Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has launched TCS Pace Port™ Pittsburgh, an advanced research and co-innovation center on the Carnegie Mellon University campus. The center is designed to help U.S. companies bring innovations to life faster by using the latest advances in technology and collaborating with local startups, entrepreneurs, students, and educators.
TCS Pace Port Pittsburgh is the fourth global co-innovation hub launched by TCS. Designed for companies in a wide range of industries, it specializes in innovation in the manufacturing and utilities sectors, providing enterprises with new ways to tap the Internet of Things (IoT) and the latest advances in AI from TCS Research.
The pandemic has accelerated adoption of digital technologies and the digitalization of customer interactions. This has also strengthened the imperative for companies in every industry to innovate faster to establish competitive differentiation. As the preferred transformation partner to leading U.S. companies, including nearly half the Fortune 500, TCS built this center to cater to the needs of clients looking to speed up and scale their innovation initiatives. TCS Pace Port Pittsburgh brings together partner ecosystems, digital talent, trendspotting, sandboxes and other innovation toolsets, and can instantly source inspiration and capability from across the world. Key capabilities of the new creative hub include:
- TCS Academic Research Lab: A space that allows researchers and CMU experts to gain exposure to the thinking and collaborative ecosystem research environment enabled by TCS, while furthering a research agenda across cutting-edge technology areas such as AI, blockchain, advanced analytics, cybersecurity, and quantum computing.
- TCS Innovation Showcases: A presentation and engagement facility that helps clients visualize the phases of their digital transformation journey.
- TCS Co-Innovation Network (COIN™) Accelerator: A collaborative ecosystem where startups, technology partners, CMU students and faculty, and TCS experts can collaboration on innovations.
- TCS Agile Workspace: A fully equipped, agile working environment to run business solution concepts with devoted virtual environments engineered to simulate real-world conditions.
- TCS Rapid Lab: An incubation lab that aims to accelerate innovation, solve business problems, move faster from concept to design and experience, and accelerate innovation acceptance.
- TCS Think Spaces: A workspace tailored to apply design thinking in discovering engaging ways to build new businesses and new sources of differentiation. Design thinking workshops are customized to help clients uncover new game-changing opportunities.
"Pennsylvania's rich history of innovation is one of the best things about the commonwealth, and our worldclass research institutions and universities are some of its greatest assets," said Governor Tom Wolf. "Bringing these two things together promises to keep Pennsylvania on the forefront of the manufacturing industry. I am proud TCS selected CMU for their newest co-innovation hub and look forward to seeing what they create together."
TCS is committed to deepening partnerships with leading global academic and research institutions such as CMU to solve critical business challenges. The launch of TCS Pace Port Pittsburgh coincides with the dedication of TCS Hall at CMU, a research and academic space that is home to the new Pace Port. Made possible by TCS' philanthropic gift of $35 million, the LEED Gold certified, 90,000 square-foot building also houses the Carnegie Mellon Master of Science in Computational Finance program, facilities for the School of Computer Science's Institute for Software Research, and its Center for Business Engagement.
"Collaboration between universities and industry is key to addressing the pressing global challenges that face our society," said CMU President Farnam Jahanian. "We are grateful to TCS for its exceptional philanthropy that has made possible this dynamic new facility. TCS Hall serves as a training ground for CMU students as well as a nexus of collaboration for partners across the innovation ecosystem. This is the latest chapter of our ongoing partnership to drive innovation and entrepreneurship at the leading edge of technology, science, and society."
CMU's James H. Garrett Jr., Provost and Chief Academic Officer, and Anne Molloy, Vice Chair, Board of Trustees, were among the distinguished speakers and guests who joined N Chandrasekaran, Tata Sons Chairman of the Board, TCS' Rajesh Gopinathan, Chief Executive Officer and Managing Director, and Krishnan Ramanujam, President, Enterprise Growth Group, at the ribbon-cutting ceremonies to inaugurate TCS Pace Port Pittsburgh and TCS Hall.
"U.S. competitiveness hinges on the ability of private enterprises and entrepreneurial leaders to set the global pace of innovation," said Suresh Muthuswami, Chairman, TCS North America. "TCS' partnership with Carnegie Mellon University is a testament to how academia and industry can support this mandate."
"To drive sustainable growth, U.S. companies are forming collaborative ecosystems spanning multiple technology disciplines and industries -- like the ones TCS, CMU, startups and other partners will foster right here at TCS Pace Port Pittsburgh," said Ananth Krishnan, Chief Technology Officer, TCS. "This co-innovation hub brings to life our belief that innovation has a context but no boundaries. Together, we are answering the call to innovate with speed."
Shares of Tata Consultancy Services Limited was last trading in BSE at Rs. 3629.95 as compared to the previous close of Rs. 3555.95. The total number of shares traded during the day was 42124 in over 5000 trades.
The stock hit an intraday high of Rs. 3643.00 and intraday low of 3568.50. The net turnover during the day was Rs. 152402026.00.