Hyderabad Startup Uses AI to Cut Construction Delays & Costs
The construction industry is notorious for its inefficiencies, leading to delays and cost overruns. In an effort to tackle these issues, Hyderabad-based startup ProcureX is leveraging artificial intelligence (AI) to transform the way construction projects are managed.
Founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, ProcureX was launched on May 9, 2024, with a vision to provide a one-stop solution for material sourcing, project oversight, and planning. The startup’s innovative approach has already gained traction, with 10 companies and 150 suppliers on board.
The construction sector has long been plagued by inefficiencies, with typical project delays ranging from several months to years. According to a report by McKinsey & Company, the global construction industry loses around 10% of its annual output due to inefficiencies. This not only leads to financial losses but also results in increased costs, reduced quality, and compromised timelines.
ProcureX’s AI-powered solution is designed to address these issues by streamlining the construction process. The platform uses machine learning algorithms to analyze project data, identify potential roadblocks, and provide predictive insights to project managers. This enables them to make informed decisions, optimize resource allocation, and minimize delays.
One of the key features of ProcureX’s platform is its material sourcing module. This module uses AI to identify the most suitable suppliers for each project, based on factors such as quality, price, and delivery time. This ensures that project managers have access to the best materials at the most competitive prices, reducing costs and minimizing the risk of delays.
Another critical component of ProcureX’s platform is its project oversight module. This module uses AI to monitor project progress, identify potential issues, and provide real-time insights to project managers. This enables them to take proactive measures to address any issues that may arise, reducing the likelihood of delays and cost overruns.
ProcureX’s platform also includes a planning module, which uses AI to optimize project schedules and resource allocation. This module takes into account factors such as weather conditions, labor availability, and material supply chains to ensure that projects are completed on time and within budget.
The startup’s innovative approach has already gained recognition in the industry. “ProcureX is a game-changer for the construction industry,” said Aravind Maroju, co-founder of ProcureX. “Our AI-powered platform is designed to simplify the construction process, reducing delays and costs while improving project outcomes.”
ProcureX’s vision is to expand its operations across Dubai and Saudi Arabia, where the construction industry is booming. The startup plans to achieve this by partnering with local construction companies and suppliers, as well as by expanding its team of experts.
In conclusion, ProcureX is a Hyderabad-based startup that is revolutionizing the construction industry using AI. Its innovative platform is designed to simplify the construction process, reducing delays and costs while improving project outcomes. With 10 companies and 150 suppliers on board, ProcureX is well on its way to becoming a leading player in the construction technology sector.
