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 occurrence. However, a Hyderabad-based startup, ProcureX, is tackling these issues head-on by leveraging the power of Artificial Intelligence (AI). Launched on May 9, 2024, ProcureX has already made significant strides in the construction sector, offering a one-stop solution for material sourcing, project oversight, and planning.
Co-founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, ProcureX is on a mission to revolutionize the way construction projects are managed. The startup’s AI-powered platform is designed to streamline the process, reducing delays and costs for contractors, developers, and property owners alike.
The Problem with Construction Projects
Construction projects are inherently complex and prone to delays. A single delay can have a ripple effect, leading to a domino effect of other issues. According to a report by McKinsey, the average construction project is delayed by around 20-30% of the original timeline. This can result in significant cost overruns, with the same report estimating that delays can increase costs by up to 40%.
The Solution: ProcureX’s AI-Powered Platform
ProcureX’s AI-powered platform is designed to tackle the inefficiencies in the construction sector. The platform uses machine learning algorithms to analyze data from various sources, including project timelines, material requirements, and supplier information. This data is used to identify potential bottlenecks and delays, allowing the startup’s team of experts to take proactive measures to mitigate these risks.
The platform offers a range of features, including:
- Material Sourcing: ProcureX’s platform allows contractors and developers to source materials from a network of trusted suppliers. The platform’s AI algorithm ensures that the right materials are delivered at the right time, reducing the risk of delays and stockouts.
- Project Oversight: The platform provides real-time visibility into project progress, allowing stakeholders to monitor the project’s status in real-time. This enables early detection of potential issues, reducing the likelihood of delays and cost overruns.
- Planning: ProcureX’s platform uses data analytics to optimize project planning, ensuring that resources are allocated efficiently and effectively. The platform’s AI algorithm also identifies potential bottlenecks and delays, allowing the project team to take proactive measures to mitigate these risks.
Results and Future Plans
Since its launch, ProcureX has onboarded 10 companies and 150 suppliers, with plans to expand across Dubai and Saudi Arabia. The startup’s AI-powered platform has already shown significant results, with clients reporting a reduction in delays and costs.
In an interview with Startuppedia, Aravind Maroju, one of the co-founders of ProcureX, said, “Our platform has been designed to tackle the inefficiencies in the construction sector. We’re using AI to analyze data and identify potential bottlenecks, allowing us to take proactive measures to reduce delays and costs. We’re excited about the potential to expand our platform to other regions and to continue to deliver value to our clients.”
Conclusion
ProcureX is a prime example of how AI can be used to transform the construction industry. The startup’s AI-powered platform is designed to streamline the process, reducing delays and costs for contractors, developers, and property owners alike. With its unique approach and innovative technology, ProcureX is poised to make a significant impact in the construction sector.
