Intellect Design Arena announced the launch of two cutting edge AI-powered platforms, iCPX (Corporate Procurement eXchange) and iAPX (Accounts Payable eXchange), powered by eMACH.ai, the largest, most comprehensive and innovative open finance platform. These innovative platforms apply “first principles” thinking along with the built-in GenAI of Intellect's proprietary Purple Fabric AI platform to transform procurement and accounts payable operations for large and mid-sized enterprises, expanding Intellect's presence in the commerce ecosystem.
iCPX is the first purpose-driven, open API-based procure-to-pay platform aimed at reimagining the enterprise procurement ecosystem. The key challenges in procurement are cost overruns, inefficiencies and non-compliance. The reasons are a) need for cognitive decision making, b) manual content generation requirements and c) lack of right-time insights for proactive intervention in the process. iCPX empowers enterprises worldwide to achieve unparalleled efficiency, cost-effectiveness and strategic agility by seamlessly incorporating specialized AI agents while facilitating the API economy. It comes with over 100 built-in variations of procurement modes in addition to supporting both specification-driven and catalog-driven procurement. With pre-built assets such as 111 APIs and 17 microservices, iCPX delivers significant value to its clients by providing the ability to rapidly compose their own signature procurement solutions. iCPX is powered by Intellect's 6+ years of experience building and managing one of the world's largest procurement marketplaces.
Accounts Payable (AP) processing is the backbone of financial operations for every organization to ensure efficiency in cash management functions as well as maintain healthy supplier relationships. The biggest challenge in accounts payable is to process a large volume of invoices in various formats, make timely payments to suppliers and comply with all statutory requirements. iAPX, the world's most comprehensive patented, AI-driven accounts payable platform, provides clients with unprecedented accuracy and efficiency in the accounts payable process. Leveraging CDG (Cognitive Data Graph) technology, equipped with 12 globally patented algorithms and 7 expert agents, iAPX eliminates up to 98% of invoice duplications and discrepancies. Through cognitive decision making, automation of time-consuming repetitive tasks and content generation, iAPX reduces time, cost and compliance concerns for businesses.
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Intellect will roll out these products globally through its newly established business line, Intellect Digital Technology for Commerce (iDTC).
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