Gen AI has halved time consumption, reduced operating costs, say CXOs

Using it for business

Earlier, obtaining a large amount of real-world data was challenging for teaching Big Data to thousands of students. However, the emergence of various Gen AI has eased up the Data Augmentation process.

At edtech TrendyTech, CEO Sumit Mittal uses reduced workload for automating repeated tasks such as building predictive models by automatically selecting algorithms, text summarisation, automating parts of data preprocessing, cleaning and exploratory data analysis (EDA).

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Another important process is Anomaly Detection. In a big data setting, where massive volumes of data are processed, anomaly detection algorithms sift through the information to pinpoint anomalies. These anomalies could be indicative of issues such as system failures, security breaches, or fraudulent transactions.

Some of the AI tools Mittal finds most useful are PyTorch, Databricks Data Intelligence Platform, GitHub Copilot, IBM Watson Analytics and ChatGPT.
“With the time saved in this, I can focus more on new evolving technology stack and upskilling,” he told Moneycontrol.

On the other hand, the interview-as-a-software (IaaS) platform InCruiter leverages cutting-edge AI interview software like IncBot to streamline initial candidate screening. IncBot automates repetitive tasks, employing natural language processing (NLP) to conduct interviews.

It assesses candidate responses, evaluates qualifications, and processes vast data sets. This software allows us to identify top talent, saving valuable time for recruiters. By automating the screening process, IncBot ensures a more objective and consistent evaluation, enhancing the overall efficiency of the recruitment workflow.

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“While AI efficiently handles resume screening for thousands of applications, the human touch remains indispensable for mid and junior-level tasks like initial candidate outreach. Gen AI complements CEO roles by freeing up their time from mundane responsibilities. CEOs can then focus on strategic decision-making, relationship-building, and guiding the organisation's overall vision,” said Anil Agarwal, CEO & Co-Founder of InCruiter, adding he has saved 80 percent of the time from mundane tasks in the last year.

Need less but qualified employees

For some, Gen AI has been a productivity booster, reducing the time lag as well as churning out ideas in quicker time. Being a non-tech founder, the biggest gain, Sidhharrth S Kumaar, Founder & Chief Happiness Officer of astrology firm NumroVani, has seen from Gen AI is description-based images in less than a minute or so.

This capability to visualise the ideas and primary thought in mind in less than 60 seconds or so – powered by Midjourney, DALL-E, Hot Mods, and others – has reduced time to get it designed and then see the visualisation and study whether it makes sense or not, Kumaar said. Now, the process of supervising and sharing feedback with designers is eliminated.

The other areas where it has helped are quick data analysis and content improvisation. “At my level leading a young start-up with smaller teams needs agile functioning and a lot of those are data pointers,” he said.

This has also led to cost saving of almost 35 percent, especially in graphic design and content writing. For instance, one person can handle and manage the work of three persons without compromising quality. “Gen AI has helped enhance my productivity by almost 20 percent and as I polish my skills in Gen AI and related things, this productivity metric will go as high as 40 percent in due course of time,” Kumaar added.

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Can’t replace CXOs

While acknowledging AI's efficiency in automating tasks, they emphasise the indispensability of human intuition, strategic vision, and emotional intelligence in leadership.

GenAI may excel in data-driven insights, but CXOs argue that it lacks the nuanced understanding and adaptability crucial for navigating the unpredictable entrepreneurial landscape.

“Generative AI has immense potential to augment and complement human capabilities rather than replace them entirely. While it excels in automating routine tasks and processing vast amounts of data, it still requires human oversight for creative thinking and strategic planning,” said Meet Shah, CEO and Founder of BeBetta.

CXOs say human expertise is still crucial for tasks such as problem definition, interpreting results, and making decisions based on the broader context. Even if Generative AI can generate patterns and insights from data, TrendyTech’s Mittal said interpreting it requires human expertise.

He gave an example: Suppose a retail ethnic wear company uses data science to optimise its inventory management. The algorithm recommends reducing stock levels for a particular set of products based on historical sales data.

However, a human expert with knowledge of the industry context might be aware of a marketing campaign or seasonal trend that could significantly impact future sales. In this case, human expertise is crucial for incorporating external factors and making decisions that align with the broader business strategy.

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For others, the real competition of the coming time is not humans versus AI rather it is humans with AI skills versus humans without AI skills.

Looking at Gen AI of today and the fast-paced evolution in the segment, NumroVani’s Kumaar does not see it replacing him completely, however, he agrees, “Someone with better AI skills with a similar skill set can certainly replace me.”