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Artificial Intelligence (AI) and Machine Learning (ML) are no more a concept of the future but it happening right now. Many construction equipment manufacturers are implementing AI and ML in their machines for various benefits that would arise from it such as autonomous machinery, predictive maintenance, energy efficiency, cost savings and more. Similarly, the used construction equipment industry is no exception.

Shriram Automall India (SAMIL) being India鈥檚 largest Phygital marketplace for vehicles and equipment offers a number of advanced SaaS-enabled services like Phygital auctions, online auctions, ThePriceX, self-inspection and valuation to enhance the customer experience and satisfaction in the used construction equipment industry.

One India One Click: Redefining Phygital way

To address the challenges associated with cross-border transactions, Shriram Automall has introduced the innovative concept of One India One Click - Phygital auction through MySAMIL App. This pioneering initiative enables customers to seamlessly buy and sell pre-owned construction equipment across state borders with a single click, transcending geographical constraints and simplifying the procurement process. Through this platform, customers gain access to an extensive inventory of pre-owned construction equipment from 120+ automalls across the country, eliminating the need for physical travel and streamlining the transaction process.

With this model, we are enabling sellers from a particular state who can exchange their machines, which are registered in another state parked in a different state to a buyer from his state or any other Indian state. For example, a seller in West (Ahmedabad) can exchange his/her equipment registered in East (Nagaland) but parked in a yard in North (Manesar) to a buyer from South (Bengaluru). Buyers and sellers can flawlessly transact used construction equipment of all makes and models.

Digitisation: Paving the way for efficiency

In an era marked by digital transformation, the construction equipment industry is swiftly adapting to the online landscape. Online platforms (powered by AI and ML) such as www.cartradeexchange.com/ and bids.samil.in/ exemplify this digital revolution, facilitating the buying and selling of pre-owned construction equipment with unprecedented ease and efficiency. These state-of-the-art online auction portals leverage cutting-edge technologies to streamline transactions, ensuring a seamless experience for both buyers and sellers. Robust security protocols safeguard user data, while comprehensive ERP solutions enable end-to-end management of vehicles and equipment, including repossessions, yard management, and dealership operations. Moreover, users benefit from invaluable insights, historical data analytics, price guidance tools, and cloud-based solutions, enhancing decision-making processes and optimising outcomes.

ThePriceX: Harnessing AI and ML for precision

One of the industry鈥檚 ground-breaking innovations is ThePriceX, an advanced price prediction engine developed by SAMIL. Through this advanced application, SAMIL is able to get the fair prices and price trends of used construction equipment of different categories and capacities. It becomes inevitable to used AI and ML in applications like this because it is highly difficult to predict accurate price of any construction equipment as each and every machine is unique due to their different usage, running time, physical condition, performance, engine life, hydraulics condition, fatigue generated in the joints and arms, age and more such parameters which goes up to 100 in some machines.

The algorithm considers the selling price of particular equipment from auction data of 120+ Automalls pan-India for providing the fair price. The auction data fed to the database of ThePriceX comprises of nearly all the models from different manufacturers over a period of 13 years. This price derived from the application helps in taking informed decision for transacting used construction machines for various industry verticals like Banks, NBFCs, Insurance companies, Construction companies, Leasing companies and the likes.

This tool is being enhanced by Indian Institute of Technology 鈥� Delhi for improved functionality with machine learning algorithms and statistical modelling that mature over a period of time which will take ThePriceX to a higher stage of delivering exceptional results in price prediction. One can easily say that it鈥檚 a scientific and insightful approach to price discovery of used construction equipment across the length and breadth of the country.

Adroit Auto 3.0: Self-inspection and valuation

Adroit 3.0 marks a significant leap forward in the inspection and valuation industry, building upon the success of its predecessor, Adroit 2.0. With a focus on user-friendly interface and enhanced functionality, Adroit 3.0 leverages the power of Artificial Intelligence (AI) and Machine Learning (ML) to deliver unparalleled efficiency and simplicity.

Key features of the advanced mobile application are structured reports, Vahan integration, user-friendly interface, vernacular language support, business opportunities and advanced geo-location. The application offers user to effortlessly perform inspections and valuations across all kinds of used construction equipment, streamlining processes and boosting productivity. As the preferred choice in India鈥檚 inspection, valuation and verification industry, Adroit 3.0 sets a new standard for excellence and innovation.

CRM and insights portal

In the used construction equipment industry, customer relationship management (CRM) plays a pivotal role in fostering lasting relationships with clients and optimising business processes. SAMIL, with a robust CRM system can efficiently manage customer interactions, streamline sales processes, and provide personalised services. By capturing and analysing customer data, our CRM platform enable businesses to gain valuable insights into customer preferences, purchasing behaviour and feedback, allowing us to tailor our offerings to meet individual needs.

Furthermore, CRM systems facilitate effective communication with customers through various channels, including email, phone calls, and social media, ensuring timely and relevant engagement at every touchpoint. Coupled with our in-house Insights portal for data-driven decisions, SAMIL leverages CRM data to make informed strategic decisions, identify market trends and forecast demand of used construction equipment across India.

Scope in the future

The future scope of AI and ML in the used construction equipment industry holds immense potential for revolutionising traditional practices and optimising operations. Leveraging AI and ML technologies, construction dynamics are undergoing a transformative shift towards enhanced efficiency, safety and sustainability. With innovations such as autonomous machinery, predictive maintenance, condition monitoring, automated inspection, fraud detection and security, the industry is witnessing a paradigm shift in equipment management and performance optimisation.

AI-driven predictive maintenance enables early detection of issues and condition-based monitoring, ensuring proactive repairs and minimising downtime. Furthermore, AI facilitates data-driven decision-making, energy efficiency and cost savings through optimised resource allocation and real-time insights. As major players in the construction equipment sector embrace AI and ML technologies, the industry is poised for unprecedented growth and innovation, paving the way for a smarter, more sustainable future.

Embracing sustainability with electric CE

We at SAMIL have already been transacting electric vehicles. We are also ready now to transact AI and ML enabled construction machines through our advanced Phygital, online and offline auction platforms in the coming days.

As India鈥檚 largest Phygital pre-owned marketplace, SAMIL remains at the forefront of innovation, offering comprehensive solutions to meet the diverse needs of the construction equipment industry. With a robust infrastructure spanning 120+ automalls nationwide, SAMIL provides unparalleled opportunities for buyers and sellers, facilitating seamless transactions through physical, online and Phygital bidding modes. Backed by CarTrade Tech and Shriram Finance, SAMIL continues to set new benchmarks for transparency, efficiency and customer satisfaction.

Embracing the future

The integration of AI and ML technologies marks a significant milestone in the pre-owned construction equipment industry's journey towards efficiency and sustainability. As we embrace these transformative innovations, we propel the industry towards greater productivity, cost-effectiveness, and environmental stewardship. This is just the beginning of a technological revolution that will shape the future of construction in India and drive us towards unparalleled heights of success. As we strive to become better than yesterday, let us embark on this journey of innovation and progress with unwavering determination and resolve.

ABOUT THE AUTHOR:

Sameer Malhotra is Director and CEO of Shriram Automall. With over three decades of experience, he has built a strong foundation for the company in 2011 His leadership has driven Shriram Automall India as India鈥檚 largest Phygital marketplace for pre-owned vehicles equipment. Malhotra has introduced the concept of physical auction of used vehicles and equipment in India by establishing 130 automalls across the country.