Hyderabad Startup Uses AI to Cut Construction Delays & Costs
The construction industry is known for its inefficiencies and delays. One of the main reasons for this is the lack of transparency and visibility in the supply chain. ProcureX, a Hyderabad-based startup, is tackling this problem head-on by leveraging the power of Artificial Intelligence (AI). Launched on May 9, 2024, ProcureX offers a one-stop solution for material sourcing, project oversight, and planning.
The startup was founded by four entrepreneurs – Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy. With their combined experience in construction and technology, they saw an opportunity to revolutionize the way construction projects are managed. “We identified the pain points in the construction sector and decided to use AI to address them,” said Aravind Maroju, Co-founder of ProcureX.
One of the main challenges faced by construction companies is delays in project execution. This can be due to various reasons such as material shortages, labor issues, and inefficient supply chain management. ProcureX’s AI-powered platform aims to address these issues by providing real-time visibility into the project’s progress. The platform uses machine learning algorithms to analyze data from various sources, including project management software, construction sites, and supplier networks.
With ProcureX, construction companies can track project progress, identify potential delays, and take corrective action to stay on schedule. The platform also enables companies to optimize their supply chain by identifying the most suitable suppliers and ensuring timely delivery of materials.
Another key feature of ProcureX is its ability to reduce costs. The platform uses data analytics to identify areas where costs can be optimized, such as by reducing waste, improving labor productivity, and negotiating better prices with suppliers. By leveraging AI, ProcureX’s clients can save up to 20% on their construction project costs.
ProcureX has already made significant inroads in the construction sector. The startup has onboarded 10 companies and 150 suppliers, and is planning to expand its operations to Dubai and Saudi Arabia. “We see tremendous potential in the Middle East construction market, and we are excited to bring our AI-powered platform to these regions,” said Narsi Reddy, Co-founder of ProcureX.
The success of ProcureX is a testament to the power of AI in transforming industries. By leveraging AI, the startup has been able to tackle some of the most pressing challenges in the construction sector, including delays and cost overruns. As the construction industry continues to evolve, it is likely that AI-powered platforms like ProcureX will play an increasingly important role in shaping the future of the industry.
Conclusion
ProcureX’s innovative use of AI is a game-changer for the construction industry. By providing real-time visibility into project progress, optimizing supply chain management, and reducing costs, the startup is helping construction companies to maximize efficiency and minimize delays. With its plans to expand to Dubai and Saudi Arabia, ProcureX is poised to make a significant impact in the global construction sector. As the industry continues to evolve, it will be exciting to see how other startups leverage AI to drive innovation and growth.
