Hyderabad Startup Uses AI to Cut Construction Delays & Costs
The construction industry has long been plagued by delays and inefficiencies, leading to increased costs and frustrated stakeholders. However, a Hyderabad-based startup is shaking things up by harnessing the power of artificial intelligence (AI) to streamline the construction process.
ProcureX, co-founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, is a one-stop solution for material sourcing, project oversight, and planning. Launched on May 9, 2024, the startup aims to revolutionize the way construction projects are managed by leveraging AI technology.
The construction industry is notorious for its inefficiencies, with delays and cost overruns being common occurrences. According to a report by McKinsey, the global construction industry is plagued by inefficiencies, resulting in wasted time, resources, and money. In fact, the report estimates that the industry could save up to $1.8 trillion annually by adopting digital technologies.
ProcureX is tackling these inefficiencies head-on by providing a platform that connects contractors, suppliers, and project owners in a seamless and efficient manner. The platform uses AI to analyze data from various sources, including weather forecasts, site conditions, and supplier performance, to predict potential delays and cost overruns.
“We saw an opportunity to use AI to analyze vast amounts of data and identify patterns that could help us anticipate and prevent delays and cost overruns,” said Aravind Maroju, co-founder of ProcureX. “Our platform is designed to provide real-time insights and recommendations to contractors, suppliers, and project owners, enabling them to make informed decisions and optimize their projects.”
The platform’s AI-powered engine analyzes data from various sources, including:
- Weather forecasts: The platform uses weather data to predict potential delays and changes in project timelines.
- Site conditions: The platform analyzes site conditions, such as soil conditions, to identify potential risks and delays.
- Supplier performance: The platform tracks supplier performance, including delivery times and quality, to identify potential delays and cost overruns.
By analyzing this data, ProcureX’s AI engine provides real-time insights and recommendations to stakeholders, enabling them to:
- Predict potential delays and cost overruns
- Optimize project timelines and budgets
- Identify and mitigate potential risks
- Improve communication and collaboration among stakeholders
ProcureX has already made significant inroads in the construction industry, with 10 companies and 150 suppliers onboard. The startup plans to expand its operations across Dubai and Saudi Arabia, where it sees significant potential for growth.
“We believe that our platform has the potential to make a significant impact in the construction industry, particularly in regions where delays and cost overruns are common,” said Narsi Reddy, co-founder of ProcureX. “We’re excited to work with contractors, suppliers, and project owners to help them optimize their projects and achieve their goals.”
In conclusion, ProcureX is a game-changer in the construction industry, using AI to cut construction delays and costs. By providing a one-stop solution for material sourcing, project oversight, and planning, the startup is revolutionizing the way construction projects are managed. With its AI-powered engine, ProcureX is poised to make a significant impact in the industry, and its expansion across Dubai and Saudi Arabia is an exciting development for construction professionals and stakeholders alike.
