Arqonz Global Pvt Ltd Launches AI-Powered E-Negotiations Platform

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 E-Negotiations and AQ-IQ Platform for Construction Procurement

Arqonz Global Pvt Ltd, a tech startup based in Chennai, has launched a groundbreaking platform aimed at transforming procurement practices in the construction industry. The new platform, known as E-Negotiations, leverages artificial intelligence to streamline the lead generation and procurement process for construction professionals, reducing timelines and enhancing cost-efficiency significantly.

Revolutionizing the Bidding Process

The E-Negotiations platform offers automated bidding capabilities, enabling users to send out requests to thousands of verified suppliers rapidly. It simplifies the vendor selection and order placement processes by automatically shortlisting the top three bids based on pricing and specifications in mere moments. This innovation is expected to cut down procurement timelines from months to a matter of days, allowing construction professionals to act quickly and efficiently.

Features of the E-Negotiations Platform

One of the standout features of the platform includes the provision of a pre-formatted Bill of Quantities (BOQ) template, which allows users to specify their product requirements effectively. Additionally, the platform provides real-time market price estimates for quick revisions, ensuring that professionals have access to the most current pricing information before submissions.

Arqonz claims that by automating the bidding process, the platform not only reduces time spent but also increases transparency in vendor interactions. The aim is to alleviate common difficulties associated with the procurement process, helping construction professionals make well-informed decisions.

A Comprehensive AI Assistant for Construction

In addition to E-Negotiations, Arqonz has revealed the AQ-IQ module, a ChatGPT-like AI assistant tailored specifically for those in the construction sector. This tool is designed to offer real-time support for drafting essential documents, preparing material estimates, and providing insights on city-specific compliance requirements. Currently in beta, AQ-IQ is intended to streamline workflows and decision-making for construction professionals, further enhancing operational efficiency.

Unique Features and Future Prospects

Arqonz’s platform is unique, as it is the only unified digital solution dedicated to the construction industry in India. With over 50,000 registered professionals and suppliers across the nation and a catalogue exceeding 25,000 construction products, Arqonz also offers integrated Software-as-a-Service (SaaS) tools focusing on various construction processes. As part of its expanding SaaS product portfolio, Arqonz aims to provide resources that cater to diverse needs in the industry.

According to the company, future iterations of the AQ-IQ module may include advanced features such as 3D visualizations derived from floor plans, as well as tools that promote AI-driven team collaboration, making it even more valuable for professionals in the field.

Addressing Industry Inefficiencies

The inception of Arqonz arose from a recognition of the inefficiencies that plague the construction industry. With the guidance of experts from IIM Bangalore, the platform aims to tackle these challenges by employing innovative technology. By operating as an aggregator, Arqonz allows users to discover various construction professionals and products tailored to their specific location, ratings, and cost considerations.

Beyond Commercial Interests

Arqonz does not solely focus on commercial transactions; the company is also committed to skill development within the architecture and civil engineering sectors. The startup strives to cultivate a new wave of talent by providing learning opportunities for students and professionals alike.

Future Ambitions

Headquartered at the IIT-Madras Research Park, Arqonz aims its efforts at the Indian market while harboring ambitions for global expansion. This growth-focused strategy supports its mission of revolutionizing the construction procurement landscape, setting a new standard in efficiency and effectiveness within the industry.

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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