Tata Consultancy Services (TCS) has partnered with the government of Odisha to design and implement an AI-enabled Integrated Financial Management System (IFMS) 3.0. This microservices-based architecture will automate the state's comprehensive public finance workflows using cloud-native technologies, the company said.
TCS will also deploy its AI Workbench (AIWB), a digital solution for IFMS users and management to interact with financial data and processes. As part of this program, 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.
The new system unifies budgeting, payments, receipts, and accounts into a single source of truth. With Al-assisted insights and intuitive workflows, IFMS 3.0 will allow officials to monitor programs in real time, accelerate reporting, and make confident, data-driven decisions.
Key Features of IFMS 3.0 include:
- Enhanced User Interface: A more intuitive and user-friendly interface that simplifies navigation and improves user experience.
- Real-Time Data Integration: Seamless integration of financial data across various departments, enabling real-time updates and monitoring.
- Advanced Reporting Tools: Comprehensive reporting tools that provide detailed insights and analytics, aiding in informed decision-making.
- Improved Security Measures: Robust security protocols to safeguard financial data and ensure compliance with regulatory standards.
- Mobile Accessibility: Access to IFMS 3.0 via mobile devices, allowing users to manage financial operations on the go.
TCS generated consolidated revenues of US $29 billion in the fiscal year ended March 31, 2024.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
