Discover Cognizant’s annual report, our response to Covid-19, and how we are preparing for the post-Covid-19 world, in which we believe clients weill be accelerating their shift to operating with digital business models.
During the pre-pandemic months of 2020, our optimism about our 290,000-person knowledge business was growing. Over the prior 12 months, we had made significant progress in what we expect will be a multi-year effort to reposition Cognizant to achieve its full growth potential. Cognizant’s full-year 2019 revenue grew 4.1%, or 5.2% in constant currency, to $16.8 billion (read more in the annual report).
As we currently weather this crisis, including taking actions to strengthen our financial flexibility, we are also preparing for the post-Covid-19 world, which will require differentiated solutions for our clients and new methodologies and behaviors in our future work environment. We aim not just to recover but also to emerge stronger through our close partnerships with our associates, clients and communities. Our strategy aims to protect and optimize our traditional business whilst winning in four strategic digital battlegrounds: AI and analytics, digital engineering, cloud and IoT.
The implications of this pandemic will lead to clients accelerating their shift to operating with digital business models. Digital channels in every industry, including retail, education, and healthcare, will increase in relevance. Remote access to work will be made stronger and more secure. Major IT trends such as core modernization and cloud adoption will accelerate. And clients will need to quickly evolve into modern businesses that are able to stay relevant, on top of era-defining innovations, and sustain growth in the face of continuous technological change.
Macro demand has been and will likely continue to be meaningfully hurt by Covid-19, and this will certainly impact our 2020 financial performance. Cognizant’s priority in dealing with this crisis has been to protect the health and safety of our associates, whilst maintaining business continuity for our clients and supporting our communities. We rapidly enabled work-from home capabilities to help protect the health and safety of our associates and maintain continuity of service for our clients, while reinforcing protocols to safeguard their data and systems. Here, you can read more about our take on Covid-19 from both a health and a business perspective.