BrandLabs The GenAI Advantage: How GenAI Can Help Startups Reshape Data Strategies 29 Feb'24 | By Inc42 BrandLabs THIS CONTENT IS ONLY AVAILABLE TO INC42 PLUS MEMBERS × Become A Startup Insider With Inc42 Plus Join our exclusive community of business leaders &makers for in-depth tech stories and intelligence on India’s tech economy you won’t find elsewhere. Unlimited Access Unlock unlimited access to 500+ monthly new stories and Inc42’s complete archive of 40,000+ stories. Unlimited Access Unlock unlimited access to 500+ monthly new stories and Inc42’s complete archive of 40,000+ stories. Inc42 Academy Exclusive, in-depth and actionable sessions from 300+ industry leaders, founders & operators to help you level up. Inc42 Academy Exclusive, in-depth and actionable sessions from 300+ industry leaders, founders & operators to help you level up. Startup Deals Over $250,000 worth deals on software & tools to help your business scale up. 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Member-Only Events Connect with editors and industry peers through our members-only community Clutter-Free Experience Enjoy an ad-free and clutter-free experience as a member, focus on what really matters to you Support Independent Journalism Your contribution will go on to support and empower our unbiased & data-driven journalism Choose Your Plan 3 YEAR PLAN ₹29999 ₹8999 ₹249/Month GRAB BLACK FRIDAY OFFER Cancel Anytime 2 YEAR PLAN ₹19999 ₹6999 ₹291/Month GRAB BLACK FRIDAY OFFER Cancel Anytime 1 YEAR PLAN ₹9999 ₹3999 ₹333/Month GRAB BLACK FRIDAY OFFER Cancel Anytime Join Now At ₹ 8999 Cancel Anytime Inc42 Academy Is Exclusive For Inc42 Plus Members × Black Friday Sale Is Live, Get Up To 70% Off Become A Startup Insider With Inc42 Plus Sale Ends In 3 YEAR PLAN ₹29999 ₹8999 ₹249/Month UNLOCK 70% OFF GRAB BLACK FRIDAY OFFER Cancel Anytime 2 YEAR PLAN ₹19999 ₹6999 ₹291/Month UNLOCK 65% OFF GRAB BLACK FRIDAY OFFER Cancel Anytime 1 YEAR PLAN ₹9999 ₹3999 ₹333/Month UNLOCK 60% OFF GRAB BLACK FRIDAY OFFER Cancel Anytime GRAB BLACK FRIDAY OFFER ₹ 8999 Cancel Anytime FOLLOW US FOLLOW US Added to Saved Stories in Login VIEW SAVED STORIES The buzz surrounding generative AI (GenAI) is palpable, with experts weighing its advantages and disadvantages, predominantly focussing on the benefits, given ChatGPT’s demonstrated utility across various industries. Undoubtedly, it has significantly propelled the growth of the startup ecosystem, while also carving out a lucrative market for itself. In today’s landscape, GenAI boasts sector-agnostic use cases, from sorting emails in edtech to detecting fraud in fintech, enabling startups across all industries to streamline their operations and technology deployment. Consequently, the GenAI market in India is projected to surge from $1.1 Bn in 2023 to $17 Bn by 2030. However, what is interesting is the use of GenAI in data strategy. For the uninitiated, data strategy is paramount for informed decision-making, it enhances understanding of customers for improved CX, product development and innovation, optimising marketing efforts and mitigating risks. By strategising data effectively, startups can gain a competitive edge and navigate uncertainties in the dynamic business environment. Now imagine combining data strategy with the power of GenAI to reach the growth potential. To decode how startups can combine GenAI with data strategy, Inc42 and Databricks, a unified, open analytics platform, organised a roundtable titled “The GenAI Advantage: How GenAI Can Help Startups Reshape Data Strategies” as part of 2-part series — Executive Boardroom: Laying The Foundation For Data & AI-Led Growth. RECOMMENDED FOR yOU News US-Based STG Acquires Eka Software, Merges It With Portfolio... Akshit P. 8th April, 2024 News Cloud Dental Software Startup CareStack Closes Investment Fr... Tapanjana R. 13th July, 2022 News Spacetech Startup SatSure Makes International Foray With Acq... Jaspreet K. 27th May, 2022 The session covered many critical topics, including: Generative AI’s role in expanding startup operations How generative AI is influencing decision-making processes for startups Will generative AI replace jobs? Moderated by Prashant Garg, a partner at EY, the roundtable brought together leaders from startups across sectors such as — edtech, B2B marketplaces, 3PL, lending tech, deeptech and more. Among them were Aman Arora, cofounder & chief technology officer of Leverage Edu; Sudhir Singh, chief technology officer of Droom; Amit Choudhary, chief product and technology officer of Ecom Express; Shiva Singh, director of technology at Moglix; Rajesh Ramdas, senior director-field engineering at Databricks; Hemant Mongia, vice-president of engineering at BharatPe; Shalabh Aggarwal, chief technology officer of CredFlow; Ankit Ladhania, director of engineering at Park+ and Rahul Prasad, cofounder & chief technology officer of Bobble AI. GenAI In Action: Enhancing Data Strategies Across Sectors Speaking during the discussion, Gurugram-based Ecom Express’ Choudhary revealed that the logistics startup has created an address large language model to reduce return to origin (RTO) cases and predict the right addresses. He claimed that GenAI helped the company increase its topline with the help of GenAI. Meanwhile, lending tech startup CredFLow has deployed GenAI to identify user patterns and engage with the users who take loan credit from the startup. The startup’s CTO Aggarwal said, “By utilising GenAI the startup can detect the fraudster move of the user six months ahead. He added that it is possible as it analyses user data like criminal records, EPF, income tax statements, and GST records (via MasterGST).” While these businesses have effectively used GenAI because of its affordability, its adoption is perceived as a job-replacement threat. Rahul Prasad chuckled, “It might, we don’t know.” He pointed out that it is still in its nascent stage to come up with any conclusion. To explore how startups in sectors like fintech, ecommerce, edtech and more are combining data and GenAI to make key business decisions, watch the Inc42 and Databricks roundtable — The GenAI Advantage: How GenAI Can Help Startups Reshape Data Strategies. Step up your startup journey with BHASKAR! From resources to networking, Bhaskar connects Indian innovators with everything they need to succeed. Join today to access a platform built for innovation, growth, and community.