Hyderabad Startup Uses AI to Cut Construction Delays & Costs
The construction industry is notorious for its inefficiencies, with projects often delayed and costs spiraling out of control. However, a Hyderabad-based startup, ProcureX, is changing the game by leveraging artificial intelligence (AI) to streamline the process and reduce costs. Launched on May 9, 2024, ProcureX offers a one-stop solution for material sourcing, project oversight, and planning, making it an attractive option for construction companies looking to maximize efficiency and minimize delays.
ProcureX was co-founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, who identified the need for a technology-driven solution in the construction sector. “We noticed that construction projects were plagued by inefficiencies, leading to delays and cost overruns,” said Aravind Maroju, co-founder of ProcureX. “Our team of experts in AI and construction came together to develop a solution that would automate the process, reduce manual errors, and provide real-time insights to stakeholders.”
The startup’s platform uses AI-powered algorithms to analyze data from various sources, including project plans, material specifications, and supplier information. This data is then used to optimize material sourcing, streamline the procurement process, and provide real-time updates on project progress. By automating the process, ProcureX reduces the risk of human error, which is a significant contributor to construction delays and cost overruns.
ProcureX has already made significant inroads in the construction industry, with 10 companies and 150 suppliers onboard. The startup plans to expand its operations across Dubai and Saudi Arabia, where it sees a huge potential for growth. “The Middle East is a significant market for construction, and we believe our technology can make a real difference in the region,” said Narsi Reddy, co-founder of ProcureX.
One of the key benefits of ProcureX is its ability to reduce construction costs. By optimizing material sourcing and streamlining the procurement process, the startup helps construction companies save money on materials, labor, and equipment. According to ProcureX, its technology can reduce construction costs by up to 20%. Additionally, the startup’s AI-powered analytics provide real-time insights to stakeholders, enabling them to make informed decisions and respond quickly to changes in the project.
ProcureX’s platform is also designed to improve communication between stakeholders, reducing the risk of miscommunication and misunderstandings that can lead to delays and cost overruns. The startup’s technology provides a single platform for construction companies to manage their projects, track progress, and collaborate with suppliers and contractors.
In a sector where delays and cost overruns are common, ProcureX is a breath of fresh air. The startup’s AI-powered technology is revolutionizing the construction industry, providing construction companies with a solution that can help them maximize efficiency, reduce costs, and deliver projects on time. As ProcureX continues to expand its operations across the Middle East, it is likely to make a significant impact on the construction industry, transforming the way projects are planned, executed, and delivered.
