Can large and mid-sized enterprises transform their procurement and accounts payable operations using AI? Intellect Design Arena, a cloud-native, future-ready, multi-product fintech company, believes so, and is demonstrating it by launching two cutting-edge platforms: iCPX (Corporate Procurement eXchange) and iAPX (Accounts Payable eXchange).
What is revolutionary in both these products is the use eMACH.ai, the largest, most comprehensive and innovative open finance platform. Both these platforms apply ‘first principles’ thinking while embedding GenAI from Intellect’s own Purple Fabric AI platform.
iCPX is the first-ever purpose-driven and open API-based source-to-pay platform that reimagines the corporate procurement ecosystem. It tackles key challenges in procurement such as cost overruns, inefficiencies and non-compliances which arise when content generation is manual and insights are not availability. iCPX seamlessly embeds expert AI agents to overcome these challenges.
It has 100+ procurement mode variations built-in. With 111 APIs and 17 microservices, iCPX empowers corporates to compose their own signature procurement solution quickly. What really enriches iCPX is Intellect’s experience of building and managing one of the largest procurement marketplaces in the world for 6+ years.
Accounts Payable (AP) processing is the backbone that ensures efficiency in cash management and strengthens supplier relationships. The foremost challenges in Accounts Payable are handling high volume of invoices in disparate formats and ensuring timely payments to suppliers, while being fully compliant with all statutory requirements.
iAPX is the world’s most comprehensive patented AI-led Accounts Payable platform, giving clients unprecedented accuracy and efficiency. It leverages CDG (Cognitive Data Graph) Technology, 12 globally patented algorithms and 7 expert agents to slash duplication and discrepancies in invoices by as much as 98%. Through cognitive decision making, automating repetitive tasks and content generation, iAPX, slashes time, cost and compliance concerns.
For this next generation of products, Intellect has created a new business line – Intellect Digital Technology for Commerce (iDTC).
iDTC CEO Debanjan Kumar said: “iCPX and iAPX will spearhead a transformative shift in corporate procurement efficiency and financial processes with our groundbreaking technologies composed of eMACH.ai. Our steadfast commitment lies in seamlessly integrating cutting-edge AI technologies and empowering businesses globally to achieve unparalleled levels of productivity, cost-effectiveness, and strategic agility.”
Intellect is confidently targeting $30-35 million business with the iAPX and iCPX by 2027.
