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 phenomenon. However, a Hyderabad-based startup, ProcureX, is disrupting this trend by leveraging the power of Artificial Intelligence (AI) to streamline construction projects. Founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, ProcureX offers a one-stop solution for material sourcing, project oversight, and planning, enabling construction firms to maximize efficiency and minimize costs.
Launched on May 9, 2024, ProcureX has already made a significant impact in the construction sector by onboarding 10 companies and 150 suppliers. The startup’s primary focus is on reducing construction project delays and costs, and its innovative approach is gaining traction in the industry.
The Construction Conundrum
The construction industry is a complex and fragmented sector, with numerous stakeholders involved in each project. From material suppliers to contractors, architects, and engineers, the sheer number of players can lead to misunderstandings, errors, and delays. Moreover, the lack of transparency and visibility in the construction process makes it challenging to track progress, identify issues, and make timely decisions.
The consequences of these inefficiencies are far-reaching. Construction projects often suffer from delays, which can result in cost overruns, damage to reputation, and even project abandonment. The financial losses are staggering, with a study by McKinsey estimating that construction delays can cost up to 10% of the project’s total value.
ProcureX: The AI-Powered Solution
ProcureX is addressing these challenges by incorporating AI and machine learning algorithms into its platform. The startup’s solution enables construction firms to streamline their processes, reduce delays, and optimize costs.
The ProcureX platform offers the following features:
- Material Sourcing: The platform allows construction firms to source materials from a vast network of suppliers, ensuring that the right materials are delivered on time.
- Project Oversight: ProcureX’s AI-powered platform tracks project progress, identifying potential issues and alerting stakeholders to take corrective action.
- Planning and Budgeting: The platform enables construction firms to create detailed project plans and budgets, ensuring that projects are executed within budget and on schedule.
The Success Story
ProcureX’s innovative approach has already yielded impressive results. The startup has onboarded 10 companies, including some of the largest construction firms in India, and 150 suppliers. The platform has helped these companies to reduce delays and costs, resulting in significant savings.
For instance, one of ProcureX’s clients, a leading construction firm, was able to reduce its project timeline by 30% and save 10% of its total budget by using the platform. Another client, a mid-sized construction firm, was able to reduce its project delays by 20% and save 5% of its total budget.
Global Expansion Plans
ProcureX is not content with just making a mark in India. The startup has ambitious plans to expand its operations to Dubai and Saudi Arabia, two of the largest construction markets in the world. The company is confident that its AI-powered platform will be a game-changer in these markets, where construction delays and cost overruns are a significant concern.
Conclusion
The construction industry is ripe for disruption, and ProcureX is leading the charge. By leveraging the power of AI, the startup is helping construction firms to streamline their processes, reduce delays, and optimize costs. With its innovative platform and ambitious expansion plans, ProcureX is poised to make a significant impact in the global construction sector.
