Hyderabad Startup Uses AI to Cut Construction Delays & Costs
The construction industry has long been plagued by inefficiencies, delays, and cost overruns. Inefficient material sourcing, poor project oversight, and inadequate planning are just a few of the many challenges that construction companies face. However, a Hyderabad-based startup, ProcureX, is tackling these issues head-on by leveraging the power of Artificial Intelligence (AI).
Co-founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, ProcureX was launched on May 9, 2024, with the mission to transform the construction sector through technology. The startup offers a one-stop solution for material sourcing, project oversight, and planning, thereby reducing construction delays and costs.
The Problem with Traditional Construction Methods
The construction industry is notorious for its inefficiencies, and traditional methods often result in costly delays and overruns. Material sourcing is one of the most critical stages of the construction process, and it is often plagued by lengthy lead times, high prices, and quality issues. Moreover, project oversight and planning are often inadequate, leading to misunderstandings, miscommunications, and costly rework.
According to a report by McKinsey, the construction industry is one of the least digitized industries, and this lack of digitization is a major contributor to inefficiencies. The report highlights that construction projects often experience delays, with 30% of projects running over schedule, and 20% exceeding budget.
How ProcureX is Revolutionizing Construction
ProcureX is determined to change the construction industry’s fortunes by harnessing the power of AI. The startup’s platform uses AI to streamline material sourcing, project oversight, and planning, ensuring that construction projects are completed on time, within budget, and to the required quality standards.
Here are some of the ways ProcureX is revolutionizing construction:
- Material Sourcing: ProcureX’s AI-powered platform connects construction companies with suppliers, enabling them to source materials quickly and efficiently. The platform uses machine learning algorithms to analyze supplier data, ensuring that the best suppliers are selected for each project.
- Project Oversight: ProcureX’s platform provides real-time project oversight, enabling construction companies to monitor progress, identify potential issues, and take corrective action in real-time. The platform uses computer vision and machine learning to analyze construction site images, detecting anomalies and issues that might otherwise go undetected.
- Planning and Scheduling: ProcureX’s platform enables construction companies to plan and schedule projects more effectively. The platform uses AI to analyze project data, identifying potential bottlenecks and opportunities for improvement.
Success Story: 10 Companies and 150 Suppliers Onboard
Since its launch in May 2024, ProcureX has made significant progress, with 10 construction companies and 150 suppliers onboard. The startup’s platform has already demonstrated its value, with construction companies reporting reduced delays, lower costs, and improved quality.
One of ProcureX’s earliest adopters is a leading construction company in Hyderabad, which used the platform to streamline the material sourcing process for a large-scale commercial project. The company reported a 30% reduction in lead times, a 20% reduction in costs, and a significant improvement in material quality.
Expansion Plans
ProcureX is planning to expand its operations across Dubai and Saudi Arabia, with the aim of becoming a leading construction technology company in the Middle East. The startup has already established partnerships with several construction companies and suppliers in these regions, and is confident that its AI-powered platform will transform the construction industry in these markets.
Conclusion
ProcureX is a shining example of how AI can be used to transform the construction industry. By leveraging the power of AI, the startup has developed a one-stop solution for material sourcing, project oversight, and planning, enabling construction companies to reduce delays, lower costs, and improve quality. With its platform already demonstrating significant value, ProcureX is poised to become a leading construction technology company in the years to come.
