Hyderabad Startup Uses AI to Cut Construction Delays & Costs
The construction industry has long been plagued by inefficiencies, delays, and cost overruns. From material sourcing to project oversight, the process can be cumbersome and prone to errors. However, a Hyderabad-based startup is changing the game by harnessing the power of Artificial Intelligence (AI) to streamline the construction process, cutting costs and maximizing efficiency.
ProcureX, co-founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, was launched on May 9, 2024, with a mission to revolutionize the construction sector. The startup offers a one-stop solution for material sourcing, project oversight, and planning, leveraging AI to eliminate inefficiencies and reduce project timelines.
The construction industry is notorious for delays, with projects often running behind schedule and over budget. According to a report by McKinsey, the average construction project is delayed by around 20%, resulting in significant financial losses and reputational damage. Furthermore, the industry is plagued by a lack of transparency, making it challenging to track project progress and identify potential issues.
ProcureX aims to tackle these inefficiencies head-on by providing a centralized platform for construction companies to source materials, monitor project progress, and plan for future projects. The AI-powered platform uses machine learning algorithms to analyze data from various sources, including project schedules, material availability, and labor costs, to identify potential bottlenecks and optimize project timelines.
The startup has already made significant inroads, with 10 companies and 150 suppliers onboard. However, ProcureX is just getting started, with plans to expand its operations across Dubai and Saudi Arabia in the coming months.
“We saw an opportunity to use AI to address the inefficiencies in the construction sector,” said Aravind Maroju, co-founder of ProcureX. “Our platform uses machine learning algorithms to analyze data and identify potential issues, allowing construction companies to make data-driven decisions and optimize project timelines. We’re excited to bring our solution to the Middle East market and help construction companies reduce costs and maximize efficiency.”
ProcureX’s platform is designed to be user-friendly, with a intuitive interface that allows construction companies to easily manage their projects and track progress. The platform also provides real-time updates on material availability, labor costs, and project schedules, enabling construction companies to make informed decisions and adjust their plans accordingly.
The startup’s AI-powered algorithm is trained on a vast dataset of construction projects, allowing it to identify patterns and predict potential issues. The algorithm can also analyze data from various sources, including project schedules, material availability, and labor costs, to identify potential bottlenecks and optimize project timelines.
ProcureX’s solution is not just limited to material sourcing and project oversight. The startup also provides a suite of tools and services designed to help construction companies streamline their operations and reduce costs. These services include project planning, budgeting, and scheduling, as well as procurement and logistics management.
The startup’s vision is to create a seamless and efficient construction process, where construction companies can focus on what they do best â building â while leaving the logistics and planning to ProcureX.
In a market where construction delays and cost overruns are the norm, ProcureX is a breath of fresh air. The startup’s AI-powered platform is a game-changer, offering construction companies a solution that can help them reduce costs, maximize efficiency, and deliver projects on time.
As ProcureX expands its operations across Dubai and Saudi Arabia, it’s clear that the startup is poised to make a significant impact on the construction industry. With its AI-powered platform and commitment to innovation, ProcureX is changing the way construction projects are managed, and it’s only a matter of time before the startup becomes a household name in the industry.
