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 Launches Innovative AI-Powered E-Negotiations Platform
Chennai-based tech startup, Arqonz Global Pvt Ltd, has unveiled its latest groundbreaking product called E-Negotiations, designed to transform the procurement processes within the construction industry. This state-of-the-art platform utilizes artificial intelligence to streamline the complex tasks of vendor selection and order placement, drastically reducing procurement timelines and enhancing cost-efficiency.
Introducing E-Negotiations: A Game-Changer for Construction Procurement
The E-Negotiations platform facilitates automated bidding, price matching, and vendor interactions, making it a comprehensive tool for construction professionals. Users benefit from the ability to download a pre-formatted Bill of Quantities (BOQ) template, simplifying the process of outlining product requirements. Moreover, the platform offers real-time market price estimates, allowing users to make quick revisions before submitting their bids.
What sets E-Negotiations apart is its ability to automate the bidding process, sending requests to thousands of verified suppliers instantly. In a matter of moments, the system shortlists the top three bids based on desirable pricing and specifications. This rapid approach reduces procurement timelines that typically span months down to just days, enabling construction professionals to operate with unprecedented speed and efficiency.
AQ-IQ: The Next Generation AI Assistant for Construction Professionals
Alongside E-Negotiations, Arqonz also introduced AQ-IQ, a ChatGPT-like AI assistant specifically tailored for those in the construction industry. AQ-IQ offers real-time support for various tasks, including drafting documents, preparing material estimates, and providing city-specific compliance insights. This module is currently in its beta stage, with plans to streamline workflows and assist in decision-making for professionals in the field.
The Unique Positioning of Arqonz in the Market
Arqonz is positioned as the only unified digital platform dedicated to the construction industry in India, boasting over 50,000 registered professionals and suppliers nationwide. The platform features an extensive catalogue of more than 25,000 construction products and provides integrated Software-as-a-Service (SaaS) tools, catering to a wide array of construction processes. Moreover, the company continues to expand its SaaS product portfolio for subscribers, ensuring that a variety of construction-related needs are met efficiently.
Targeted Innovations Drawing Inspiration from Global Platforms
The innovations by Arqonz are inspired by global travel platforms like Skyscanner and Expedia, demonstrating a keen understanding of the need for efficiency, accessibility, and streamlined operations in procurement processes. Beyond facilitating transactions, Arqonz is dedicated to contributing to skill development for architecture and civil engineering students and professionals, further enhancing its value in the industry.
The Vision Behind Arqonz: Addressing Industry Inefficiencies
The inception of Arqonz arose from the recognition of significant inefficiencies prevalent in the construction industry. The company’s founder, guided by experts from IIM Bangalore, identified a gap that the platform seeks to fill. With its headquarters located at IIT-Madras Research Park, Arqonz is currently focusing its operations on the Indian market while harboring ambitions for future global expansion.
Future Developments and Ambitious Goals
Looking ahead, the AQ-IQ module may see additional features such as 3D visualizations from floor plans and AI-driven team collaboration tools, enhancing the user experience and empowering construction professionals even further. With a commitment to streamlining operations and embracing efficiency through advanced AI tools, Arqonz is set to lead a revolution in the construction procurement sector.
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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
