Hyderabad Startup Uses AI to Cut Construction Delays & Costs
The construction industry is notorious for its inefficiencies, with delays and cost overruns being common occurrences. However, a Hyderabad-based startup, ProcureX, is determined to change this narrative by leveraging artificial intelligence (AI) to streamline the construction process. Co-founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, ProcureX aims to revolutionize the way construction projects are managed, reducing delays and costs in the process.
Launched on May 9, 2024, ProcureX offers a comprehensive solution for material sourcing, project oversight, and planning. The startup’s innovative approach involves using AI-powered algorithms to analyze project data, identify potential issues, and provide real-time insights to stakeholders. This enables construction companies to make informed decisions, optimize resource allocation, and minimize delays.
The construction industry is a significant contributor to the global economy, with the global construction market projected to reach $15.5 trillion by 2025. However, the industry is plagued by inefficiencies, including delays, cost overruns, and poor communication. According to a report by McKinsey, the construction industry’s inefficiencies result in $1.6 trillion in wasted resources annually.
ProcureX’s AI-powered platform aims to tackle these inefficiencies by providing a one-stop solution for construction companies. The platform integrates data from various sources, including project management software, ERP systems, and supplier databases, to provide a unified view of the project. This enables construction companies to track project progress, identify potential issues, and make data-driven decisions.
One of the key features of ProcureX’s platform is its supplier management module. The module uses AI-powered algorithms to analyze supplier data, identify potential issues, and provide real-time insights to construction companies. This enables companies to negotiate better prices, improve supply chain visibility, and reduce the risk of delays.
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, with plans to enter new markets in the future.
“We’re excited to bring our innovative solution to the construction industry,” said Aravind Maroju, co-founder of ProcureX. “Our AI-powered platform has the potential to revolutionize the way construction projects are managed, reducing delays and costs in the process.”
ProcureX’s success is a testament to the growing importance of AI in the construction industry. As the industry continues to evolve, it’s likely that AI-powered solutions like ProcureX will play a critical role in improving project management and reducing inefficiencies.
Future Plans
ProcureX plans to expand its operations across Dubai and Saudi Arabia in the coming months. The startup aims to onboard more construction companies and suppliers, with plans to enter new markets in the future. ProcureX is also exploring new features and functionality, including integration with construction management software and the development of a mobile app.
“We’re committed to making ProcureX a leading player in the construction industry,” said Narsi Reddy, co-founder of ProcureX. “Our AI-powered platform has the potential to transform the way construction projects are managed, and we’re excited to bring this solution to more companies in the coming months.”
Conclusion
ProcureX is a Hyderabad-based startup that’s using AI to revolutionize the construction industry. The startup’s innovative platform integrates data from various sources, providing a unified view of the project and enabling construction companies to make data-driven decisions. With 10 companies and 150 suppliers onboard, ProcureX is poised for significant growth in the coming months. As the startup expands its operations across Dubai and Saudi Arabia, it’s likely to become a leading player in the construction industry.
