Chennai based Intellect Design Arena Ltd has developed a one-stop e-procurement solution useful for governments across the world from the insights the company gained from being the technology partner of India’s Government e-marketplace (GeM) platform for six years right from the initial stages of its launch until recent months.
In 2016-17, the gross merchandise value (GMV) of the transactions that happened through GeM was ₹422 crore. It grew to touch ₹400,000 crore by 2023-24. GeM has a network of over 1.5 lakh government buyers and 21 lakh sellers and service providers. It has integrated 89,421 panchayats and over 760 cooperatives within its procurement ecosystem.
Intellect’s government procurement exchange platform (iGPX), which incorporated the deep domain knowledge the company gained over the years by improving GeM, provides over 100 procurement methods that covers almost all the procurement practices followed by countries globally.
“Launch of iGPX marks a transformative moment in public sector procurement that uniquely derives its growth from all inter-dependency among all actors in the ecosystem – the buyers, sellers, logistic providers, financial institutions, & others. It empowers governments & public institutions to achieve sustainable, inclusive, and cost-effective procurement practices globally”, Debanjan Kumar, CEO of Intellect said.
According to the company, iGPX seamlessly embeds expert AI agents for governments & public institutions to excel in their core objectives by offering best price through rich product & services listing, price reasonability algorithms & demand aggregation. It will reduce the procurement cycle time up to 95% through 100+ procurement variations, multi evaluation & consignee options and has tailored procurement rules and transparent bidding practices supported with unbiased grievance redressal to foster social & economic inclusivity to local sellers, SMEs & other communities, the company claims.
In 2022, a blog published by the World Bank analysts had estimated that governments globally spend an estimated $13 trillion each year on public contracts for goods, services, and public works. As much as a quarter of that is wasted in inefficient or short sighted procurement practices. Halting the waste could free up at least $1 trillion and up to $4 trillion a year to put economies on a path toward green, resilient, and inclusive development, it had estimated. Intellect terms itself as a cloud-native, future-ready, multi-product enterprise fin-tech company for the world’s leading banks, insurance, wealth, capital markets, procurement and accounts payable.
