Full RSS Feed
Receive
the Free CMSWire NewsletterFollowing IBM’s release of new tax compliance software, Autonomy has licensed its IDOL technology to the IRS to keep track of companies’ tax liabilities. While it might be difficult to secure Federal IT contracts now, it could be about to get a lot harder.
Autonomy Brings Compliance To IRS
It would seem that IBM is not the only company looking to do business with the IRS. However, what is maybe surprising about today’s news is that it is British company Autonomy (news, site) that has being doing the business.
In a deal worth an undisclosed sum — although it will run into seven figures — Autonomy has licensed its IDOL (Intelligent Data Operating Layer) software to the IRS. This will enable the IRS to plug into companies' and individuals' IT systems to track and read not only their tax returns but any related emails, documents and voice-mails.
It also seems likely that as tax and corporate law is billion dollar business in the US, law and accountancy firms that deal with these issues for corporations will also have to follow suit as they try to follow where the IRS is going with this.
In respect of Autonomy, more regulations means more regulatory burdens, which has created a growing market for its IDOL technology platform as more companies seek to remain compliant.
The demand is so great, in fact, that this is the second major deal it has signed recently in the US. Earlier this week it signed a deal with an undisclosed major global bank for its compliance software that has an initial costing of US $10 million and is expected to make US $25 million for Autonomy over the next few years.
Oracle Enhances Public Sector Software
Oracle (news, site) has also been looking at public sector finance with the release of a new module in its Enterprise Performance Management system that will manage complex budgeting processes in large public organizations.
Oracle Hyperion Public Sector Planning and Budgeting is designed to enable public sector, healthcare and higher education organizations manage their complex budgeting processes with speed and accuracy, while meeting their needs for productivity, accountability and regulatory compliance.
The new module takes advantage of specific enhancements to its existing Oracle Hyperion Planning including process management and workflow capabilities that are now extended to allow finer configurable process control and support for matrix organizations.
In addition, data validation constraints are also configurable to prevent submission of budgets beyond organizationally defined limitations.
The release is part of the wider Oracle Enterprise Performance Management (EPM) System Release 11.1.2 which introduces three new performance management applications – Oracle Hyperion Disclosure Management, Oracle Hyperion Financial Close Management and Oracle Hyperion Public Sector Planning and Budgeting as well as enhancements to existing Hyperion performance management application.
Can You Meet Federal Standards?
If you thought it was difficult already to meet the regulatory standards required to win some of the lucrative Federal IT contracts floating about, then it looks like it could get even harder.
Continue reading this article:
Email It
