‘Odisha partners TCS to roll out financial management services
Next-generation digital platform to boost financial governance with AI and real-time monitoring
Bhubaneswar : The Odisha government has entered into a strategic collaboration with Tata Consultancy Services (TCS) for the design and implementation of Integrated Financial Management System (IFMS) 3.0, marking a significant step in the state’s journey toward digital governance and modernisation of public finance management.
According to official sources, TCS, a leading global IT services, consulting and business solutions provider, will bring in its advanced cloud-native technologies to automate and unify the state’s comprehensive finance workflows. The new system is expected to significantly enhance transparency, accountability, and efficiency in Odisha’s financial operations, creating a robust foundation for future-ready governance.
TCS’s association with the state government dates back to 2005, when it implemented the Integrated Odisha Treasury Management System. This was followed by the rollout of IFMS and subsequently IFMS 2.0, each phase introducing newer levels of digital integration. The launch of IFMS 3.0 marks the third generation of this solution, designed to address present-day financial challenges with more intelligent and data-driven processes.
One of the standout features of IFMS 3.0 will be the integration of TCS’s AI workbench, an open-source solution that supports artificial intelligence and machine learning projects in designated operational areas. This system will assist in developing, monitoring and retraining models to keep pace with evolving requirements. Through this, IFMS 3.0 will apply analytics and machine learning in decision-making, strengthening operational efficiency and resource allocation.
Officials said the platform will also include interactive multilingual chatbot facilities to improve user experience. These chatbots will answer frequently asked questions, automate service desk procedures, and even perform functional tasks to reduce manual intervention. This will simplify day-to-day operations for government staff while ensuring timely redressal of issues.
As per the agreement, IFMS 3.0 will unify budgeting, payments, receipts, and accounts into a single source of truth (SSOT). The integration will provide a centralised view of all financial activities, enabling government officials to monitor programmes in real time. This consolidation will accelerate financial reporting, ensure data precision, and empower decision-makers to act with greater confidence on data-driven insights.
Highlighting the importance of the project, TCS President (Growth Markets and Public Services) Girish Ramachandran said that IFMS 3.0 combines advanced technology with 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,” he said.
Senior Vice-President (Public Services) of TCS, Tej Paul Bhatla, added that beyond supporting the Finance Department’s core functions of budgeting, expenditure, revenue, and accounts management, IFMS 3.0 will bring advanced enhancements. These include both functional improvements, such as streamlined financial processes, and non-functional improvements like stronger security and scalability, making the system sustainable for long-term use.
The Odisha government has stressed that the project is not merely a technological upgrade but part of a broader governance reform strategy. With IFMS 3.0, the state aims to improve the precision of its financial planning, ensure optimal resource utilisation, and promote transparency in the use of public funds.
The partnership also underscores Odisha’s growing reputation as a state adopting cutting-edge digital solutions to strengthen governance. For TCS, it reaffirms its long-standing role in enabling e-governance and public finance transformation across India.
Once fully implemented, IFMS 3.0 is expected to set new benchmarks in public financial management by offering real-time monitoring, AI-driven insights, and an integrated system architecture. Officials expressed confidence that the platform will not only help the Finance Department but also indirectly benefit citizens, as more efficient financial governance translates into better service delivery.
