Hyderabad Startup Uses AI to Cut Construction Delays & Costs
The construction industry has long been plagued by inefficiencies, delays, and cost overruns. From material sourcing to project oversight, every step of the process can be fraught with errors and inefficiencies. However, a Hyderabad-based startup, ProcureX, is changing the game by leveraging AI to streamline construction processes, cut costs, and maximize efficiency.
Founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy on May 9, 2024, ProcureX offers a one-stop solution for material sourcing, project oversight, and planning. By using AI-powered tools and algorithms, the startup aims to tackle the two biggest problems plaguing the construction sector: delays and costs.
The Problem with Construction Delays and Costs
Construction projects are notoriously prone to delays and cost overruns. According to a report by McKinsey, the global construction industry loses around $1.6 trillion annually due to inefficiencies. Delays can have far-reaching consequences, from impacting project timelines to affecting the overall quality of the finished product.
In addition to delays, construction projects are also notorious for their high costs. From material sourcing to labor costs, the industry is plagued by inefficiencies that drive up costs. A study by the Harvard Business Review found that around 70% of construction projects exceed their budget by at least 10%.
How ProcureX is Tackling Construction Delays and Costs
ProcureX is tackling construction delays and costs by leveraging AI to streamline every stage of the construction process. The startup’s platform uses machine learning algorithms to analyze project data, identify potential bottlenecks, and optimize material sourcing, project oversight, and planning.
Material Sourcing
ProcureX’s AI-powered material sourcing platform allows contractors to source materials more efficiently and effectively. The platform uses machine learning algorithms to analyze material requirements, supplier catalogs, and market trends to identify the best suppliers and materials for the project. This not only saves time but also ensures that contractors are getting the best deals on materials.
Project Oversight
ProcureX’s project oversight platform uses AI to monitor project progress in real-time. The platform uses machine learning algorithms to analyze project data, identify potential delays, and predict project outcomes. This allows contractors to take proactive measures to prevent delays and ensure that projects stay on track.
Planning
ProcureX’s planning platform uses AI to optimize project planning and scheduling. The platform uses machine learning algorithms to analyze project requirements, resource availability, and schedule constraints to identify the most optimal plan for the project.
Early Success
Since its launch in May 2024, ProcureX has already made significant strides in the construction industry. The startup has onboarded 10 companies and 150 suppliers, and is planning to expand its operations to Dubai and Saudi Arabia in the near future.
Conclusion
ProcureX’s innovative use of AI to streamline construction processes is a game-changer for the industry. By tackling construction delays and costs, the startup is helping contractors to save time, money, and resources. With its one-stop solution for material sourcing, project oversight, and planning, ProcureX is poised to revolutionize the construction industry.
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