Mumbai: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has been selected by the Government of Odisha to design and deploy the next-generation Integrated Financial Management System (IFMS 3.0).
This advanced, AI-enabled platform aims to modernize the state’s public finance ecosystem through automation, real-time insights, and data-driven governance.
IFMS 3.0: AI-Powered Next-Generation Financial Management in Odisha
The Integrated Financial Management System 3.0 platform, built on cloud-native and microservices-based architecture, will automate key financial workflows, supporting functions such as budgeting, expenditure management, revenue management, and accounts.
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TCS will also deploy its AI Workbench (AIWB), an open-source solution enabling AI/ML model development, monitoring, and retraining. This integration brings advanced analytics, multilingual chatbot assistance, and AI-driven decision-making to Odisha’s financial systems.
Girish Ramachandran, President – Growth Markets and Public Services, TCS, said: “We are proud to deepen our collaboration with the Government of Odisha. IFMS 3.0 combines advanced technology and user-centric design to deliver smarter governance.
With real-time financial visibility, enhanced precision, and a future-ready architecture, this platform will empower Odisha to deliver more effective public services to its citizens.”
Evolution of Odisha’s Digital Finance Systems
TCS’s association with Odisha began in 2005 with the Treasury Management System, followed by the implementation of IFMS and IFMS 2.0. The launch of IFMS 3.0 marks the third stage of this digital transformation journey.
Tej Paul Bhatla, Vice-President, Public Services, TCS, noted: “This new system unifies budgeting, payments, receipts, and accounts into a single source of truth. With AI-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.”
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Key Features of IFMS 3.0
- Enhanced User Interface: Simplified, user-friendly design.
- Real-Time Data Integration: Seamless updates across departments.
- Advanced Reporting Tools: Analytics and insights for informed decision-making.
- Improved Security Measures: Strong safeguards for financial data compliance.
- Mobile Accessibility: Anytime, anywhere access to financial operations.
TCS and Nation-Building Initiatives
For nearly six decades, TCS has played a central role in India’s digital transformation, working with government ministries and agencies on initiatives spanning stock exchanges, passport services, pensions, healthcare, and insurance systems.
