Hyderabad Startup Uses AI to Cut Construction Delays & Costs
In the construction industry, delays and cost overruns are common issues that can have a significant impact on projects. From unexpected material shortages to inefficient project management, there are numerous factors that can contribute to these problems. However, a Hyderabad-based startup is tackling these inefficiencies head-on using artificial intelligence (AI).
ProcureX, a startup co-founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, is revolutionizing the construction sector with its innovative AI-powered solutions. Launched on May 9, 2024, ProcureX offers a one-stop platform for material sourcing, project oversight, and planning. The startup’s mission is to streamline the construction process, reducing delays and costs for developers, contractors, and suppliers.
The Problem with Construction Projects
Construction projects are often complex and involve numerous stakeholders, including contractors, suppliers, and regulatory bodies. This complexity can lead to delays, cost overruns, and inefficiencies. According to a report by McKinsey, the average construction project is 20% over budget and 30% behind schedule. Delays and cost overruns can have significant consequences, including project cancellations, financial losses, and damage to reputations.
How ProcureX is Addressing the Issue
ProcureX is using AI to address the inefficiencies in the construction sector. The startup’s platform uses machine learning algorithms to analyze data from various sources, including material suppliers, contractors, and project plans. This data is used to predict potential delays and cost overruns, enabling project managers to take proactive measures to mitigate these risks.
One of the key features of ProcureX is its material sourcing module. This module uses AI to match construction projects with suitable suppliers, ensuring that the right materials are delivered on time and at the right price. This module has already shown significant benefits for the startup’s clients, with one client reporting a 30% reduction in material costs.
In addition to material sourcing, ProcureX’s platform also offers project oversight and planning tools. These tools enable project managers to track project progress in real-time, identify potential issues, and make data-driven decisions to resolve these issues. The platform also provides real-time updates on material deliveries, enabling project managers to plan accordingly.
Success Story
ProcureX has already achieved significant success since its launch in May 2024. The startup has onboarded 10 companies and 150 suppliers, with plans to expand across Dubai and Saudi Arabia. One of the startup’s clients, a leading real estate developer, reported significant benefits from using ProcureX’s platform. The developer reported a 25% reduction in project delays and a 20% reduction in costs.
The Future of Construction
ProcureX’s innovative use of AI is just the beginning of a new era in construction. As the startup continues to expand its platform and services, we can expect to see significant improvements in project efficiency, reduced costs, and increased customer satisfaction. The startup’s success is a testament to the power of innovation in the construction industry, and we can expect to see many more startups and established companies using AI to transform the sector.
Conclusion
ProcureX is a Hyderabad-based startup that is revolutionizing the construction sector using AI-powered solutions. The startup’s platform offers a one-stop solution for material sourcing, project oversight, and planning, enabling project managers to streamline their operations and reduce delays and costs. With 10 companies and 150 suppliers onboard, ProcureX is poised for significant growth and expansion across Dubai and Saudi Arabia. As the startup continues to innovate and grow, we can expect to see significant improvements in the construction industry, making it a more efficient, cost-effective, and customer-friendly sector.
