Price and Consensus
Cognizant Technology Solutions Corporation price-consensus-chart | Cognizant Technology Solutions Corporation Quote
Cognizant’s Prospects Ride on Strong Partner Base
Cognizant’s strong partner base, which includes Microsoft, Fortrea FTRE and ServiceNow NOW and CNO, has been a key catalyst.
Building on its collaboration with Microsoft, Cognizant also introduced its Innovation Assistant, a generative AI-powered tool developed in collaboration with Microsoft on Azure OpenAI Service. This tool reinforces the company's commitment to human-machine collaboration and advances innovation within the Bluebolt program.
Selected as Fortrea's primary technology transformation partner, Cognizant will play a crucial role in facilitating global infrastructure transition and providing application management and end-user services following Fortrea's successful spin-off in June 2023.
In the fourth quarter of 2023, Cognizant further strengthened its ties with ServiceNow, enhancing the Cognizant WorkNEXT modern workplace services solution through the integration of generative AI capabilities. This upgraded solution is poised to deliver significant reductions in lead time for deploying and training AI systems, benefiting clients.
Maintaining its partnership with CNO Financial Group, Cognizant is committed to optimizing technology-based services. The collaboration with CNO focuses on leveraging cloud, digital and AI solutions, with a particular emphasis on generative AI technologies to drive efficiency improvements.
Cognizant’s shares have returned 1.5% compared with the Zacks Computer & Technology sector’s rise of 7.5% year to date. The underperformance can be attributed to challenges in the Financial Services segment, where Cognizant continues to expect the challenging macro environment to hurt spending rates, thereby impacting top-line growth.
This Zacks Rank #3 (Hold) company expects first-quarter 2024 revenues between $4.68 billion and $4.76 billion, indicating a decline of 2.7% to 1.2%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for the first quarter is pegged at $4.73 billion, indicating a year-over-year decline of 1.79%.
The consensus mark for earnings is pegged at $1.11 per share, moving up by a couple of pennies in the past 30 days.
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