Hyderabad Startup Uses AI to Cut Construction Delays & Costs
The construction industry has long been plagued by delays, inefficiencies, and cost overruns. From flawed project planning to mismanaged material sourcing, there are numerous opportunities for errors to occur. However, a Hyderabad-based startup, ProcureX, is revolutionizing the sector by leveraging artificial intelligence (AI) to streamline construction processes, reduce delays, and minimize costs.
Launched on May 9, 2024, ProcureX is a one-stop solution for material sourcing, project oversight, and planning. The startup’s founders, Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, have combined their expertise to develop an innovative platform that tackles the inefficiencies in the construction industry.
The construction sector is notorious for its inefficiencies, with projects often running behind schedule and exceeding budgets. According to a report by McKinsey, the global construction industry is plagued by inefficiencies that result in delays, cost overruns, and poor quality. With the global construction market projected to reach $15.5 trillion by 2025, there is a pressing need for innovative solutions to address these inefficiencies.
ProcureX aims to address these challenges by providing a comprehensive platform that streamlines construction processes. The platform uses AI to analyze data, identify potential bottlenecks, and optimize project planning and execution. By leveraging machine learning algorithms and data analytics, ProcureX enables construction companies to make informed decisions, reduce project risks, and improve overall efficiency.
One of the key features of ProcureX is its material sourcing module. The platform uses AI-powered algorithms to identify the most suitable materials for a project, taking into account factors such as quality, price, and lead time. This ensures that construction companies can source the right materials at the right time, reducing delays and costs.
ProcureX’s project oversight module also leverages AI to monitor project progress in real-time. The platform uses machine learning algorithms to identify potential issues and alert project managers, enabling them to take corrective action before problems escalate. This ensures that projects are completed on time, within budget, and to the required quality standards.
In addition to its material sourcing and project oversight modules, ProcureX also offers a planning module that enables construction companies to optimize their project plans. The platform uses AI-powered analytics to identify potential bottlenecks and suggest alternative plans, reducing the risk of 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 significant opportunities for growth.
The potential for AI to transform the construction industry is vast. According to a report by Grand View Research, the global construction technology market is expected to reach $15.2 billion by 2025, growing at a compound annual growth rate (CAGR) of 21.3% during the forecast period. With ProcureX at the forefront of this trend, the startup is well-positioned to capitalize on the growing demand for construction technology solutions.
In conclusion, ProcureX is a game-changer in the construction industry. By leveraging AI to optimize construction processes, the startup is reducing delays, minimizing costs, and improving overall efficiency. With its comprehensive platform and extensive network of suppliers, ProcureX is poised to revolutionize the way construction projects are planned, executed, and monitored.
