Cognizant announced that it has renewed its contract agreement with Volvo Cars to provide finance and accounting (F&A), and procurement services. The agreement covers the car maker's global accounts payable and accounts receivable, direct and indirect procurement and logistics services. In the new three-year agreement, Cognizant will enable Volvo Cars to harmonize its F&A and procurement processes and implement Intelligent Process Automation (IPA) to drive efficiency and support its ongoing digital transformation journey.

Using best in class Payment On Time (POT), highly automated, contactless processing of invoices, quicker resolution to supplier and customer queries through ticketing tools, Volvo Cars will also be able to reduce the cost of delivery of business process services and improve overall business outcomes.