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After raising close to $1 million, This 9-month-old startup is solving procurement and project delays in construction industry
- ProcureX Technologies, a nine-month-old start-up founded in India, has come up with an artificial intelligence (AI) driven system for procurement in the construction industry. ProcureX believes the inefficiencies and problems within procurement due to fragmented communication, outdated manual processes and lack of transparency can all be tackled through its platform. The platform includes workflows that will automate repetitive tasks including invoice processing speeding up procurement management. The use of advanced AI algorithms will also enable the platform to offer predictive analytics and smart decision-making.
- The platform’s AI-driven capabilities will allow it to analyse historical data and forecast procurement needs to optimise inventory and prevent delays and the platform will evaluate factors such as cost and delivery timelines to recommend procurement options aligned with the user’s needs.
- Unlike traditional generic procurement solutions, ProcureX’s platform is tailored specifically to the construction industry, and consolidates procurement activities into a single interface. This centralises procurement related activities, ensuring seamless communication and collaboration among all stakeholders.
- Recent data from the company suggests ProcureX is delivering beneficial products to its customers, offering a 5-7% reduction in procurement costs due to more effective supplier selection and negotiation process powered by the platform's AI-driven insights, 20% decrease in procurement-related project delays, and a 30% reduction in time spent on administrative tasks.
- A total of $1m in seed funding helped get ProcureX off the ground earlier this year with a value of £5m, while the company has expanded to Kerala, Telangana, and Andhra Pradesh.
- ProcureX Technologies plans to expand further within the construction sector and other areas such as the automotive manufacturing space. Particular attention is being paid to emerging technologies, such as blockchain, IoT, and augmented reality, and encourages robust investment in research and development activities to adapt to the construction industry's evolving tech landscape.
- Convincing stakeholders to adopt an AI-driven platform was a significant challenge for ProcureX Technologies, considering the construction industry's traditional slower approach to new technologies. User education and real-world success stories helped build trust in the platform, while flexible APIs and technical support were developed to help onboard users.
- ProcureX Technologies will continue its focus on innovation and user-centric approaches in the future. The company aims to deliver a feature-rich platform and strong relationships with its users, driving significant improvements in procurement processes and contributing to the success of the construction industry.
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