Hyderabad Startup Uses AI to Cut Construction Delays & Costs
The construction industry has long been plagued by inefficiencies, delays, and cost overruns. From material sourcing to project oversight, every stage of the process is prone to errors and mismanagement, leading to frustration for all stakeholders involved. However, one Hyderabad-based startup, ProcureX, is revolutionizing the way construction projects are executed using AI. Founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, ProcureX offers a comprehensive solution for material sourcing, project oversight, and planning.
Launched on May 9, 2024, ProcureX has already made significant strides in the industry, with 10 companies and 150 suppliers onboard. The startup’s mission is to streamline the construction process, reducing delays and costs, and maximizing efficiency for all parties involved.
The construction industry is notorious for its inefficiencies, with delays and cost overruns being common occurrences. According to a report by McKinsey, the average construction project is delayed by 20% and costs 20% more than initially estimated. These delays and cost overruns can have far-reaching consequences, including financial losses, reputation damage, and even project cancellation.
ProcureX’s AI-powered solution addresses these inefficiencies by providing a one-stop-shop for material sourcing, project oversight, and planning. The platform uses machine learning algorithms to analyze project requirements, material availability, and supplier capacities, ensuring that the right materials are sourced at the right time and in the right quantity.
The platform’s material sourcing module allows contractors and builders to search for materials across a network of suppliers, eliminating the need for manual searches and reducing the risk of material shortages. The platform’s AI algorithm also provides real-time updates on material availability, enabling contractors to plan their projects more effectively.
ProcureX’s project oversight module provides real-time monitoring and tracking of project progress, enabling contractors to identify and address potential delays and issues before they become major problems. The platform’s AI algorithm analyzes project data, identifying areas of inefficiency and providing recommendations for improvement.
The platform’s planning module uses AI to optimize project schedules, ensuring that projects are completed on time and within budget. The platform’s algorithm analyzes project data, identifying potential bottlenecks and providing recommendations for optimizing project schedules.
ProcureX’s solution has already shown significant results, with contractors and builders reporting reduced delays and costs, and improved project efficiency. The startup’s clients include some of the largest construction companies in India, including Larsen & Toubro, HCC, and Punj Lloyd.
The startup’s founders attribute its success to its focus on innovation and collaboration. “We recognized that the construction industry was ripe for disruption, and we saw an opportunity to use AI to solve some of the industry’s most pressing problems,” said Aravind Maroju, co-founder and CEO of ProcureX. “We’ve worked closely with our clients to understand their needs and develop a solution that meets those needs. We’re proud of what we’ve achieved so far, and we’re excited to continue growing and expanding our platform.”
ProcureX’s plans for expansion include entering new markets, including Dubai and Saudi Arabia. The startup has already established a presence in these markets, and is working with local construction companies to implement its solution.
In conclusion, ProcureX is a Hyderabad-based startup that is revolutionizing the construction industry using AI. The startup’s solution provides a one-stop-shop for material sourcing, project oversight, and planning, reducing delays and costs, and maximizing efficiency for all parties involved. With 10 companies and 150 suppliers onboard, ProcureX is poised for significant growth and expansion in the coming years.
