Hyderabad Startup Uses AI to Cut Construction Delays & Costs
The construction industry is one of the most traditional and labor-intensive sectors globally. Despite its importance, it has been plagued by inefficiencies, delays, and cost overruns for years. In an effort to revolutionize the way construction projects are managed, Hyderabad-based startup ProcureX has launched an innovative AI-powered solution to streamline the process.
Founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, ProcureX aims to bridge the gap between construction companies and suppliers, eliminating the need for manual processes and reducing the risk of project delays. The startup’s AI-driven platform offers a one-stop solution for material sourcing, project oversight, and planning, making it easier for construction companies to manage their projects efficiently.
The Problem with Traditional Construction Management
The construction industry has always been plagued by inefficiencies, with delays and cost overruns being a common occurrence. According to a study by McKinsey, the average construction project is delayed by 20-30% due to inefficient management, resulting in significant financial losses. Furthermore, manual processes and paperwork account for a substantial portion of construction costs, making it difficult for companies to maintain profitability.
How ProcureX is Revolutionizing Construction Management
ProcureX’s AI-powered platform uses machine learning algorithms to analyze data from various sources, including construction company requirements, supplier profiles, and market trends. This data is used to provide personalized recommendations for material sourcing, supply chain management, and project planning.
The platform offers several features that enable construction companies to streamline their operations, including:
- Material Sourcing: ProcureX’s AI-powered material sourcing module allows construction companies to find the best suppliers for their projects. The platform analyzes supplier profiles, market trends, and construction company requirements to provide recommendations for the best materials at the best prices.
- Project Oversight: The platform’s project oversight module enables construction companies to track their projects in real-time, identifying potential delays or cost overruns before they become major issues. This feature helps construction companies to make data-driven decisions, reducing the risk of project delays and cost overruns.
- Planning: ProcureX’s planning module allows construction companies to create detailed project plans, including timelines, budgets, and resource allocation. The platform’s AI-powered algorithms help construction companies to optimize their plans, reducing the risk of delays and cost overruns.
Success Stories and Future Plans
Since its launch on May 9, 2024, ProcureX has already onboarded 10 construction companies and 150 suppliers. The startup is planning to expand its operations across Dubai and Saudi Arabia, targeting the growing construction markets in these regions.
“ProcureX is committed to revolutionizing the construction industry by providing a one-stop solution for material sourcing, project oversight, and planning,” said Aravind Maroju, co-founder of ProcureX. “Our AI-powered platform is designed to help construction companies reduce project delays and costs, while improving their overall efficiency and profitability.”
Conclusion
ProcureX’s AI-powered solution is poised to revolutionize the construction industry by providing a one-stop solution for material sourcing, project oversight, and planning. The startup’s innovative platform has already shown promising results, with 10 construction companies and 150 suppliers onboard. As ProcureX expands its operations across Dubai and Saudi Arabia, it is set to make a significant impact on the construction industry in these regions.
