Intellect Design Arena has introduced a pioneering API-based public procurement platform named iGPX (Government Procurement eXchange), marking a significant advancement in the realm of government procurement. This innovative platform is the first of its kind, purpose-driven and ecosystem-focused, designed to revolutionise public sector procurement globally.
Intellect Design Arena aims to generate USD $40 million in revenue by 2027 through its new business line, iDTC, leveraging the capabilities of iGPX. This platform is built on eMACH.ai, touted as the most comprehensive open finance platform, the company said in a press release.
Engineered with ‘First Principles’ Thinking and embedded with GenAI from Intellect’s Purple Fabric AI platform, iGPX promises enhanced efficiency, deep transparency, unparalleled inclusivity, vigilant compliance, and global sustainability, it said.
According to World Bank analysts, governments globally spend approximately $13 trillion annually on public contracts for goods, services, and public works, representing 12-20% of the world’s GDP, according to the press release. However, up to 25% of this expenditure is wasted due to inefficient or shortsighted procurement practices. iGPX aims to address this issue, potentially freeing up $1-4 trillion annually to support green, resilient, and inclusive development.
Key Features of iGPX
According to the press release, iGPX is designed to embed expert AI agents that assist governments and public institutions in achieving their core objectives through:
- Best Price: Rich product and services listings, price reasonability algorithms, and demand aggregation.
- Procurement Cycle Reduction: Cutting procurement cycle time by up to 95% through over 100 procurement variations, multi-evaluation, and consignee options.
- Inclusivity and Transparency: Tailored procurement rules and transparent bidding practices supported by unbiased grievance redressal, promoting social and economic inclusivity for local sellers, SMEs, and other communities.
Debanjan Kumar, CEO of IDTC, described the launch of iGPX as a transformative moment in public sector procurement, emphasizing the platform’s ability to drive growth through ecosystem interdependency. “World Bank has globally acknowledged the need for the private sector to play a much bigger role in the socially and environmentally responsible development of the planet, as an investor but equally as a source of innovation & expertise. iGPX is the exponent of innovation & expertise in public procurement that empowers governments & public institutions across the globe to achieve sustainable, inclusive, and cost-effective procurement practices globally,” Kumar stated.
Kumar further added, “At Intellect, we are committed to driving innovation that enhances operational efficiencies and fosters a new era of strategic agility and financial stewardship in public administration. iGPX represents our dedication to harnessing cutting-edge AI technologies to deliver measurable impact, enabling governments to navigate evolving regulatory landscapes and achieve significant savings while promoting economic resilience and equitable growth.”
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