Hyderabad Startup Uses AI to Cut Construction Delays & Costs
The construction industry has long been plagued by inefficiencies, delays, and high costs. From material sourcing to project oversight, every stage of the process can be a challenge. However, a Hyderabad-based startup, ProcureX, is revolutionizing the sector by harnessing the power of artificial intelligence (AI). Launched on May 9, 2024, ProcureX is a one-stop solution for material sourcing, project oversight, and planning.
Co-founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, ProcureX aims to eliminate the inefficiencies that plague the construction industry, thereby reducing costs and ensuring timely project completion. With 10 companies and 150 suppliers already onboard, ProcureX is poised to expand its operations across Dubai and Saudi Arabia.
The construction industry is notorious for its inefficiencies. Delays, miscommunication, and inaccurate estimation of costs are just a few of the challenges that contractors and developers face. According to a report by McKinsey, the construction industry loses around 10% of its total value due to inefficiencies. This translates to billions of dollars of wasted resources and lost productivity.
ProcureX is tackling these inefficiencies head-on by leveraging AI and machine learning algorithms to streamline the construction process. The startup’s platform uses data analytics and AI-powered tools to optimize material sourcing, project planning, and oversight.
One of the key challenges that ProcureX is addressing is the complexity of material sourcing. Contractors often struggle to find the right materials, leading to delays and cost overruns. ProcureX’s AI-powered platform helps contractors identify the best suppliers, ensures timely delivery of materials, and negotiates the best prices. This not only reduces costs but also ensures that projects stay on track.
Another major challenge that ProcureX is addressing is project oversight. Construction projects involve multiple stakeholders, including contractors, suppliers, and clients. Miscommunication and mismanagement can lead to delays and cost overruns. ProcureX’s platform uses AI-powered tools to monitor project progress, identify potential issues, and provide real-time insights to stakeholders. This ensures that projects stay on track and that any issues are addressed promptly.
ProcureX’s platform is designed to be user-friendly and intuitive, making it easy for contractors and developers to navigate the complexities of the construction process. The platform is accessible online, allowing users to access it from anywhere, at any time.
The impact of ProcureX’s platform is already being felt. The startup has reported significant reductions in construction costs and delays, allowing contractors and developers to complete projects more efficiently and effectively.
In an interview with Startuppedia, Aravind Maroju, Co-Founder of ProcureX, said, “Our platform is designed to streamline the construction process, reduce costs, and increase efficiency. We’re excited to be working with some of the largest construction companies in the country and looking forward to expanding our operations across Dubai and Saudi Arabia.”
ProcureX’s success is a testament to the power of AI in the construction industry. By leveraging AI and machine learning algorithms, the startup is able to identify inefficiencies and address them, resulting in significant cost savings and increased efficiency.
As the construction industry continues to evolve, it’s likely that we’ll see more startups like ProcureX emerge, using AI and other technologies to streamline the process and reduce costs. ProcureX is at the forefront of this movement, and its impact is likely to be felt for years to come.
