OREANDA-NEWS. December 17, 2015.  “As the industrial economy makes way for the digital economy, the role of technology is shifting from supporting business to being its lifeblood,” says Francisco D’Souza, CEO, Cognizant.

The underlying theme of the metamorphosis that the IT services business will undergo, according to D’Souza, is that “it provides larger players like us to make a meaningful and lasting contribution to solving some of the most pressing and significant societal and business problems.”

Malcolm Frank, Executive Vice President, Strategy Cognizant, says this is the fourth wave of technology services. “The first wave of technology was main frame where the IBM Global Services model was dominant. The second was the client server model (the desktop era) where companies like Accenture played a dominant role. The third was internet services that saw the rise of offshoring and global sourcing and the rise of companies like Cognizant, TCS, Wipro, HCL, Infosys. Now, it’s the fourth wave where businesses are becoming digital and they are seeing transformation due to use of technologies and platforms like social, cloud, mobile and analytics. It’s a once-in-a-decade type of shift,” says Frank.