Hyderabad Startup Uses AI to Cut Construction Delays & Costs
The construction industry is notorious for its delays and inefficiencies. From material sourcing to project oversight, various stages of the construction process are prone to errors, leading to cost overruns and project delays. However, a Hyderabad-based startup, ProcureX, is tackling these inefficiencies head-on by leveraging AI technology.
Launched on May 9, 2024, ProcureX is a one-stop solution for material sourcing, project oversight, and planning. The startup was co-founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, who drew inspiration from their own experiences in the construction industry. They recognized the need for a more efficient and cost-effective way to manage construction projects and harnessed the power of AI to create a solution.
The Problem with Traditional Construction Methods
Traditional construction methods often involve manual processes, which can lead to errors, delays, and cost overruns. Material sourcing, for instance, is a critical stage of the construction process, but it can be time-consuming and prone to errors. Suppliers may not always deliver materials on time, and this can cause delays in the project timeline.
Project oversight is another area where manual processes can lead to inefficiencies. Construction teams may struggle to track progress, identify potential issues, and make informed decisions. This lack of visibility can result in costly rework, delays, and even project abandonment.
How ProcureX is Revolutionizing Construction
ProcureX is addressing these inefficiencies by using AI to streamline material sourcing, project oversight, and planning. The startup’s platform uses machine learning algorithms to analyze data from various sources, including material suppliers, construction teams, and project managers.
Here’s how ProcureX is revolutionizing construction:
- Material Sourcing: ProcureX’s AI-powered platform connects material suppliers with construction teams, ensuring that the right materials are sourced at the right time. The platform analyzes data from suppliers, including their track record, pricing, and delivery times, to suggest the best options for each project.
- Project Oversight: ProcureX’s AI-powered project management tool provides real-time visibility into project progress, enabling construction teams to identify potential issues and take corrective action. The platform uses machine learning algorithms to analyze data from various sources, including project schedules, budgets, and resource allocation.
- Planning: ProcureX’s AI-powered planning tool helps construction teams create accurate project schedules and budgets. The platform analyzes data from various sources, including material suppliers, construction teams, and project managers, to identify potential risks and opportunities.
Success Stories and Future Plans
ProcureX has already made a significant impact in the construction industry. With 10 companies and 150 suppliers onboard, the startup is poised to expand across Dubai and Saudi Arabia.
One of ProcureX’s earliest success stories is a large-scale commercial project in Hyderabad. The project involved the construction of a 20-story office building, which was facing delays and cost overruns. ProcureX’s AI-powered platform was implemented to streamline material sourcing, project oversight, and planning. The result? The project was completed on time and within budget.
Conclusion
ProcureX is a shining example of how AI can be used to cut construction delays and costs. By leveraging machine learning algorithms and data analytics, the startup is revolutionizing the construction industry by providing a one-stop solution for material sourcing, project oversight, and planning.
As ProcureX expands across Dubai and Saudi Arabia, it is likely to make a significant impact on the construction industry in these regions. With its AI-powered platform, the startup is poised to become a leader in the construction technology space.
