Hyderabad Startup Uses AI to Cut Construction Delays & Costs
In the construction industry, delays and cost overruns are common occurrences that can have significant financial and reputational implications. However, a Hyderabad-based startup, ProcureX, is revolutionizing the way construction projects are managed by leveraging Artificial Intelligence (AI) to reduce delays and costs.
ProcureX, co-founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, offers a one-stop solution for material sourcing, project oversight, and planning. The startup’s innovative approach is designed to streamline the construction process, making it more efficient, cost-effective, and less prone to delays.
The construction industry has long been plagued by inefficiencies, with project delays and cost overruns being major concerns. According to a report by the McKinsey Global Institute, the construction industry is one of the most inefficient industries in the world, with an average project delay of 20-30%. This inefficiency can result in significant financial losses, with delays and cost overruns estimated to be around 10-20% of the total project cost.
ProcureX’s AI-powered platform is designed to address these inefficiencies by providing real-time visibility into the construction process, enabling project managers to identify and mitigate potential delays and cost overruns early on. The platform uses machine learning algorithms to analyze data from various sources, including project plans, schedules, and budgets, to predict potential delays and recommend corrective actions.
One of the key features of ProcureX’s platform is its ability to automate material sourcing and procurement. The platform uses AI to match project requirements with available materials and suppliers, ensuring that the right materials are sourced at the right time and price. This not only saves time but also reduces the risk of material shortages and delays.
ProcureX’s platform also includes a project oversight module that provides real-time monitoring and tracking of construction progress. The module uses AI-powered sensors and cameras to capture data on construction progress, enabling project managers to identify potential delays and take corrective action early on.
In addition to its AI-powered features, ProcureX’s platform also includes a planning module that enables project managers to create and manage project schedules and budgets. The module uses AI to analyze project data and recommend optimal scheduling and budgeting strategies.
Since its launch on May 9, 2024, ProcureX has already gained traction 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 opportunities for growth.
In an interview with Startuppedia, Aravind Maroju, co-founder of ProcureX, said, “We saw an opportunity to use AI to transform the construction industry and make it more efficient. Our platform is designed to reduce delays and cost overruns, making it a game-changer for the construction industry.”
With its innovative AI-powered platform, ProcureX is poised to revolutionize the construction industry in India and beyond. The startup’s success is a testament to the potential of AI to transform traditional industries and make them more efficient and effective.
In conclusion, ProcureX’s AI-powered platform is a game-changer for the construction industry, offering a one-stop solution for material sourcing, project oversight, and planning. With its innovative approach, the startup is poised to reduce delays and cost overruns, making it a must-have for construction companies looking to stay ahead of the competition.
