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 stage of the process is riddled with potential pitfalls. However, a Hyderabad-based startup, ProcureX, is revolutionizing the way construction projects are managed using artificial intelligence (AI).
Co-founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, ProcureX is a one-stop solution for material sourcing, project oversight, and planning. Launched on May 9, 2024, the startup has already gained significant traction, with 10 companies and 150 suppliers onboard.
The construction industry is notorious for its inefficiencies, which often result in delays and cost overruns. According to a report by McKinsey, the average construction project is delayed by 20-30% and costs 10-20% more than initially estimated. This is due to a lack of transparency, inaccurate forecasting, and inadequate communication between stakeholders.
ProcureX aims to address these issues by leveraging AI to streamline the construction process. The platform uses machine learning algorithms to analyze data from various sources, including project plans, material specifications, and supplier information. This enables it to predict potential delays and recommend alternative solutions to minimize costs.
One of the key features of ProcureX is its material sourcing module. This module uses AI to identify the best suppliers for each project, taking into account factors such as quality, price, and lead time. This ensures that contractors have access to the right materials, at the right time, and at the right price.
The platform also includes a project oversight module, which allows contractors to track progress in real-time. This enables them to identify potential issues early on and take corrective action to prevent delays. Additionally, ProcureX provides a planning module that helps contractors create accurate project schedules and timelines.
The benefits of ProcureX are numerous. By streamlining the construction process, contractors can reduce costs, improve efficiency, and increase productivity. This, in turn, enables them to take on more projects, expand their operations, and increase their revenue.
ProcureX is planning to expand its operations across Dubai and Saudi Arabia, with a focus on the commercial and residential construction sectors. The startup is confident that its AI-powered platform will revolutionize the way construction projects are managed in these regions.
“We are excited to bring our innovative solution to the Middle East, where the construction industry is growing rapidly,” said Aravind Maroju, co-founder of ProcureX. “Our platform has already shown significant results in Hyderabad, and we are confident that it will have a similar impact in Dubai and Saudi Arabia.”
In conclusion, ProcureX is a game-changer for the construction industry. By leveraging AI to streamline the construction process, the startup is helping contractors reduce costs, improve efficiency, and increase productivity. With its plans to expand across Dubai and Saudi Arabia, ProcureX is poised to revolutionize the way construction projects are managed in the Middle East.
