Intellect Design Arena introduces iGPX AI-powered public procurement platform
Intellect Design Arena Ltd, a leading FinTech company renowned for its innovative solutions in banking and insurance, has announced the launch of iGPX (Government Procurement eXchange). This new platform, which was unveiled at a major tech expo, is the first-ever purpose-driven, ecosystem-focused, open API-based public procurement platform.
The iGPX platform, built on Intellect’s own Purple Fabric AI and integrated with eMACH.ai, aims to revolutionize public procurement by enhancing efficiency, ensuring deep transparency, and promoting unparalleled inclusivity and vigilant compliance. According to Debanjan Kumar, CEO of Intellect Design and Trade Cloud (iDTC), “iGPX represents a transformative moment in public sector procurement, empowering governments and public institutions worldwide to achieve sustainable, inclusive, and cost-effective procurement practices.”
Designed using ‘First Principles’ Thinking, iGPX is tailored to address common inefficiencies in public procurement that, according to the World Bank, lead to approximately $1 trillion to $4 trillion wasted annually worldwide. The platform offers features such as best pricing algorithms, reduction in procurement cycle times by up to 95%, and tailored procurement rules which support social and economic inclusivity. These features are expected to significantly improve the procurement landscape by reducing costs and enhancing the operational efficiency of public institutions.
iGPX is set to reshape public procurement globally by providing tools that allow for the quick composition of customized solutions using pre-built assets like 111 APIs and 17 microservices. This capability will enable various stakeholders—including buyers, sellers, logistic providers, and financial institutions—to interact more effectively, fostering a cooperative ecosystem that is socially and environmentally responsible.
The launch of iGPX by Intellect Design Arena is a milestone in public procurement technology. By leveraging advanced AI and comprehensive digital tools, iGPX is poised to become a critical asset for governments looking to optimize their procurement processes and achieve greater economic resilience and equitable growth.
Intellect Design Arena’s introduction of the iGPX platform marks a significant advancement in the digitization of public procurement. By harnessing the power of AI and innovative digital solutions, iGPX is set to support the public sector in navigating complex regulatory landscapes and achieving substantial savings, thus promoting economic resilience and sustainable development.