Summary:
Tata Consultancy Services (TCS) has signed an agreement with the Government of Odisha to develop Integrated Financial Management System (IFMS) 3.0, the next-generation digital platform designed to modernize and streamline the state’s public finance management. The project builds on a partnership that began in 2005 and marks a significant step in leveraging advanced technology for governance.
What is IFMS 3.0?
The new Integrated Financial Management System (IFMS) 3.0 will replace older versions implemented by TCS in the past two decades. Designed with cloud-native and microservices-based architecture, IFMS 3.0 will digitize and automate financial operations, aiming for greater efficiency, transparency, and scalability in Odisha’s financial management.
Smart Features Powered by AI
A key differentiator in IFMS 3.0 is its use of Artificial Intelligence (AI) through TCS’s AI Workbench (AIWB) platform. AIWB will enable:
- Multilingual chatbots to assist officials and stakeholders in multiple languages.
- Automated helpdesk services for faster query resolution.
- AI-driven financial tools to simplify and accelerate workflows.
Benefits for Odisha’s Public Finance
The system is designed to provide real-time financial intelligence across government departments. Key benefits include:
- Live tracking of funds and expenses for improved accountability.
- Efficient budgeting and revenue planning tools.
- Robust data security and privacy safeguards.
- Advanced analytics and reporting to aid policy decisions.
- Mobile accessibility, allowing officials to monitor finances remotely.
Leadership Insights
TCS leadership emphasized that IFMS 3.0 combines cutting-edge technology with a user-friendly design to serve as a central hub for state financial management. From budgeting and payments to accounting and monitoring, the system will enable the Odisha government to make faster, data-driven decisions and deliver more efficient public services.
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