Infratech firm Mytek Innovations has launched a first-of-its-kind digital platform that uses open artificial intelligence (AI) tools to help contractors deliver infrastructure projects on time.This AI-enabled platform can analyze the input cost required to complete a project and auto-generate a detailed, milestone-wise plan to complete the project on time and reduce completion cost by 10-12%.
Contractors and subcontractors can use this platform to plan rapidly and begin work without delays. Additionally, once registered on Mytek’s contactor app, contractors can apply for funding to execute the project.
“Today, delays and budget overruns are commonplace in infrastructure projects. Mytek’s platform will be a powerful tool for contractors and subcontractors all around the country that helps contractors save costs and deliver projects on time. We are using the latest technologies to not only revolutionize project planning but also democratize it,” said Shivkumar Borade, founder and chief managing director of Mytek Innovations.
During execution, contractors can easily compare the sales cost and the actual cost incurred for each activity as well as for the overall project. This will help track expenses in real-time and improve resource utilization.
By leveraging AI tools, Mytek’s platform offers better features than traditional project planning tools that can take up to seven days to build a project plan from scratch. Mytek’s platform helps contractors create a customized project plan instantly and allows for editing the plan as and when needed.
India has one of the largest construction industries in the world,with an estimated size of over $700 billion. And yet, the industry operates in a fragmented fashion, leading to delays, cost overrun, compliance-related delays, and substandard quality of work.
Mytek’s platform aims to bridge the gaps in the industry by helping contractors organize all aspects of a project, such as workforce, machinery, tools, materials, and technology.Founded in 2020, Navi Mumbai-based Mytek Innovations is recognized by the Ministry of Commerce and Industry of the Government of India. The bootstrapped startup app offers a database of skilled contractors and experts and a unified platform that reduces customer acquisition costs and ensures the timely delivery of projects.
