Hyderabad startup uses AI to cut construction delays & costs
The construction industry is notorious for its inefficiencies, delays, and high costs. The sector is plagued by manual processes, lack of transparency, and insufficient planning, leading to project delays, cost overruns, and low productivity. To tackle these issues, a Hyderabad-based startup, ProcureX, has launched a cutting-edge AI-powered solution that is revolutionizing the way construction projects are planned, executed, and monitored.
Founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, ProcureX is a one-stop solution for material sourcing, project oversight, and planning. The startup aims to simplify the construction process by leveraging AI and machine learning to optimize resource allocation, streamline communication, and reduce costs.
Launched on May 9, 2024, ProcureX has already gained significant traction, with 10 companies and 150 suppliers onboard. The startup plans to expand its operations to Dubai and Saudi Arabia, targeting the massive construction markets in these regions.
The Problem with Construction Projects
Construction projects are notorious for their delays, with 70% of projects experiencing delays of more than 10%. According to a report by McKinsey, the global construction industry loses around $1.6 trillion annually due to inefficiencies. The main causes of delays and inefficiencies include:
- Inadequate planning and scheduling
- Lack of transparency in material sourcing and procurement
- Inefficient communication and collaboration among stakeholders
- Inadequate project monitoring and control
How ProcureX is Addressing the Problem
ProcureX is addressing the problems plaguing the construction industry by leveraging AI and machine learning to optimize the construction process. The startup’s solution includes:
- Material Sourcing: ProcureX’s AI-powered material sourcing module helps contractors and developers source materials efficiently and transparently. The module provides real-time insights into material availability, pricing, and delivery times, enabling contractors to make informed decisions.
- Project Oversight: ProcureX’s project oversight module provides real-time project monitoring and control. The module uses AI and machine learning to track project progress, identify potential delays, and provide alerts to project stakeholders.
- Planning: ProcureX’s planning module uses AI to optimize project planning and scheduling. The module takes into account various factors, including labor availability, material delivery times, and weather conditions, to provide a realistic project timeline.
Benefits of ProcureX
ProcureX’s AI-powered solution offers several benefits to contractors, developers, and suppliers, including:
- Reduced Construction Delays: By optimizing material sourcing and project planning, ProcureX helps reduce construction delays and ensures projects are completed on time.
- Cost Savings: ProcureX’s AI-powered solution helps reduce costs by optimizing material sourcing, minimizing waste, and streamlining communication among stakeholders.
- Improved Efficiency: ProcureX’s solution enables contractors and developers to work more efficiently, reducing the need for manual processes and minimizing errors.
- Increased Transparency: ProcureX’s solution provides real-time insights into project progress, enabling stakeholders to make informed decisions and track project performance.
Future Plans
ProcureX plans to expand its operations to Dubai and Saudi Arabia, targeting the massive construction markets in these regions. The startup aims to onboard 50 companies and 500 suppliers in the next 12 months, with a revenue target of $1 million.
“In the next 5 years, we aim to become the leading construction technology platform in the Middle East and India,” said Aravind Maroju, Co-Founder of ProcureX. “We believe that our AI-powered solution can revolutionize the construction industry, making it more efficient, cost-effective, and transparent.”
Conclusion
ProcureX’s AI-powered solution is a game-changer for the construction industry, offering a one-stop solution for material sourcing, project oversight, and planning. By leveraging AI and machine learning, ProcureX is helping contractors, developers, and suppliers reduce construction delays, costs, and inefficiencies. With its plans to expand to Dubai and Saudi Arabia, ProcureX is poised to make a significant impact on the global construction industry.
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