AI Tools are Enhancing Inclusivity and Reducing Bias in Hiring Processes

FinancialBuzz.com News Commentary

NEW YORK, May 9, 2023 /PRNewswire/ -- Artificial intelligence (AI) has rapidly evolved over the last decade. With advancements in machine learning, natural language processing, and computer vision, AI is revolutionizing the way we interact with technology and each other. One recent development in the field of AI is the launch of ChatGPT, a language model developed by OpenAI. With its advanced natural language processing capabilities, ChatGPT can understand human language and generate human-like responses, making it an ideal tool for customer service, virtual assistants, and chatbots. The impact of AI is already being felt across various industries, from healthcare and finance to transportation and manufacturing. For example, in the healthcare industry, AI is being used to analyze medical images, assist in diagnosis, and develop personalized treatment plans. In finance, AI is being used to detect fraud, predict market trends, and optimize investment strategies. Professional Diversity Network, Inc. (NASDAQ: IPDN), Innodata Inc. (NASDAQ: INOD), Ambarella, Inc. (NASDAQ: AMBA), BigBear.ai Holdings, Inc. (NYSE: BBAI), Predictive Oncology Inc. (NASDAQ: POAI)

One of the most significant benefits of AI in hiring is that it can reduce bias in the selection process. Human recruiters are prone to unconscious biases, which can limit the pool of potential candidates and prevent qualified individuals from being hired. AI tools, on the other hand, can analyze large amounts of data without being influenced by personal biases. This enables companies to consider a broader range of candidates and hire individuals based on their skills and qualifications, rather than factors such as race, gender, or age. AI tools like ChatGPT and chatbots can also facilitate communication and streamline the application process, making it easier for candidates to apply for roles, and cutting down costs and manpower needed to vet applicants simultaneously. Moreover, fraud detection AI tools can help companies identify and eliminate fake resumes and fraudulent job applications. This ensures that all applicants are evaluated based on their actual qualifications and experiences, rather than fabricated credentials.

Professional Diversity Network, Inc. (NASDAQ: IPDN) announced earlier last week breaking news regarding, the acquisition of additional 7% in RemoteMore USA Inc. on April 28, 2023. After the transaction, PDN's ownership position in RemoteMore will increase to approximately 73%.

RemoteMore has been working on an artificial intelligence (AI) solution that improves the matchmaking between companies and developers. Since 2021, RemoteMore has added several new features to its platform, such as a job dashboard that permits employers to request developer profiles according to their very specific requirements, resulting in the employer getting five pre-qualified candidates hand-picked by the RemoteMore Service team. RemoteMore has already released AI features that automate parts of this matchmaking process, resulting in a superior quality service at a lower labor cost.

The RemoteMore AI-powered matchmaking tools will make the company's offering even more exciting to employers who are seeking to hire qualified developers. Delivering a high-quality matchmaking experience at scale is an important competitive advantage given the confusingly big candidate pool that remote work unlocks for companies. RemoteMore has already pre-screening data for over 24,000 remote developer profiles (such as professional history, remote work fit and technical skills) which is a strong foundation for further automation and AI development.

During the first three quarters of 2022, RemoteMore increased the number of its registered company users from 650 to 1,500, and its pre-screened pool of developers from 6,300 to over 24,000. As the demand for sophisticated software developers grows, and the number of AI-powered tools continues to expand, the need for high quality matchmaking at scale will only increase.

"Integrating an AI-powered tool to ensure that the best fit applicants reach our employer clients is the logical next step," said Boris Krastev, CEO and Co-founder of RemoteMore. "These tools have grown in popularity in recent months. Our strategy is to be proactive when it comes to the adoption of new technologies that can revolutionize our industry."

"AI-powered tools are some of the most impressive technological developments in recent years and their popularity is only growing," said Adam He, CEO of PDN. "The momentum in the AI space has been tremendous and we want to be able to leverage this technology within our diversity recruiting operations as well, thus providing the synergies we had envisioned when first acquiring an interest in RemoteMore."

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Innodata Inc. (NASDAQ: INOD), a leading data engineering company, announced today that it has signed a significant application re-engineering agreement to enable a customer to more fully leverage Innodata-built artificial intelligence / machine learning (AI/ML) models. Jack Abuhoff, Innodata CEO, said, "The expansion is testament to the success of our initial partnership and our ability to help our customers drive successful digital transformation that results in greater productivity and agility. By partnering with Innodata, companies can reinvent and enhance their business operations by leveraging digital technologies such as AI/ML and scalable cloud architectures. As a result of our efforts, our customer is automating routine functions, augmenting the way its most highly-valued analysts work, and positioning its business for success."

Ambarella, Inc. (NASDAQ: AMBA), an edge AI semiconductor company, reported recently that the front advanced driver assistance system (ADAS) smart camera products jointly developed by the two companies are currently in mass production inside the mainstream models of leading China car companies, including passenger car models that entered mass production in 2022. The third generation of Neusoft Reach's X-Cube 3.0 front view smart camera is based on Ambarella's CV22 AI vision system-on-chip (SoC), which runs the camera's L2 AI perception algorithm. The X-Cube 3.0 is currently being implemented in mass production, providing safe and efficient passenger car technologies and solutions for OEMs based on Ambarella's CV22 platform.

BigBear.ai Holdings, Inc. (NYSE: BBAI) provides artificial intelligence and machine learning for decision support. Back in March, announced financial results for the fourth quarter and full year ended December 31, 2022. BigBear.ai CEO Mandy Long said, "With our AI-powered decision intelligence solutions and more efficient operating structure, we are positioned to grow our footprint in key market categories – including global supply chains & logistics, autonomous systems, and cyber – and capitalize on our differentiators and the growing momentum in the field of artificial intelligence. We are focused on driving meaningful, sustainable long-term growth." Total full year revenue achieved guidance and grew 6% year-over-year to $155.0 million; Analytics full year revenue grew 19% year-over-year."

Predictive Oncology Inc. (NASDAQ: POAI) announced back in March that they have partnered to drive the development of oncology drugs utilizing Predictive Oncology's PEDAL™ platform. "Our collaboration with Cancer Research Horizons represents a fundamental shift in drug discovery that could lead to the accelerated development of cancer therapies using compounds originating from the CRUK network and developed by Cancer Research Horizons in partnership with their global network," said Raymond F. Vennare, Chief Executive Officer of Predictive Oncology. "We now have the ability to impact the most critical stage of early drug discovery in a way that has never been done before." The collaboration will utilize Predictive Oncology's PEDAL technology to evaluate Cancer Research Horizons' pre-clinical drug inhibitors of Glutaminase in order to determine which cancer types and patient populations are most likely to respond to treatment with these compounds. PEDAL is an artificial intelligence and machine learning platform which makes high-confidence drug response predictions enabling a more informed selection of drug-tumor type combinations for clinical development. PEDAL increases the probability of clinical success by efficiently addressing tumor heterogeneity during pre-clinical stages.

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