“A new, long-awaited financial acquisition management system has arrived at the Department of Veterans Affairs’ (VA) Veterans Benefits Administration (VBA). The Office of Information and Technology (OIT) supported the effort, led by the Financial Management Business Transformation Service, every step of the way. The new system, known as the Integrated Financial and Acquisition Management System, or iFAMS, is a cloud-hosted system that will support accurate and timely payment processing.”
“The system provides the ability to track and monitor budget formulation to execution, payments to vendors and Veterans, financial reporting and other key processes. Previously implemented for the National Cemetery Administration’s budget and finance operations in November 2020, this is VA’s second implementation of iFAMS and marks significant progress in VA’s path to modernized fiscal management.”
“In addition to being a cloud-based system, iFAMS can track and monitor budgets, facilitate payments to vendors and Veterans, report on finances, and perform other key agency operations. Use of iFAMS will increase the transparency, accuracy, timeliness, reliability, and security of financial data across VA, ensuring Veteran-facing staff receive the proper resources needed for continual service to Veterans. VA can expect operational efficiency, productivity, agility, and flexibility within financial and acquisition operations.”
“OIT employed its Development, Security, Operations Release Framework to guide implementation. This framework helps ensure smooth rollouts of enterprise project implementations, brings together subject matter experts across the VA to cultivate an environment that increases the successful release rate of IT Business products and services. Successful IT implementations are the backbone of VA’s ability to deliver services and benefits to the Veteran community…” Read the full article here.
Source: Modernizing the VA Financial Acquisition Management System – March 3, 2021. DigitalVA.