B2B marketplace unicorn OfBusiness has slashed its tech team headcount by 25% in the wake of GenAI interventions at various levels, cofounder and CBO Nitin Jain said at the inaugural session of Inc42’s GenAI Summit today.
The discussion of the session themed, “Rewiring Business Stacks With GenAI”, also saw participation from Sameer Dhanrajani, Founding Partner – MIRAI Ventures, CEO – 3A, Mahesh A Chikodi, Chief Digital Officer, L&T Group, Sandeep Varma, Head-Data Science & Engineering, PhysicsWallah and Sanjay Mohan, Group CTO, MakeMyTrip.
Replying to a question on how the businesses have wired their businesses due to the incorporation of GenAI, Jain said that despite the reduction in the tech team size, OfBusiness’s operational efficacy hasn’t reduced since they are also tracking the return on investments ( ROI) with the deployment of both GenAI and Machine Learning models.
He added that OfBusiness particularly focusses on a lot of M&As in the manufacturing sector where the deal size typically ranges between $10-25 Mn where the GenAI deployment has particularly led to the ease in research and curation, bringing the industry oriented inputs to nearly 100,000 MSME on an active basis.
“Now, if you have to evaluate the particular sector, you’re saving a lot of time by letting AI do all the deep research . Earlier it would take us four or five days to do deep research which AI is able to do in about 30 to 45 minutes. AI is able to generate, curate questions and do a deep dive into the sector and ask detailed questions so that you’re aware about what M&A is getting,” Jain explained.
In terms of making strategic client acquisitions for a price-sensitive market like India, Jain maintained that deeper engagement with customers has led to increased user stickiness and productivity measure equivalent to what a team of 10 employees can do.
PhysicsWallah’s Doubt Solving Push
Another IPO bound company PhysicsWallah has accelerated its doubt solving engine with the deployment of GenAI, PhysicsWallah’s Sandeep Varma, Head-Data Science & Engineering, said during the GenAI Summit.
Varma said that at the edtech company almost 60% of the doubt solving processes for the students now take place with the help of Gen AI model.
“Doubt solving is such a key proposition for any education company, and I think it took almost 1.5 years to take us to production. Today, we are proud to say that 60% of our doubts that come on a daily basis,” he added.
Due to the deployment of AI models, PhysicsWallah which recently filed its DRHP via confidential route has been able to reduce costs with current Gen AI model applications which is 1/10th of the expenses before.
“Recently, we also launched grading platforms specifically targeted with students who are preparing for UPSC, because they need to, they need to do 19 subjects, and they need to write those long essays. So what, what used to kind of be a bottleneck was the human resources that we have, the subject matter experts, because we can’t scale them with the volume of the volume of copies that we have. So using Gen AI, we were able to reduce the turnaround time of seven days to almost instantaneous. It takes 30 seconds today, and it is happening at 120 at the cost of human evaluation,” Varma said.
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