On 12 May, Nithin Kamath, founder and CEO of Zerodha, India's largest stock brokerage firm, made an unsettling disclosure. "It took us 30 mins to integrate commoditized ChatGPT, see tangible benefits, and realize that more than 20% of jobs could be automated. Now, imagine what more intelligent tools could lead to?" he tweeted.
ChatGPT is an artificial intelligence (AI)-powered chatbot developed by OpenAI and was first launched in November 2022.
Aware of the anxiety that such a statement could cause among his employees, Kamath was quick to add that as per Zerodha's new internal AI policy, "we will not fire anyone on the team just because we have implemented a new piece of technology that makes an earlier job redundant."
The tweet went viral but it also spread some comfort to those fearing job losses from the rapid march of generative Alalgorithms that can create various types of content, be it text or image.
About two months later, on 10 July, Suumit Shah, the chief executive officer (CEO) and co-founder of Dukaan, a Bengaluru-based ecommerce platform for small businesses, made a similar announcement. This time, however, there was a sting in the tweet. Shah announced that he had to "layoff 90% of our support team because of this Al chatbot". He cited three reasons for his "tough" but "necessary" step to become a profitable startup. First, the call response time (how quickly an agent responds, typically in a customer service centre) with the Al chatbot had dropped from one minute to 44 seconds. Second, the resolution time fell dramatically from 2.13 hours to just 3.12 minutes. Effectively, he claimed to have saved 85% in customer support costs.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
India in economic sweet spot, inflation to moderate: Moody's
India's economy is in a sweet spot and its inflation is expected to moderate despite a temporary spurt, Moody's said, projecting optimism about the country's growth prospects despite recent underwhelming data.
Incentive engine to drive modern ships
Subsidies for green, high-tech ships under ₹18,000 cr policy
Cement firms wage war on costs as competition soars
India's cement makers who once flexed their pricing muscles are caught in a bruising price war, eroding margins at a time of rising demand.
Saudi Arabia doesn’t have enough money for its futuristic city
The giant futuristic planned city of Neom is proving a headache for Saudi Arabia. Costs are up, schedules are delayed, and in recent days the world’s largest construction project replaced its chief executive of six years.
EV adoption is a marathon, not a sprint: Audi India
The slowdown in electric vehicle (EV) sales is temporary, and the industry will grow over time, Audi India head Balbir Singh Dhillon said, pointing to the need for extensive charging networks and supportive government policies.
India's trade gap with China soars in Apr-Oct
The country's green transition increases reliance on Chinese imports
14 nations eye India's generic drug model
Countries will specify their requirements, with HLL and MEA coordinating with them for the pharma exports
India urges $1.3 tn annual climate grant
Intervening on behalf of like-minded developing countries (LMDCs), India said that developed countries need to commit to provide and mobilise at least $1.3 trillion every year in the New Collective Quantified Goal (NCQG) till 2030.
Over 600 mn cyberattacks daily, AI can secure devices
Microsoft is developing a password-free authentication process to eliminate the risk of breaches
Small businesses ramping up cybersecurity, thanks to AI
Rising AI adoption is helping cybersecurity providers hike their marketable base in India
