BHUBANESWAR: The Odisha government has collaborated with Tata Consultancy Services (TCS) for designing and implementing the Integrated Financial Management System (IFMS) 3.0.
Sources said the leading global IT services, consulting and business solutions provider will automate the state’s comprehensive public finance workflows with the help of its advanced cloud-native technologies.
TCS has been working with the state government since 2005, beginning with the integrated Odisha Treasury Management System. The partnership continued with the implementation of IFMS, followed by IFMS 2.0 and then IFMS 3.0, the third generation of the solution.
As part of the programme, TCS will also implement its AI workbench, an open-source solution designed to support AI/ML projects in designated operational areas, including model development, monitoring and retraining.
This will enable IFMS 3.0 to apply analytics and machine learning to decision-making and operational processes, with features such as multilingual chatbot interactions to enhance user experience. It will address FAQs, automate service desk procedures and carry out functional tasks, aiding IFMS users.
As per the agreement, the new system will unify budgeting, payments, receipts and accounts into a single source of truth (SSOT). With AI-assisted insights and intuitive workflows, IFMS 3.0 will allow officials to monitor programmes in real time, accelerate reporting and make confident data-driven decisions.
President (growth markets and public services) of TCS, Girish Ramachandran said IFMS 3.0 combines advanced technology and user-centric design to deliver smarter governance. “With realtime financial visibility, enhanced precision and a future-ready architecture, this platform will empower Odisha to deliver more effective public services to its citizens,” he said.
Along with its core functionalities supporting the Finance department’s needs in budgeting, expenditure management, revenue management and accounts management, IFMS 3.0 will incorporate advanced functional and non-functional enhancements aimed at streamlining financial processes, enhancing data precision and enabling realtime monitoring and reporting, said senior vice-president (public services) Tej Paul Bhatla.