Hyderabad Startup Uses AI to Cut Construction Delays & Costs
The construction industry is notoriously plagued by delays and inefficiencies, leading to increased costs and frustration for developers, architects, and project managers. However, a Hyderabad-based startup, ProcureX, is breaking new ground by harnessing the power of artificial intelligence (AI) to revolutionize the way construction projects are planned, managed, and executed.
Co-founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, ProcureX launched on May 9, 2024, with a mission to streamline the construction process and minimize the risk of delays and cost overruns. The startup’s innovative platform offers a one-stop solution for material sourcing, project oversight, and planning, allowing project stakeholders to make informed decisions and optimize their operations.
The Problem with Construction Projects
Construction projects are inherently complex, involving multiple stakeholders, intricate timelines, and a vast array of materials and equipment. Despite the best-laid plans, delays and setbacks are common, leading to costly rework, damaged reputations, and even project cancellations. According to a study by McKinsey, the global construction industry loses around 10% of its revenue each year due to inefficiencies.
One of the primary causes of delays and inefficiencies is the manual and fragmented process of material sourcing. Traditionally, contractors and project managers rely on phone calls, emails, and physical inspections to negotiate with suppliers, track orders, and monitor inventory levels. This labor-intensive process is prone to errors, miscommunication, and delays, leading to costly rework and project delays.
The ProcureX Solution
ProcureX addresses the inefficiencies in the construction sector by leveraging AI and machine learning to streamline material sourcing, project oversight, and planning. The startup’s platform integrates with existing systems and provides real-time insights and analytics to help project stakeholders make data-driven decisions.
Here are some key features of the ProcureX platform:
- Material Sourcing: ProcureX’s AI-powered material sourcing module connects contractors and project managers with a network of pre-qualified suppliers, allowing them to compare prices, track orders, and monitor inventory levels in real-time.
- Project Oversight: The platform’s project oversight module provides real-time visibility into project progress, allowing stakeholders to identify potential delays and take corrective action before they escalate into costly problems.
- Planning and Optimization: ProcureX’s planning and optimization module uses machine learning algorithms to analyze project data and identify opportunities for cost savings, schedule optimization, and resource allocation.
Early Success and Expansion Plans
Since its launch in May 2024, ProcureX has gained significant traction in the Hyderabad market, with 10 companies and 150 suppliers already onboard. With its innovative platform and AI-powered solution, ProcureX is poised to expand its reach across Dubai and Saudi Arabia, targeting the rapidly growing construction sectors in these regions.
“We are thrilled with the response we have received from the construction industry in Hyderabad,” said Aravind Maroju, co-founder of ProcureX. “Our platform has already helped several projects to reduce delays and costs, and we are confident that our solution will have a similar impact in Dubai and Saudi Arabia.”
Conclusion
ProcureX is an innovative startup that is tackling the inefficiencies in the construction sector using AI. By streamlining material sourcing, project oversight, and planning, ProcureX is helping construction projects to run smoother, faster, and more cost-effectively. With its early success in Hyderabad and plans to expand across Dubai and Saudi Arabia, ProcureX is well-positioned to revolutionize the way construction projects are planned and executed.
