One-On-One with Cognizant's Michael Valocchi

Valocchi: We advise our clients on successful strategies and solutions to move their businesses forward in three important areas: digital transformation, process automation and technology modernization. Our priorities focus on helping clients navigate these uncertain economic times and accelerate their growth by creating new operating and business models.

Consulting: How would you define your value proposition for clients?

Valocchi: We solve problems by creating innovative business and technology solutions. If you look at Cognizant's logo, you will notice it rotates a little bit — that is how we look at our clients' problems — from all different angles. We come at consulting from an engineering perspective, as well as with a business and technology lens.

Consulting: What elements drive you personally and what is your favorite part of being in the consulting industry?

Valocchi: Consulting feeds my intellectual curiosity, and I thrive on that. It enables me to learn continuously by interacting with different types of clients, industries and issues. It's also a very people-oriented business, and I really enjoy providing guidance and mentoring, both to our clients and teams within Cognizant.

Consulting: Are there practice areas in which Cognizant is looking to grow?

Valocchi: We continue to expand our capabilities in technology modernization and process optimization. These capabilities are critical to clients looking to transform strategically to unlock sustainable and profitable growth – including staying ahead of competitors and delivering outcomes and value at market speed.

We're investing organically as well as pursuing strategic M&A and industry partnerships that complement and grow our brand. For example, we recently acquired AustinCSI , a digital transformation consultancy specializing in enterprise cloud and data analytics advisory services, particularly in the telecom, media, tech and automotive sectors. AustinCSI is one of three acquisitions Cognizant announced in the fourth quarter of 2022, further expanding its capabilities in key digital focus areas.

Consulting: Pandemic changes aside, has recent economic unsteadiness shaped your client's priorities and the areas of the business you focus on?

Valocchi: Yes. It's even more important that as our clients face these economic conditions, we provide them with the guidance and solutions they need to become more agile, efficient and productive, such as process automation and cloud capabilities. As economic headwinds force many of our clients to reevaluate their business and technology objectives, we see this as an ability to help them reset and further advance their strategic business priorities.

Consulting: Looking at the market broadly, what are some of the big consulting opportunities you're seeing that you're most excited to capitalize on?

Valocchi: We continue to help our clients transform their business and technology operating models and see a major opportunity to leverage AI and data analytics to help organizations across industries build an accessible and useful data foundation. For example, we've utilized AI to automate point-of-sale data in the media industry, accelerate pharma market share analytics, and improve health care operations and decision-making.

Additionally, we're helping clients navigate this new meta-economy, which we anticipate will not be a single place with one digital identity but rather a convergence of technologies fueled by augmented reality, virtual reality and IoT.

Consulting: ESG as a matter of practice: How has Cognizant's work changed/expanded in the last years as this area becomes more and more important?

Valocchi: We're committed to helping our clients develop and implement ESG solutions that deliver for their customers, employees and the communities they serve. To help us meet this objective, we recently hired a Global Head of Sustainability Advisory, Philip Smith. This role and increased efforts around ESG will continue to support our clients as they respond to market, regulatory, product, and cultural pressures triggered by emerging and complex sustainability drivers. Whether it's energy and climate change, air and water quality, waste and resource efficiency, or sustainable transport, ESG remains top of mind across all vertical industries, and Cognizant's consultants continue to leverage technology to provide sustainable business outcomes for clients.

Consulting: DEI as a matter of operations/policy: Where is Cognizant and where do you see these matters impacting your policies and practices?

Valocchi: We're proud to say that one of our core company values is "creating conditions where everyone can thrive." DEI is essential to our workforce strategy to build an inclusive consulting community and for our employees to feel valued and engaged. In addition, DEI allows us to attract and retain diverse talent with skills and expertise to help our clients succeed.

Personally, I strive to be a diversity champion as a Consulting Leader. I'm a proud mentor in Cognizant's Propel program, which is designed for mid and senior-level women leaders across the globe, to accelerate their careers through coaching and mentoring in partnership with senior level executives.

The program was launched in 2021, with the goal of placing 1,000 women in leadership roles, and we've exceeded that number with over 1,200 participants across 18 cohorts, with two additional cohorts in progress. In 2022, we were proud to have the program receive the gold award in the category for Best Advancement in Leadership Development for Women at Brandon Hall Awards.

Consulting: Looking back on the impact of COVID, what are some of the big COVID-driven changes affecting your clients?

Valocchi: COVID has impacted our clients in numerous ways including the way they operate, employee engagement, and company culture. Hybrid work is the new normal, and we're helping our clients navigate this new environment with the right tools, processes and technologies. Customer relations is also important and due to COVID, our clients have been forced to accelerate the digitalization of their businesses as many of these interactions are virtual now. To improve performance and customer experience, we're blending automation tools with personalized high-touch support and digital capabilities.

Consulting: What unique changes relating to internal work culture and client experience has Cognizant experienced? Negatives/Positives?

Valocchi: Consulting has traditionally been an on-the-road profession, but COVID drastically changed how we work from both an employee and client perspective. I've always enjoyed being with my team in person and having the opportunity to come up with the big ideas in the same room. Now, for the most part, we're virtual, which has afforded us other opportunities including more flexibility for my team, enabling them to be more agile, productive and engaged with clients.

Consulting: What about on the talent side? What are you seeing as trending challenges on the attraction/retention side of talent the way things stand today? Negatives/Positives?

Valocchi: Attracting and retaining talent has always been a priority in consulting. We've positioned Cognizant as the destination for talent seeking to join an industry-leading consultancy within our employee-focused organization. Talent also ties directly into our DEI mandate of building a world-class inclusive team of consultants from all different backgrounds.

Additionally, we're committed to the next generation of consultants, with several programs in place, such as our summer internship program, campus recruitment outreach and MBA program for recent graduates. Our award-winning L&D team also partners with our recruiters to highlight the resources and opportunities available to consultants that support high performance and career growth.

Consulting: Briefly share your outlook for Cognizant's future, growth and/or success over the next decade?

Valocchi: Cognizant is a global leader in technology services, and we aim to continue to build our portfolio of Global 2000 clients. Our clients are looking ahead for a strategic partner who can provide the full spectrum of services, from consulting to delivery, with real-world experience and expertise in their respective industries. Each industry has different challenges and pain points, from banking to insurance, retail to health care. Cognizant maintains experts across industries, and we have points of view for our clients on the best ways for them to tackle emerging trends and issues while also developing and implementing capabilities to deliver against these obstacles. I'm looking forward to investing our time, resources, and collective strength to build the best consultancy for our clients globally.

Consulting: Thank you for your time, and best to you and Cognizant in the New Year.