How GenAI Adoption Helped OfBusiness Cut Down Research Time

SUMMARY

B2B manufacturing startup OfBusiness's CBO and co-founder Nitin Jain said that the enterprises/ startups tech teams have become leaner due to the deployment of the GenAI model

OfBusiness has also deployed AI into expediting the deep research into M&A businesses, he added.

PhysicsWallah’s now operates at 1/10th of the costs involved with doubt solving and other operations due to GenAI deployment

Highlighting how the implementation of GenAI has finetuned its business, IPO-bound OfBusiness’ cofounder and CEO Nitin Jain said that the company has been able to dramatically cut the time taken by its team for research.

Speaking at the inaugural session of Inc42’s GenAI Summit, Jain said the company has been able to cut the research time on a particular sector from 4-5 days to about 30-45 minutes.

“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.

Founded in 2015 by Jain, Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, and Bhuvan Gupta, OfBusiness offers raw material procurement and financing solutions to SMEs in the manufacturing and infrastructure sectors.

Notably, OfBusiness has been doubling down on its AI playbook in the run-up to its IPO. Earlier this year, the B2B marketplace OfBusiness launched an AI-based platform, Nexizo.AI, to help mid-market and large companies fuel business growth.

The platform allows companies listed on OfBusiness to find relevant buyers for their products, gather market insights for competitive intelligence and discover raw material prices. Besides, users can also access software tools to optimise their sales, logistics and inventory functions.

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 the GenAI 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 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 GenAI, 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.

Editor’s Note: Some parts of the story has been updated for clarity and accuracy.