Intellect Design Arena Ltd, which this week launched two cutting-edge AI-powered platforms iCPX and iAPX, targets a revenue of $30-35 million (about Rs 293 crore) in the next three years. The iCPX (Corporate Procurement eXchange) and iAPX (Accounts Payable eXchange), which use the company’s in-house platform eMACH.ai, aim to transform corporate procurement and accounts payable processes.
Intellect Design, which already has clients like Reserve Bank of India, ICICI Bank and HDFC Bank using its fintech products, is now entering the new AI-driven procurement domain with these two products.
“These revolutionary platforms apply ‘First Principles’ Thinking along with 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,” according to a statement.
Debanjan Kumar, CEO of iDTC 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 targets $30-35 million business with iAPX and iCPX by 2027.”
He said the company has approached various banks and corporates that are already its clients. “The are showing interest.”
iCPX is the first-ever purpose-driven and open API-based source-to-pay platform aimed at reimagining the corporate procurement ecosystem. Cost overruns, inefficiencies and non-compliances are the main challenges in procurement due to a) need for cognitive decision-making b) manual content generation requirements and c) unavailability of insights at the right time for proactive process interventions, Intellect Design stated.
iCPX embeds expert AI agents while fostering the API Economy, thus empowering businesses worldwide to achieve unparalleled efficiency, cost-effectiveness, and strategic agility. Apart from supporting both specifications-driven procurement and catalog-driven procurement, it has over 100 procurement mode variations built-in.
“With pre-built assets like 111 APIs and 17 microservices, iCPX drives significant value to clients by providing the ability to compose their own signature procurement solution quickly. iCPX is also enriched by Intellect’s experience of building and managing one of the largest procurement marketplaces in the world for more than 6 years,” the company said.
Accounts Payable (AP) processing is the backbone of financial operations for all organizations to ensure efficiency in cash management function along with maintaining healthy supplier relationships. The foremost challenges in Accounts Payable encompass handling high volume of invoices in disparate formats and ensuring timely payments to suppliers, while ensuring compliance to all statutory requirements, it added.
“iAPX, which is the AI-led accounts payable platform, gives accuracy and efficiency to clients in the accounts payable process. By leveraging CDG (Cognitive Data Graph) Technology and powered by 12 global patented algorithms and 7 expert agents, iAPX eliminates duplication and discrepancies of invoices by up to 98 per cent. Through cognitive decision making, automating time-consuming repetitive tasks and content generation, iAPX, reduces time, cost and compliance concerns of enterprises,” the company said.
Intellect will drive these products globally through its newly created business line Intellect Digital Technology for Commerce (iDTC), it added.
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