Company: FPT Software
Company Description: FPT Software, a subsidiary of FPT Corporation, is a global technology and IT services provider headquartered in Vietnam, with $1 billion in revenue (2023) and over 30,000 employees in 30 countries.mThe company champions complex business opportunities and challenges with its world-class services in Advanced Analytics, AI, Digital Platforms, Cloud, Hyperautomation, IoT, Low-code, and so on.
Nomination Category: Product & Service Categories - Business Technology Solutions
Nomination Sub Category: Artificial Intelligence/ Machine Learning Solution - Financial
 Nomination Title: FPT Software’s IvyChat - Transforming Insurance with AI
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the the nominated new or new-version product or service, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released:
Date: 01/04/2024
- If you are providing written answers for your submission, you must provide an answer to this second question: Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
Total 304 words used.
From intelligent insights and personalised customer experiences to optimised risk management and streamlined operations, artificial intelligence is reshaping every facet of our industry.
With this chatbot, FPT Software has developed a domain-specific LLM to serve as a GenAI virtual assistant for enterprises. This assistant will support lead management, generate data insights, and identify potential repurchase opportunities, especially within the financial services industry.
IvyChat belongs to Ivy, an Agentic AI model specifically designed for enterprises. Ivy is an advanced AI platform leveraging large language models to automate business processes across industries. Designed to seamlessly integrate with existing systems, Ivy excels in tasks such as lead management, data insights generation, and identifying repurchase opportunities, particularly in the financial services sector.
IvyChat offers three key features and values to clients:
1/ Streamlined Document Management Solutions:
- Multi-file chat, compare, and review functionalities for seamless collaboration
- Support for various file types and data sources, with multi-language support for global accessibility.
- Seamless integration with data analytic across multi data types, all within a user-friendly interface for comprehensive data examination
2/ Data privacy and security: Uploaded data is exclusively tailored for use and retraining model only, ensuring it's not used for re-training public LLM or leaked to external sources.
3/ Domain Specific Agents
- If you are providing written answers for your submission, you must provide an answer to this third question: Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable (up to 350 words):
Total 276 words used.
A recent deployment in Europe saw 1,000 Ivy digital workers significantly enhance efficiency across departments, including manufacturing, procurement, logistics, HR, and IT. FPT Software’s global client implemented Ivy to support 50 small companies within its corporation, deploying 10,000 digital workers to assist in data management, sales conversion, and other specific business processes, now poised for scaling across additional companies within the corporation.
As we see a surge in client interest and demand for AI solutions like Ivy as businesses recognize the potential to escalate their operational capabilities and drive innovation. By integrating these advanced AI tools, our clients are empowered to achieve unprecedented levels of innovation and growth.
Our success story: ,IvyChat - Streamline Invoice Approval Process
Challenge:
FPT Software’s client, a prominent EU-based polymer materials company with over 32,000 employees, processes 1 million vendor invoices annually, with 20% requiring additional handling for approval. These inefficiencies slow the purchase-to-pay cycle and risk supplier relationships due to payment delays. They seek a Digital Assistant on a unified platform to streamline the entire approval process, enhancing efficiency and satisfaction for accountants, warehouse operators, and users.
Solution:
We offer a conversational GPT-based Digital Approval Assistant to streamline invoice approvals:
- AI-Powered Automated Process: Enhances efficiency and accuracy.
- Natural Language Instructions: Simplifies user interaction.
- Chatbot and AI Error Detection: Provides real-time support and corrects errors.
- Quick, Multi-Platform Approval: Accessible via web and mobile for rapid response.
Key Results:
- Invoice approval rate increased to 90%
- Invoice approval time reduced to less than 2 minutes on average
- Invoice can be paid on time
- Cost reduction of more than 4,000,000 JPY annually
- Decrease escalation and communication effort with vendors
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 23 words used.
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