Hyderabad startup uses AI to cut construction delays & costs
The construction industry is notorious for its inefficiencies and delays. A single delay can snowball into a major issue, causing significant losses and reputational damage. However, a Hyderabad-based startup, ProcureX, is determined to change this narrative by leveraging the power of Artificial Intelligence (AI) to streamline construction projects.
Launched on May 9, 2024, ProcureX is a one-stop solution for material sourcing, project oversight, and planning. Founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, the startup aims to tackle the complexities associated with construction projects and reduce costs by up to 30%. With 10 companies and 150 suppliers onboard, ProcureX is poised to expand its operations across Dubai and Saudi Arabia.
The Need for AI in Construction
The construction sector is notorious for its inefficiencies, with a staggering 80% of projects experiencing delays. This is largely due to the lack of visibility and transparency throughout the project lifecycle. Construction projects involve multiple stakeholders, including contractors, suppliers, and architects, each with their own set of responsibilities. The absence of a centralized platform to manage these stakeholders results in miscommunication, miscalculations, and ultimately, delays.
ProcureX’s AI-powered solution addresses these pain points by providing a single platform for material sourcing, project oversight, and planning. By leveraging machine learning algorithms and data analytics, ProcureX’s platform enables construction companies to optimize their supply chain, reduce costs, and minimize delays.
How ProcureX Works
ProcureX’s platform is designed to simplify the construction process by providing a centralized hub for project management. The platform allows construction companies to:
- Source materials efficiently: ProcureX’s AI-powered algorithm matches construction companies with the most suitable suppliers, reducing the time and effort required to source materials.
- Monitor projects in real-time: The platform provides real-time updates on project progress, enabling construction companies to identify potential issues and take corrective action before they escalate.
- Optimize planning and scheduling: ProcureX’s AI algorithm analyzes project data to optimize planning and scheduling, reducing the likelihood of delays and ensuring timely completion.
Benefits of ProcureX
By leveraging ProcureX’s AI-powered solution, construction companies can expect significant benefits, including:
- Reduced costs: ProcureX’s platform enables construction companies to reduce costs by up to 30% by optimizing material sourcing and supply chain management.
- Increased efficiency: The platform streamlines project management, reducing the likelihood of delays and ensuring timely completion.
- Improved visibility: ProcureX’s real-time updates provide construction companies with complete visibility into project progress, enabling them to take corrective action before issues escalate.
- Enhanced collaboration: The platform facilitates collaboration among stakeholders, reducing miscommunication and ensuring that everyone is on the same page.
Future Plans
With 10 companies and 150 suppliers onboard, ProcureX is poised to expand its operations across Dubai and Saudi Arabia. The startup plans to continue innovating and improving its platform, leveraging the latest advancements in AI and data analytics to stay ahead of the curve.
Conclusion
ProcureX is a game-changer in the construction industry, leveraging the power of AI to streamline projects and reduce costs. By providing a centralized platform for material sourcing, project oversight, and planning, ProcureX is tackling the inefficiencies that plague the construction sector. With its innovative solution and ambitious plans for expansion, ProcureX is set to revolutionize the way construction projects are managed.
