Program to transform AP Govt's Financial Management Systems
New Delhi, April 22 2013: Coforge Ltd (NSE: Coforge), a leading global IT solutions organization has signed a multiyear Comprehensive Financial Management System (CFMS) contract with the Finance Department of Andhra Pradesh. Under the CFMS project the department will undertake a series of service improvements across all the functions of public financial management to enhance the overall efficiency and end user experience.
With this initiative, Coforge will help Andhra Pradesh government to transform from its current public finance systems to a Futuristic World Class Enterprise Solution. As a part of the project a SAP based solution has been introduced to provide seamless interface and an efficient electronic information sharing mechanism which will enable all the internal departments to work cohesively with the Finance Department.
Commenting on the win Dr. PV Ramesh, IAS Principal Finance Secretary ( R & E), Govt. of AP said, “We are very keen to modernize our current public finance systems and streamline the processes without compromising the user experience. With Coforge as our trusted partner I am confident that we will be able to achieve our goal and enhance our efficiency.”
Mr. Arvind Mehrotra, President- Asia Pacific Coforge said, “This win is a testament of our proven experience in delivering SAP based solutions and managing large scale Government projects. By using CFMS the current decentralised department will gradually move to a comprehensive and centralised integrated financial management system.”
Coforge is a leading IT solutions organization, servicing customers in North America, Europe, Middle East, Asia and Australia. It offers services in Application Development and Maintenance, Managed Services, IP Asset or Platform Solutions, and Business Process Outsourcing to organizations in the Financial Services, Travel & Transportation, Manufacturing/Distribution, Healthcare and Government sectors. The Company adheres to major global benchmarks and standards, having secured the ISO 9001:2000 certifications and the ISO: 27001 Information Security Management accreditation. Coforge also follows global standards of development. It has been assessed at Level 5 of SEI CMMi version 1.2. Coforge Business Process Outsourcing conforms to the highest quality standards such as COPC and Six Sigma. Its data centre operations are assessed at the international ISO 20000 IT management standards. For further information, please visit www.coforgetech.com
About The Comprehensive Financial Management System (CFMS)
The CFMS is an integrated, robust, scalable, secure and user-friendly system designed on Service Oriented Architecture (SOA). The key stakeholders involved in ensuring effective public financial management include all departments of government of Andhra Pradesh, Directorate Treasury & Accounts (DTA), Directorate Works & Accounts (DWA), Pay and Accounts Office (PAO) Hyderabad, other departments, employees and pensioners, etc. (as internal stakeholders) and Accountant General, RBI, Agency banks, Ministry of Finance, GOI, vendors, business, citizens, amongst others (as external stakeholders).CFMS enables Real Time Information Availability on receipts, expenditure, debt & investment, maintain Single Source of Truth by capturing the data at the source of origin and eliminating redundant data, ensure Stakeholder Convenience by providing online data/ information sharing, minimize reconciliations by automatic reconciliation of receipt and expenditure balances, drive effective Financial Discipline through accurate budget preparation and effective expenditure control and ensure Speed and Certainty in Service Delivery.
Certain statements in this release are forward-looking statements. The business involves various risks, and uncertainties that could result in the actual results to differ materially from those indicated here. All forward looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.