Hyderabad Startup Uses AI to Cut Construction Delays & Costs
The construction industry has long been plagued by inefficiencies, delays, and cost overruns. However, a Hyderabad-based startup, ProcureX, is determined to change this narrative by harnessing the power of Artificial Intelligence (AI). 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, aiming to revolutionize the construction sector.
Construction projects are notoriously notorious for delays and cost overruns. According to a report by the McKinsey Global Institute, construction projects are 30-40% more expensive than initially estimated, and 50-60% take longer to complete. These inefficiencies can be attributed to a lack of transparency, poor planning, and inadequate management. ProcureX is addressing these issues by leveraging AI and machine learning algorithms to optimize construction projects.
ProcureX’s AI-powered platform enables construction companies to streamline their operations, reduce costs, and increase efficiency. The platform uses data analytics to predict material requirements, optimize supply chain management, and identify potential delays. This predictive capability allows construction companies to take proactive measures to mitigate risks and stay on track.
One of the key features of ProcureX is its material sourcing module. The platform connects construction companies with verified suppliers, ensuring that materials are sourced efficiently and cost-effectively. This module also enables real-time tracking of material deliveries, reducing the likelihood of delays and enabling better planning.
ProcureX’s project oversight module allows construction companies to monitor their projects in real-time, identifying potential issues and taking corrective action before they escalate. The platform’s AI-powered analytics provide valuable insights into project performance, enabling construction companies to make data-driven decisions and improve their overall efficiency.
The startup’s planning module enables construction companies to create detailed project plans, taking into account various factors such as material availability, labor requirements, and weather conditions. This module also allows for scenario planning, enabling construction companies to simulate different project scenarios and make informed decisions.
ProcureX has already gained traction in the construction industry, with 10 companies and 150 suppliers onboard. The startup plans to expand its operations across Dubai and Saudi Arabia, tapping into the massive construction markets in these regions.
Speaking about ProcureX, co-founder Aravind Maroju said, “Our mission is to make construction projects more efficient, cost-effective, and transparent. We believe that AI can play a significant role in achieving this goal. We are committed to using technology to streamline construction operations and improve the overall experience for construction companies and their stakeholders.”
ProcureX’s innovative approach has caught the attention of industry experts, who believe that the startup has the potential to disrupt the construction industry. “ProcureX’s AI-powered platform is a game-changer for the construction industry,” said Suresh Reddy, a construction industry expert. “Their ability to predict material requirements, optimize supply chain management, and identify potential delays will significantly reduce costs and improve efficiency. We are excited to see how ProcureX will continue to evolve and impact the industry.”
In conclusion, ProcureX is a Hyderabad-based startup that is using AI to cut construction delays and costs. The startup’s innovative platform is poised to revolutionize the construction industry, enabling construction companies to streamline their operations, reduce costs, and increase efficiency. With its material sourcing, project oversight, and planning modules, ProcureX is well-positioned to become a leading player in the construction technology space.
