Hyderabad Startup Uses AI to Cut Construction Delays & Costs
The construction industry is notorious for its inefficiencies, with delays and cost overruns being common occurrences. However, a Hyderabad-based startup, ProcureX, is tackling this issue head-on by leveraging the power of Artificial Intelligence (AI).
Co-founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, ProcureX was launched on May 9, 2024, with the mission of revolutionizing the construction sector. The startup offers a one-stop solution for material sourcing, project oversight, and planning, aiming to simplify the complex process of construction management.
According to the World Economic Forum, the construction industry is one of the most inefficient sectors, with 30% of construction costs being wasted due to inefficiencies. This is where ProcureX comes in, using AI to cut construction delays and costs.
So, how does ProcureX’s AI-powered solution work? The startup’s platform uses machine learning algorithms to analyze data from various sources, including project plans, material requirements, and supplier information. This data is then used to identify potential bottlenecks and inefficiencies, enabling project managers to take proactive measures to mitigate delays and cost overruns.
One of the key features of ProcureX’s platform is its ability to automate material sourcing and procurement processes. The startup’s AI-powered system analyzes market trends and supplier information to identify the best suppliers for each project, reducing the risk of delays and cost overruns.
ProcureX’s platform also includes a project oversight feature, which allows project managers to track the progress of their projects in real-time. The system provides real-time updates on material delivery, labor availability, and other critical project metrics, enabling project managers to take swift action to address any issues that may arise.
In addition to its AI-powered platform, ProcureX is also working with construction companies to develop customized solutions tailored to their specific needs. The startup is collaborating with 10 companies and 150 suppliers, and plans to expand its operations across Dubai and Saudi Arabia in the near future.
The impact of ProcureX’s solution on the construction industry cannot be overstated. By leveraging AI to cut construction delays and costs, the startup is helping to create a more efficient and sustainable construction sector. This is particularly important in countries like India, where the construction industry is a significant contributor to the economy.
According to a report by the World Bank, the construction industry accounts for around 10% of India’s GDP, and is expected to grow at a compound annual growth rate (CAGR) of 7.5% over the next five years. However, the industry is also plagued by inefficiencies, with delays and cost overruns being common occurrences.
ProcureX’s AI-powered solution is helping to address these inefficiencies, and is poised to revolutionize the construction industry in India and beyond. The startup’s platform is not only reducing construction delays and costs, but is also improving project outcomes and enhancing the overall efficiency of the construction process.
In conclusion, ProcureX is a Hyderabad-based startup that is using AI to cut construction delays and costs. The startup’s platform offers a one-stop solution for material sourcing, project oversight, and planning, and is helping to create a more efficient and sustainable construction sector. With 10 companies and 150 suppliers onboard, and plans to expand across Dubai and Saudi Arabia, ProcureX is poised to make a significant impact on the construction industry.
