Hyderabad Startup Uses AI to Cut Construction Delays & Costs
The construction industry is notorious for its inefficiencies, with delays and cost overruns being a common occurrence. However, a Hyderabad-based startup, ProcureX, is determined to change this narrative by harnessing the power of Artificial Intelligence (AI). Launched on May 9, 2024, ProcureX offers a one-stop solution for material sourcing, project oversight, and planning, aiming to revolutionize the way construction projects are managed.
The Problem with Construction Projects
Construction projects are complex, involving multiple stakeholders, materials, and timelines. Despite the best-laid plans, delays and cost overruns are a common occurrence. According to a report by McKinsey, the global construction industry is plagued by inefficiencies, with estimates suggesting that up to 30% of construction projects are delayed, and up to 20% of the budget is wasted due to inefficiencies.
How ProcureX is Tackling the Problem
ProcureX, co-founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, is tackling these inefficiencies head-on by leveraging AI and data analytics. The startup’s platform offers a unique combination of material sourcing, project oversight, and planning, designed to streamline the construction process.
Material Sourcing
ProcureX’s material sourcing module allows contractors and project managers to source materials from a network of verified suppliers. The platform uses AI-powered algorithms to match suppliers with project requirements, ensuring that the right materials are delivered at the right time. This not only reduces delays but also ensures that materials are sourced at the best possible prices, thereby cutting costs.
Project Oversight
The platform’s project oversight module provides real-time visibility into project progress, enabling project managers to identify potential bottlenecks and take corrective action. AI-powered dashboards provide insights into project timelines, budgets, and resource allocation, allowing for data-driven decision-making.
Planning
ProcureX’s planning module enables contractors and project managers to create detailed project plans, complete with timelines, budgets, and resource allocation. The platform’s AI-powered algorithms identify potential conflicts and suggest alternatives, ensuring that projects are executed efficiently and effectively.
Success Stories
ProcureX has already made a significant impact in the construction industry, with 10 companies and 150 suppliers onboard. The startup’s platform has helped reduce project delays by up to 30% and costs by up to 20%. One of the startup’s success stories is a large-scale commercial project in Hyderabad, where ProcureX’s platform helped reduce project timelines by 25% and costs by 15%.
Expansion Plans
With its success in Hyderabad, ProcureX plans to expand across Dubai and Saudi Arabia, targeting the growing construction industries in these regions. The startup’s founders are confident that their AI-powered platform will make a significant impact in the region, reducing construction delays and costs.
Conclusion
ProcureX’s AI-powered platform is revolutionizing the construction industry, providing a one-stop solution for material sourcing, project oversight, and planning. By leveraging AI and data analytics, the startup is tackling the inefficiencies that plague the construction industry, reducing project delays and costs. As ProcureX expands across new markets, it is poised to make a significant impact in the construction industry, transforming the way projects are managed and executed.
