Hyderabad Startup Uses AI to Cut Construction Delays & Costs
The construction industry is notorious for its inefficiencies, and one of the most significant challenges it faces is delays and cost overruns. These issues can be attributed to various factors, including inadequate planning, material sourcing, and project oversight. However, a Hyderabad-based startup, ProcureX, is tackling these inefficiencies head-on using Artificial Intelligence (AI).
ProcureX, co-founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, was launched on May 9, 2024, with a mission to revolutionize the construction sector. The startup offers a one-stop solution for material sourcing, project oversight, and planning, leveraging AI to streamline the entire construction process.
According to the founders, ProcureX aims to address the common pain points faced by construction companies, including delays, cost overruns, and inefficiencies. “We identified that the construction industry is plagued by manual processes, which lead to inaccuracies, delays, and increased costs,” said Aravind Maroju, co-founder of ProcureX. “Our AI-powered platform is designed to eliminate these inefficiencies and provide a seamless experience for construction companies.”
ProcureX’s platform uses AI algorithms to analyze data from various sources, including project plans, material requirements, and supplier information. This data is then used to create a comprehensive plan, which ensures that materials are sourced on time, and projects are completed efficiently.
The startup has already achieved significant success, with 10 companies and 150 suppliers onboard. With its expansion plans in place, ProcureX is set to enter the Dubai and Saudi Arabian markets, further cementing its position as a leading player in the construction technology space.
So, how does ProcureX’s AI-powered platform work? Let’s dive in and explore the features and benefits that set it apart from traditional construction management systems.
Material Sourcing
ProcureX’s platform uses AI to analyze material requirements and supplier information, ensuring that the right materials are sourced at the right time. This eliminates the need for manual sourcing, reducing the risk of errors and delays.
The platform also provides suppliers with a platform to showcase their products and services, making it easier for construction companies to find the materials they need. This not only reduces the time spent on material sourcing but also ensures that construction companies get the best deals.
Project Oversight
ProcureX’s AI-powered platform provides real-time project oversight, enabling construction companies to track progress, identify potential issues, and make data-driven decisions. This ensures that projects are completed efficiently, and delays are minimized.
The platform also provides project managers with a comprehensive dashboard, which provides insights into project timelines, budgets, and material requirements. This enables them to identify areas where costs can be reduced and optimize their project plans accordingly.
Planning
ProcureX’s platform uses AI to create a comprehensive plan, which takes into account material requirements, project timelines, and supplier information. This ensures that construction companies have a clear understanding of their material requirements, project timelines, and budgets.
The platform also provides construction companies with a procurement management system, which enables them to manage their procurement process efficiently. This includes features such as purchase order creation, invoice management, and supplier management.
Benefits
So, what are the benefits of using ProcureX’s AI-powered platform? Let’s explore some of the key advantages that construction companies can expect:
- Reduced Delays: ProcureX’s platform ensures that materials are sourced on time, reducing the risk of delays and project overruns.
- Cost Savings: The platform’s AI-powered procurement management system ensures that construction companies get the best deals, reducing costs and increasing profitability.
- Increased Efficiency: ProcureX’s platform streamlines the construction process, reducing the need for manual processes and enabling construction companies to focus on their core activities.
- Improved Visibility: The platform provides real-time project oversight, enabling construction companies to track progress, identify potential issues, and make data-driven decisions.
Conclusion
ProcureX’s AI-powered platform is revolutionizing the construction industry, tackling inefficiencies and reducing costs. With its one-stop solution for material sourcing, project oversight, and planning, the startup is poised to become a leading player in the construction technology space.
As ProcureX expands into new markets, it’s clear that the startup is committed to making a significant impact on the construction industry. With its AI-powered platform, ProcureX is helping construction companies to reduce delays, cut costs, and increase efficiency, paving the way for a more sustainable and profitable future.
