Governments worldwide are gradually realizing the importance of fiscal transparency and improving speed and efficiency of treasury applications. TCS DigiGOV Finance is a centralized web based IT solution that helps governments to achieve better public finance accountability with better interfacing with its other stakeholders like other governments, banks and external agencies. It also directly reaches out to citizens of the country with cyber treasury portals. It has a number of benefits, which include reduced cost, time and resources, better management, and tracking of resources and citizen financial convenience services.
The IFMS software that TCS develops was based on a project approach. The software used to be developed custom to the requirements mentioned in the Request for Proposal. There are currently 8 implementations of TCS DigiGOV Finance in the country the more recent ones being Maharashtra, Gujarat and Punjab while Karnataka and Bihar will be rolled out soon.
VISION FOR THE FUTURE
The DigiGOV team has taken its first steps towards making a comprehensive yet customizable offering for governments at a global level, for which I prepared a master feature list – an exhaustive list of features obtained by studying all current and pat implementations analyzing best practices in the industry and international market requirements.
The project and each of the deliverables were incremental in nature. The initial step was to acquire complete understanding of the current system and understand the details of every feature. The next step was to analyze offerings of the competitors and try to develop a checklist of must-have features in the system. The next step being identification of markets in India and other developing countries and simultaneously incorporate the requirements of international markets like the accounting standards, language support and reporting standards specific to the respective regions namely, Africa, Asia, Europe and Latin America and Caribbean. Finally having achieved desired levels of product development to cater to global customer needs, prepare a branding strategy to make TCS DigiGOV Finance a household name while offering best practices to its immediate customers and convenient public finance services to its end user, the citizens. The first step towards the out-of-box approach was to identify the customer needs that the product should meet. Defining and categorizing the offerings of DigiGOV Finance into fiscal related to the core fiscal budget and treasury functions, administrative goals for better tracking, management and interfacing with external agencies and implementation goals like multi language, quality standards and citizen convenience offerings. One of the major achievements was the Master feature list which was continuously evolving. The first list contained the must have features which was prepared after compiling features across various implementations and industry best practices. While analyzing markets I was able to identify a number of features, which were essential to cater to foreign markets Taking it a step further I tried to map the identified features to the regions analyzed which can serve as a checklist. As a part of the competitor analysis, I benchmarked the TCS offering against competitor products with respect to their technical features, strategic parameters like benefit realization, time to recoup, conversion success, channels of marketing and support and pricing strategy. As a part of market strategy I initially applied a filter to eliminate the countries with recent IFMS implementation and filtered out those, which have announced requirement for upgrade. These along with the untapped countries for each region, I analyzed using a market analysis framework consisting of risk and benefit parameters. Six risk parameters were considered, namely, E-readiness from the World Economic Forum Network Readiness report...
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