Companies Seek to Promote Diversity with AI-Powered Recruitment

FinancialBuzz.com News Commentary

NEW YORK, May 5, 2023 /PRNewswire/ -- Artificial intelligence (AI) is changing the way we live and work in unprecedented ways. Recent developments in AI technologies are making it possible for machines to learn and interact with the world. Furthermore, as the technology continues to evolve, it has the potential to transform various aspects of our lives, from healthcare and education to finance and transportation. Currently, AI can perform a wide range of tasks as algorithms can now detect patterns in large datasets, recognize speech and images, and understand natural language. AI systems can also perform complex assignments like playing games, composing music, and generating realistic images and videos. Recent advancements in AI have made it possible for machines to learn from experience and improve their performance over time. This is known as machine learning, and it is a key component of many AI applications today. Machine learning algorithms can be trained on large datasets to recognize patterns and make predictions about future events. This has led to breakthroughs in areas like natural language processing, image recognition, and predictive analytics. Professional Diversity Network, Inc. (NASDAQ: IPDN), SoundHound AI, Inc. (NASDAQ: SOUN), Guardforce AI Co., Limited (NASDAQ: GFAI), IonQ, Inc. (NYSE: IONQ), Palantir Technologies Inc. (NYSE: PLTR)

The impact of AI on corporations and the economy is already significant and is likely to become even more so in the near future. AI has the potential to streamline operations, increase efficiency, and reduce costs for businesses of all sizes. For example, AI-powered chatbots can handle customer service inquiries 24/7, freeing up human customer service representatives to focus on more complex tasks. AI is also creating new opportunities for innovation and entrepreneurship, as entrepreneurs and startups develop new AI-powered products and services. This is leading to the creation of new jobs and industries, which could help to stimulate economic growth and drive further innovation. In addition, AI also has the potential to be a powerful tool for promoting diversity and inclusion in the workplace. AI can help companies to identify and eliminate bias in their recruitment and hiring processes, which can help to diversify the workforce. For example, AI-powered recruitment tools can analyze job postings and suggest changes to make them more inclusive. AI algorithms can also analyze resumes and identify qualified candidates who might otherwise be overlooked due to biases in the recruitment process.

Professional Diversity Network, Inc. (NASDAQ: IPDN) announced earlier this 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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SoundHound AI, Inc. (NASDAQ: SOUN) announced recently that its SoundHound for Restaurants voice AI technology is available for integration with Oracle MICROS Simphony Point-of-Sale (POS) for Restaurants. SoundHound for Restaurants' Smart Ordering voice AI integrates quickly and seamlessly with Oracle MICROS Simphony POS to help any restaurant to accept voice orders from customers over the phone, via menu kiosk, or at the drive-thru, and transmit them directly to the platform. SoundHound's sophisticated voice technology intelligently learns a restaurant's menu and can answer questions, accept modifications, and even upsell – helping restaurant staff maximize the number of orders they can process with greater speed and efficiency.

Guardforce AI Co., Limited (NASDAQ: GFAI) reported back in February it has signed an Artificial Intelligence of Things (AIoT) Robot Advertising (RA) contract with a local government office in Macau to promote shows, exhibitions, and forums on approximately 165 of Guardforce AI's robots for a total period of 20 weeks. The AIoT RA model enables advertisers to publish advertisements on Guardforce AI's robots and make more informed marketing decisions with data feedback from the Guardforce AI Intelligent Cloud Platform (GFAI ICP). Through the AIoT RA services, Guardforce AI has transformed its omnipresent robots into intermediaries that connect customers and advertisers under numerous service scenarios.

IonQ, Inc. (NYSE: IONQ) announced recently an efficient and reliable design as a critical first step in the application of quantum computing to Monte Carlo methods. The first-of-its-kind state preparation technique is scalable and has been demonstrated on IonQ hardware for up to 20 qubits. The achievement may not only benefit financial institutions in tasks like portfolio management, but also other industries including science and engineering, where Monte Carlo algorithms are used. "The Fidelity Center for Applied Technology team were early believers in the power of quantum to reshape the field of finance, and we are pleased to announce the development of a first-of-its-kind state preparation technique with them," said Peter Chapman, CEO, IonQ. "In finance, accuracy and speed can mean the difference between profit or loss. We believe this technique can provide financial institutions a tool they need to integrate quantum into their workflow and explore novel ways to inform portfolio engineering, retirement planning, and risk management in even the most complex of scenarios."

Palantir Technologies Inc. (NYSE: PLTR) announced last year that it had been recognized as a Leader in artificial intelligence and machine learning (AI/ML) software platforms by renowned research and advisory firm Forrester. Palantir was among the select companies that Forrester invited to participate in "The Forrester Wave™: AI/ML Platforms, Q3 2022" report. Palantir was cited as a Leader in this research. Palantir's Foundry operating system received the highest possible scores in the product vision, performance, market approach, and applications criteria. As stated in the report, "Palantir Technologies forges a resilient platform for complex, critical AI use cases. Reference customers appreciate the breadth of capabilities within the platform, particularly for the security and governance of ML which is critical in many environments. Palantir is a solid choice for companies who have heavy data requirements and want to mix classical ML techniques with deep learning ML techniques to build complex AI solutions."

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