TCS Partners with Odisha to Build AI-Enabled Financial Management System
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.