Hyderabad Startup Uses AI to Cut Construction Delays & Costs
The construction industry is notorious for its inefficiencies, with delays and cost overruns being commonplace. However, a Hyderabad-based startup is changing the game by leveraging AI to streamline the process and reduce costs. ProcureX, founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, has launched a comprehensive solution that tackles material sourcing, project oversight, and planning under one roof.
Launched on May 9, 2024, ProcureX has already made significant inroads, with 10 companies and 150 suppliers onboard. The startup’s ambitious plan is to expand its operations to Dubai and Saudi Arabia, making it a pan-Indian and Middle Eastern player in the construction technology space.
The construction industry is a significant contributor to the global economy, accounting for over 13% of the world’s GDP. However, it is plagued by inefficiencies, with delays and cost overruns being common occurrences. According to a report by McKinsey, the construction industry is estimated to lose around $1.6 trillion annually due to inefficiencies.
ProcureX’s AI-powered solution aims to address these inefficiencies by providing a one-stop-shop for construction companies. The platform uses machine learning algorithms to analyze data from various sources, including supplier networks, material prices, and project timelines, to provide real-time insights to construction companies.
With ProcureX, construction companies can source materials more efficiently, reduce costs, and optimize project timelines. The platform’s AI engine also helps identify potential delays and suggests corrective measures, enabling companies to take proactive steps to prevent delays.
One of the key advantages of ProcureX is its ability to integrate with existing systems and processes. This allows construction companies to continue using their existing software and tools while still benefiting from the platform’s AI-powered insights.
The startup’s founders believe that AI is the key to unlocking efficiency in the construction industry. “AI has the potential to revolutionize the construction industry by providing real-time insights and enabling data-driven decision-making,” said Aravind Maroju, co-founder of ProcureX.
The startup’s solution is designed to be scalable and adaptable, making it suitable for construction projects of all sizes. Whether it’s a small residential project or a large commercial development, ProcureX’s AI-powered platform can help construction companies optimize their operations and reduce costs.
ProcureX’s success is a testament to the growing importance of AI in the construction industry. As the industry continues to evolve, we can expect to see more startups like ProcureX leveraging AI to improve efficiency and reduce costs.
In conclusion, ProcureX is a game-changer in the construction industry. By leveraging AI to optimize material sourcing, project oversight, and planning, the startup is helping construction companies reduce delays and costs. With its ambitious plans to expand across Dubai and Saudi Arabia, ProcureX is poised to make a significant impact on the global construction technology landscape.
