Hyderabad Startup Uses AI to Cut Construction Delays & Costs
The construction industry has long been plagued by inefficiencies, delays, and cost overruns. Despite the advancements in technology, the sector has remained largely untouched by innovation. However, a Hyderabad-based startup, ProcureX, is changing the game by leveraging Artificial Intelligence (AI) to streamline construction processes, reducing delays, and costs.
Co-founded by Aravind Maroju, Narsi Reddy, Thej Kiran, and Bharath Reddy, ProcureX 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, making it an attractive proposition for construction companies and contractors.
The Problem with Construction Delays
Construction projects are notoriously prone to delays, which can have a ripple effect on the entire project. Delays can lead to cost overruns, project cancellations, and compromised quality. Inefficient planning, miscommunication, and inadequate material sourcing are some of the primary reasons for construction delays.
According to a report by the Harvard Business Review, construction projects are often delayed by an average of 20-30%. This delay can result in significant cost overruns, with some projects experiencing delays of up to 50%. The consequences of construction delays can be catastrophic, not just for the construction company but also for the end-users of the project.
How ProcureX is Redefining Construction
ProcureX is tackling the inefficiencies in the construction sector by using AI to optimize construction processes. The startup’s platform uses machine learning algorithms to analyze project requirements, material availability, and supplier performance, ensuring that construction projects are completed on time and within budget.
The platform offers a range of features, including:
- Material Sourcing: ProcureX’s AI-powered material sourcing feature helps construction companies source materials quickly and efficiently. The platform analyzes market trends, supplier performance, and material availability to provide the best options for construction projects.
- Project Oversight: The startup’s project oversight feature uses AI to track project progress, identify potential delays, and provide real-time updates to stakeholders. This ensures that construction projects stay on track and that any issues are addressed promptly.
- Planning and Budgeting: ProcureX’s planning and budgeting feature helps construction companies create accurate project plans and budgets. The platform uses AI to analyze project requirements, material costs, and labor costs to provide a comprehensive project plan and budget.
Success Stories
Since its launch, ProcureX has onboarded 10 construction companies and 150 suppliers, with plans to expand across Dubai and Saudi Arabia. The startup’s AI-powered platform has already shown promising results, with construction projects experiencing significant reductions in delays and costs.
One of ProcureX’s early customers, a leading construction company, reported a 30% reduction in project delays and a 25% reduction in costs after implementing the startup’s platform. Another customer, a supplier of construction materials, reported a 40% increase in sales and a 20% reduction in inventory costs after partnering with ProcureX.
Conclusion
ProcureX’s innovative use of AI is transforming the construction sector, enabling construction companies to complete projects more efficiently and effectively. The startup’s platform offers a one-stop solution for material sourcing, project oversight, and planning, making it an attractive proposition for construction companies and contractors.
As ProcureX expands its operations across Dubai and Saudi Arabia, it is poised to make a significant impact on the construction sector. With its AI-powered platform, the startup is helping construction companies to reduce delays, costs, and inefficiencies, ultimately leading to better project outcomes.
