Major Organizations Incorporate Diversity and Inclusivity Practices

FinancialBuzz.com News Commentary

NEW YORK, May 3, 2023 /PRNewswire/ -- Diversity, inclusion, and equity have become critical buzzwords in the contemporary workplace. As companies become more global and complex, diverse teams must leverage different backgrounds, cultures, and perspectives to drive innovation and improve business outcomes. Numerous companies have already recognized the importance of diversity, inclusion, and equity and are adjusting their human resources policies and practices to reflect these values. For example, many corporations have revised their hiring processes to eliminate unconscious biases and increase the representation of underrepresented groups in their workforce. Others have implemented training programs to educate employees about diversity, inclusion, and equity and create awareness of different cultural perspectives and sensitivities. One prominent example of a corporation that has taken significant steps to promote diversity and inclusion is Microsoft. In its most recent Diversity & Inclusion Report the tech giant revealed that for the first time, women now make up more than 30% of Microsoft's core workforce worldwide at 30.7%, up 1.0 percentage point since last year. Since 2018, representation of women has grown at least 1.0 percentage point every year. Professional Diversity Network, Inc. (NASDAQ: IPDN), C3.AI, Inc. (NYSE: AI), BigBear.ai Holdings, Inc. (NYSE: BBAI), Palantir Technologies Inc. (NYSE: PLTR), CXApp Inc. (NASDAQ: CXAI)

Various technological innovation can also play a role in helping businesses achieve their diversity and inclusivity goals. For example, Artificial intelligence (AI) powered tools can help identify and mitigate unconscious biases in recruitment and performance evaluation processes, which can lead to more diverse and equitable outcomes. AI algorithms can also analyze job descriptions and suggest alternative wording that appeals to a broader range of candidates and reduces gender or racial biases. Similarly, AI can monitor hiring decisions to detect any patterns of bias or discrimination and recommend adjustments to improve diversity and inclusion. Overall, the AI Recruitment market was valued USD 610.3 Million in 2021 and is estimated to grow to USD 890.51 Million by 2028, with a compound annual growth rate (CAGR) of approximately 6.5% during the forecast period, according to date by Facts and Factors.

Professional Diversity Network, Inc. (NASDAQ: IPDN) announced yesterday 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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C3.AI, Inc. (NYSE: AI), the Enterprise AI application software company, announced on February 21st, an expansion of their Strategic Collaboration Agreement (SCA) with Amazon Web Services, Inc. (AWS) to deliver artificial intelligence (AI) solutions designed to solve customers' critical business challenges across a variety of industries, including defense and intelligence as well as state and local government. Under the expanded SCA, C3 AI will integrate C3 AI applications, such as C3 AI Law Enforcement, with AWS services including Amazon Comprehend, and co-sell the C3 AI Platform and applications with AWS. "C3 AI and AWS have been extremely engaged to develop a solution that is accessible to local government agencies of any size who are dealing with the same challenges that we are," said Kimberly Honciano, Director of Technology Services at the San Mateo County Sheriff's Office. "We are excited about what we've seen so far because it will not only eliminate data siloes and improve case efficiency, but also unlock enterprise analytics in a way that wasn't possible for us before."

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.

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."

CXApp Inc. (NASDAQ: CXAI) is a technology workplace experience SaaS platform targeting the emerging hybrid workplace market to provide enhanced experiences across people, places, and things. The CXApp solution suite includes an enterprise employee application, indoor mapping, on-device positioning, augmented reality technologies and an AI-based analytics platform providing a full-stack software solution for enterprises. Khurram Sheikh, Chairman and CEO, CXApp, explained, "CXApp is a 'category-maker' company that has developed the most engaging application for the hybrid workplace market – in reality, this is the Workplace SuperApp with over 150 native features and 100+ API integrations. We are excited about the intersection of customer experience (CX) and connected intelligence (AI) that our platform enables and I look forward to sharing the unique opportunities for innovation in this industry defining sector at TiEcon 2023."

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