Vijay Shekhar Sharma, the founder and CEO of Paytm, believes that startups that do not concentrate on technology that may replace human operations are unlikely to endure over the long run.
Startups That Dont Concetrate on Technology To Replace Humans Bound To Fail: Paytm Founder CEO
Sharma underlined that as the use of artificial intelligence (AI) increases, Paytm would need additional staff to create and maintain technology.
As per Sharma, “We will need to hire more … to provide technology support. Technology companies will become stronger with the adoption of tech.”
In response to a question regarding Paytm cutting employees, Sharma said the business will increase hiring in order to support technology and improve its skills through the adoption of new technologies.
He clarified that artificial intelligence (AI) will ultimately replace manual or mental labor in things like writing code or operating a vehicle.
In the next five years, startups that don’t concentrate on eliminating human operations will find it difficult to be competitive or relevant.
According to Sharma, a startup’s success depends on creating technology that requires less human intervention, even though the change may have a detrimental effect on jobs.
With single-person businesses using AI for positions like chief financial officer and chief human resource officer, the days of businesses being characterized by their workforce size are coming to an end.
Machines Will Handle Systems and Processes That Have Been Managed By Humans
In order to achieve lofty objectives like relieving tens of thousands of people from workloads, machines will increasingly handle systems and processes that have historically been managed by humans.
As per Sharma, “Machines will take care of processes and systems that typically humans do. Most ambitious person in this room will take an ambition of removing 100 thousand people off the load of the work. That is the power of AI that you are expecting. If you are not building for that then you are building mediocre stuff.”
Sharma emphasized AI’s transformational potential while cautioning that firms who fail to realize this promise are producing subpar solutions.
He admitted that AI will upend processes, economies, and companies, consolidating power among those who can afford and know how to use these technologies.
Sharma showed a keen understanding of the difficulties that lie ahead when he voiced worry about the substantial impact AI may have on India’s workforce.
