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 AI-Powered E-Negotiations and AQ-IQ Platform to Transform Construction Procurement
Chennai-based tech startup Arqonz Global Pvt Ltd has unveiled its latest innovation, the E-Negotiations platform, which incorporates artificial intelligence to revolutionize construction procurement. This new procurement and lead generation tool is set to significantly streamline the processes of vendor selection and order placement, offering numerous advantages to construction professionals and suppliers alike.
The E-Negotiations platform features automated bidding, price matching, and enhanced vendor interactions. Users can easily download a pre-formatted Bill of Quantities (BOQ) template to outline their product requirements. Furthermore, the platform is designed to provide real-time market price estimates, which allows for swift revisions prior to the final submission of bids.
One of the standout features of E-Negotiations is its capability to automate the bidding process, effectively distributing requests to thousands of verified suppliers in a matter of moments. The system has the intelligence to shortlist the top three bids based on both pricing and specifications, thereby reducing the procurement timeframe from what traditionally takes months to just days. This enhanced efficiency not only speeds up the process but also fosters cost-saving opportunities for construction firms.
In addition, Arqonz has introduced the AQ-IQ module, an AI assistant reminiscent of ChatGPT, specifically tailored to aid construction professionals. AQ-IQ offers real-time support for tasks such as document drafting, preparing material estimates, and providing insights on city-specific compliance. With this AI-driven functionality, professionals in the construction sector can streamline their workflows and improve decision-making processes.
This newly launched platform is currently the only unified digital tool in India dedicated exclusively to the construction industry. Arqonz already boasts over 50,000 registered professionals and suppliers across the nation, and it provides a comprehensive catalog of more than 25,000 construction products. Moreover, Arqonz features integrated Software-as-a-Service (SaaS) tools that cater to various construction processes for its subscribers.
As the construction sector confronts several inefficiencies, Arqonz aims to address these challenges through technological innovation. Insights from industry experts played a vital role in shaping the platform’s development, influenced by the challenges observed by the CEO while focusing on optimal solutions derived from global travel platforms like Skyscanner.
Future developments for the AQ-IQ module are in the pipeline, with plans for features that may include 3D visualizations from floor plans and AI-powered collaboration tools. These enhancements are expected to provide construction professionals with greater design and operational capabilities.
Arqonz operates as an aggregator, enabling users to find various construction professionals and products filtered by location, ratings, and cost. This functionality aims to improve operational efficiency while adhering to the unique requirements of the sector.
Beyond merely facilitating transactions, Arqonz also emphasizes the importance of skill development for architecture and civil engineering students and professionals. The company is headquartered at the IIT-Madras Research Park, with an eye towards future expansion beyond the Indian market.
Overall, Arqonz Global Pvt Ltd’s E-Negotiations and AQ-IQ platform represents a major step forward in modernizing construction procurement. With its innovative features, commitment to efficiency, and focus on skill development, the platform is poised to transform the landscape of the construction industry in India.
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
