‘By being tech-driven through AI, we are able to work more efficiently with fewer people’: Paytm
Mumbai: Paytm Betting on artificial intelligence (aye) and adding to its technology capabilities to create a lean workforce and keep employee costs in check, company executives said in a third-quarter earnings call with analysts on Saturday.
“…we’re trying to add capabilities to machines and systems… systems and capabilities will continue to grow on our platform, which won’t necessarily create more demand than the number of people we need, ” Founder & CEO Vijay Shekhar Sharma Said.
Paytm has cut several hundred jobs in marketing and operations functions last year amid tech companies’ growing reliance on AI to create more efficient work systems and eliminate redundancies. Paytm had then said that it would be able to save 10%-15% in employee costs as AI has delivered results that exceed the company’s expectations.
“For the last two quarters we have focused a lot on operational efficiency. We have augmented our manpower to further enhance our business efficiencies…Thanks to AI, we have been able to demonstrate operational efficiency in many of our operations. We had a sales team and operations team etc. doing a lot of manual lifting and business processes etc. Today, with technology powered through AI, we are able to do that work more efficiently with a lesser number of people,” said the chief surgeon. Bhavesh Gupta Going forward, he said, the company will focus more on its people costs and remain “rigorous”, especially on the ground sales team, which accounts for a huge portion of its employee expenses.
“…There is some efficiency that is technology based driven through AI. But there’s also a lot of efficiencies that we’ve been able to create in our business primarily by making sure that there’s a focus on costs and a focus on operating leverage. “The combination of the two has resulted in lower costs for our people.” Gupta Said.
On Friday, Paytm reported loss on a consolidated basis narrowing to Rs 221 crore for the quarter ending December 2023. Net loss in the year-ago quarter was Rs 392 crore. Revenue from operations during the quarter increased to Rs 2,850 crore from Rs 2,062 crore posted in the year-ago period, registering a growth of 38% year-on-year, helped by growth in subscription revenue and payments business. Found.
“…we’re trying to add capabilities to machines and systems… systems and capabilities will continue to grow on our platform, which won’t necessarily create more demand than the number of people we need, ” Founder & CEO Vijay Shekhar Sharma Said.
Paytm has cut several hundred jobs in marketing and operations functions last year amid tech companies’ growing reliance on AI to create more efficient work systems and eliminate redundancies. Paytm had then said that it would be able to save 10%-15% in employee costs as AI has delivered results that exceed the company’s expectations.
“For the last two quarters we have focused a lot on operational efficiency. We have augmented our manpower to further enhance our business efficiencies…Thanks to AI, we have been able to demonstrate operational efficiency in many of our operations. We had a sales team and operations team etc. doing a lot of manual lifting and business processes etc. Today, with technology powered through AI, we are able to do that work more efficiently with a lesser number of people,” said the chief surgeon. Bhavesh Gupta Going forward, he said, the company will focus more on its people costs and remain “rigorous”, especially on the ground sales team, which accounts for a huge portion of its employee expenses.
“…There is some efficiency that is technology based driven through AI. But there’s also a lot of efficiencies that we’ve been able to create in our business primarily by making sure that there’s a focus on costs and a focus on operating leverage. “The combination of the two has resulted in lower costs for our people.” Gupta Said.
On Friday, Paytm reported loss on a consolidated basis narrowing to Rs 221 crore for the quarter ending December 2023. Net loss in the year-ago quarter was Rs 392 crore. Revenue from operations during the quarter increased to Rs 2,850 crore from Rs 2,062 crore posted in the year-ago period, registering a growth of 38% year-on-year, helped by growth in subscription revenue and payments business. Found.
