News Summary
Chennai-based tech startup Arqonz Global Pvt Ltd has introduced its E-Negotiations platform, leveraging artificial intelligence to enhance construction procurement. This tool simplifies vendor selection and bids through features like automated bidding and real-time price estimates, drastically reducing procurement times. Additionally, the AQ-IQ module provides AI support for construction professionals in document preparation and compliance. With over 50,000 registered users, Arqonz is positioned to transform the construction landscape in India, emphasizing skill development and operational efficiency.
Arqonz Global Pvt Ltd Unveils AI-Powered Procurement Platform to Revolutionize Construction
Chennai-based tech startup Arqonz Global Pvt Ltd has launched a groundbreaking platform called E-Negotiations, aimed at overhauling the procurement process within the construction industry. This innovative platform harnesses artificial intelligence to enhance efficiency in vendor selection and lead generation, positioning itself as a pivotal tool for construction professionals across India.
Streamlining Procurement with E-Negotiations
The E-Negotiations platform introduces a range of automated features designed to simplify the procurement process. Notably, the platform enables automated bidding and price matching, making it easier for users to interact with various vendors. A key component of this system includes the ability to download a pre-formatted Bill of Quantities (BOQ) template, streamlining the specification of product requirements.
Real-time market price estimates are also provided, allowing users to make quick revisions prior to submitting their bids. Additionally, the platform automates the bidding process by distributing requests to thousands of verified suppliers, significantly expediting the vendor selection activity. Within moments, it shortlists the top three bids based on price and specifications, effectively reducing procurement timelines from several months to just a few days. This not only enhances speed but also greatly improves cost-efficiency.
A Complementary AI Assistant: AQ-IQ
Alongside E-Negotiations, Arqonz has developed AQ-IQ, a ChatGPT-like AI assistant tailored for construction professionals. This intelligent assistant provides real-time support in a variety of tasks such as drafting essential documents and preparing material estimates, along with offering location-specific compliance insights. Currently in beta, the AQ-IQ module aims to streamline workflows, facilitating quicker and more accurate decision-making for construction teams.
A Unique Platform for the Construction Industry
Arqonz distinguishes itself as the only unified digital platform dedicated exclusively to the construction sector in India, boasting over 50,000 registered professionals and suppliers across the nation. The platform features a rich catalogue of more than 25,000 construction products, incorporating integrated Software-as-a-Service (SaaS) tools designed to enhance various construction processes. Arqonz has plans to expand its SaaS product offerings, providing more tools to assist construction professionals efficiently.
Improving Industry Operations and Skills Development
The innovations by Arqonz stem from an identified need to address inefficiencies within the construction industry, with the platform’s conception guided by industry leaders. Furthermore, beyond transactional support, Arqonz emphasizes skill development for architecture and civil engineering students and professionals, thus contributing to the growth of human capital in the sector.
Future Aspirations and Global Reach
Arqonz operates from the IIT-Madras Research Park and is currently focusing its efforts on the Indian market, although it has ambitions for global expansion. Future iterations of AQ-IQ may integrate advanced features like 3D visualizations from floor plans and AI-driven team collaboration tools, further enhancing the platform’s functionality.
Inspired by Global Innovations
The design and functionality of Arqonz’s platforms draw inspiration from successful global travel platforms like Skyscanner and Expedia. By leveraging these conceptual frameworks, Arqonz aims to transform how construction professionals source products and services, ultimately improving operational efficiency throughout the industry.
In conclusion, with the launch of E-Negotiations and AQ-IQ, Arqonz Global Pvt Ltd is poised to significantly redefine the landscape of construction procurement in India. This transformation promises not only to expedite processes but also to enhance collaboration and resource management for all stakeholders involved.
Deeper Dive: News & Info About This Topic
Additional Resources
- Arqonz Global Pvt Ltd
- Wikipedia: Artificial Intelligence
- Forbes: How AI Is Transforming The Construction Industry
- Google Search: Construction procurement AI
- Encyclopedia Britannica: Technology
- Statista: Impact of AI on the Construction Industry in India
- Google News: Construction Technology
