Intellect Design’s AI Enhancing Procurement Operations

Two new AI-powered platforms have been launched by Intellect Design to enhance procurement and accounts payable operations

Intellect Design’s have harnessed the power of AI for two platforms, Corporate Procurement eXchange (iCPX) and Accounts Payable eXchange (iAPX), using eMACH.ai, both of which will power up the procurement operations for large and mid-sized enterprises.

AI-powered platforms

Intellect Design offers the world’s largest cloud-native, API-led microservices-based multi-product platform for global leaders in banking, insurance, and capital markets.

With more than 30 years of deep domain expertise, Intellect is the trusted partner for progressive financial institutions seeking digital transformation.

Intellect has pioneered Design Thinking to develop cutting-edge products and solutions for banking and insurance, making design the key differentiator in facilitating digital transformation. It serves more than 270 customers across 57 countries.

These new platforms apply the ‘First Principles’ thinking, alongside the embedded GenAI from Intellect’s own Purple Fabric AI platform to extend Intellect’s presence in the commerce ecosystem by transforming procurement and accounts payable operations for large and mid-sized enterprises.

Revolutionising corporate procurement: iCPX

iCPX is a purpose-driven and open Application Programming Interface (API)-based source-to-pay platform targeted at reimagining the corporate procurement system.

Cost overruns, inefficiencies and non-compliance are the main challenges facing procurement professionals. With the desire for cognitive decision-making, manual content generation requirements and the unavailability of insights at the right time for proactive process interventions, iCPX seamlessly embeds expert AI agents while fostering the API Economy.

This will empower businesses worldwide to achieve efficiency, cost-effectiveness and strategic agility.

It will not only support both specification-driven and catalogue-driven procurement, but it also has more than 100 procurement mode variations built-in. With these pre-built assets like 111 APIs and 17 microservices, iCPX will bring significant value to clients by offering the ability to compose their signature procurement solution quickly.

iCPX is also enriched by Intellect’s established offering of building and managing one of the largest procurement marketplaces in the world for more than six years.

Enhancing efficiency with iAPX

With Accounts Payable (AP) processing being the backbone of financial operations for all organisations to ensure their cash management stays efficient, along with keeping healthy supplier relationships, the challenge in AP encompasses handling a high volume of invoices in disparate formats and ensuring timely payments to suppliers while ensuring compliance with all statutory requirements.

iAPX, the comprehensive, patented AI-led Accounts Payable Platform, gives unprecedented accuracy and efficiency to clients in the accounts payable process.

By leveraging Cognitive Data Graph (CDG) technology and powered by 12 global patented algorithms and seven expert agents, iAPX eliminates duplication and discrepancies of invoices by up to 98%.

With its cognitive decision-making, automation of time-consuming and repetitive tasks, as well as content generation, iAPX reduces the time, cost and compliance concerns of enterprises.

Intellect will promote these products worldwide through its newly established business line, Intellect Digital Technology for Commerce (iDTC).

Debanjan Kumar, CEO of iDTC (Credit: Intellect Design)

Debanjan Kumar, CEO of iDTC says: “iCPX and iAPX will spearhead a transformative shift in corporate procurement efficiency and financial processes with our ground breaking 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.”

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