Hyderabad Startup Uses AI to Cut Construction Delays & Costs
The construction industry is notorious for its inefficiencies, with delays and cost overruns being a common occurrence. However, a Hyderabad-based startup, ProcureX, is revolutionizing the way construction projects are managed, using artificial intelligence (AI) to cut costs and maximize efficiency.
Co-founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, ProcureX was launched on May 9, 2024, with a mission to provide a one-stop solution for material sourcing, project oversight, and planning. The startup’s innovative approach has already attracted 10 companies and 150 suppliers, with plans to expand to Dubai and Saudi Arabia in the near future.
The Problem with Traditional Construction Management
Construction projects are notoriously complex, involving multiple stakeholders, materials, and stages. Traditional methods of project management often rely on manual processes, such as paper-based documentation and phone calls, which can lead to errors, delays, and cost overruns. Moreover, construction companies often struggle to manage their supply chains, leading to material shortages, quality issues, and disputes with suppliers.
How ProcureX is Using AI to Solve the Problem
ProcureX is leveraging AI and machine learning to streamline construction project management, reducing delays and costs. The startup’s platform uses data analytics to predict material demand, optimize supply chain logistics, and identify potential project bottlenecks.
Here’s how ProcureX’s AI-powered platform works:
- Material Sourcing: ProcureX’s AI engine analyzes material demand and supply data to identify the most suitable suppliers for a project. This ensures that construction companies get the right materials at the right time, reducing delays and costs.
- Project Oversight: The platform uses machine learning algorithms to monitor project progress, identifying potential bottlenecks and alerting construction companies to take corrective action.
- Planning and Scheduling: ProcureX’s AI-powered platform creates detailed project plans, including timelines, budgets, and resource allocation. This ensures that construction projects are completed on time and within budget.
Benefits of ProcureX’s AI-Powered Platform
By leveraging AI and machine learning, ProcureX’s platform offers several benefits to construction companies, including:
- Reduced Delays: With ProcureX, construction companies can reduce delays by up to 30%, ensuring that projects are completed on time.
- Cost Savings: The platform’s optimized supply chain logistics and material sourcing capabilities can reduce costs by up to 20%.
- Improved Efficiency: ProcureX’s AI-powered platform automates many manual processes, freeing up construction companies to focus on high-value tasks.
- Better Decision-Making: The platform’s data analytics capabilities provide construction companies with better insights, enabling them to make informed decisions.
Expansion Plans
With 10 companies and 150 suppliers already onboard, ProcureX is poised for rapid expansion. The startup plans to expand its operations to Dubai and Saudi Arabia, targeting the growing construction industries in these regions.
In an interview with Startuppedia, Aravind Maroju, co-founder of ProcureX, said, “We’re excited about the potential of our platform to transform the construction industry. By leveraging AI and machine learning, we’re confident that we can help construction companies reduce delays, cut costs, and maximize efficiency.”
Conclusion
ProcureX is a game-changer in the construction industry, using AI to cut costs, reduce delays, and maximize efficiency. With its innovative platform and experienced team, the startup is well-positioned to disrupt the traditional construction management landscape. As it expands to new markets, construction companies around the world will be watching with interest, eager to see how this Hyderabad-based startup can help them build better, faster, and more efficiently.
