Recruiters Implement AI-Powered Solutions to Ease Processes

FinancialBuzz.com News Commentary

NEW YORK, May 2, 2023 /PRNewswire/ -- Artificial Intelligence (AI) is transforming numerous aspects of business, and human resources (HR) is no exception. With the help of AI, HR departments can optimize recruitment processes, identify top talent, and create a diverse and inclusive workforce. Generally, the first step in talent acquisition is identifying the skills and experience required for a job. AI can assist in this process by analyzing job descriptions and identifying the most relevant skills and qualifications needed for a specific role. This can save HR departments time and resources by streamlining the recruitment process and ensuring that only qualified candidates are considered. AI algorithms can also analyze resumes and job applications, sorting and prioritizing candidates based on their qualifications and experience. One of the most promising applications of AI in talent acquisition is the use of chatbots, which can conduct initial screenings and answer candidate queries, freeing up HR staff to focus on more complex tasks. Overall, the AI in Recruitment market was valued USD 580 Million in 2019, and is estimated to grow at a CAGR of 6.76% during the period of 2020-2025, according to data published by IndustryARC. Professional Diversity Network, Inc. (NASDAQ: IPDN), C3.AI, Inc. (NYSE: AI), Microsoft Corporation (NASDAQ: MSFT), Alibaba Group Holding Limited (NYSE: BABA), Amazon, Inc. (NASDAQ: AMZN)

Additionally, diversity and inclusion are essential in every aspect of business, and HR departments play a crucial role in creating a diverse and inclusive workforce. AI, for example. can help HR departments achieve this goal by reducing unconscious bias in the recruitment process. By analyzing job descriptions and resumes, AI can identify biases and provide suggestions for more inclusive language and criteria. One example of AI utilization in HR is the use of predictive analytics in recruitment. Predictive analytics can help HR departments identify the best candidates for a job by analyzing data from past hires. The algorithm can identify the factors that led to successful hires and apply that knowledge to new recruitment processes. This can significantly improve the quality of new hires and reduce turnover rates.

Professional Diversity Network, Inc. (NASDAQ: IPDN) just announced breaking news regarding, "the acquisition of additional 7% in RemoteMore USA Inc. on April 28, 2023After 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."

Microsoft Corporation (NASDAQ: MSFT) and Epic on April 17th, announced they are expanding their long-standing strategic collaboration to develop and integrate generative AI into healthcare by combining the scale and power of Azure OpenAI Service1 with Epic's industry-leading electronic health record (EHR) software. The collaboration expands the long-standing partnership, which includes enabling organizations to run Epic environments on the Microsoft Azure cloud platform. "A good use of technology simplifies things related to workforce and workflow," said Chero Goswami, chief information officer at UW Health. "Integrating generative AI into some of our daily workflows will increase productivity for many of our providers, allowing them to focus on the clinical duties that truly require their attention."

Alibaba Group Holding Limited (NYSE: BABA) subsidiary Alibaba Cloud unveiled on April 11th, its latest large language model, Tongyi Qianwen. The new AI model will be integrated across Alibaba's various businesses to improve user experience in the near future. The company's customers and developers will have access to the model to create customised AI features in a cost-effective way. "We are at a technological watershed moment driven by generative AI and cloud computing, and businesses across all sectors have started to embrace intelligence transformation to stay ahead of the game," said Daniel Zhang, Chairman and CEO of Alibaba Group and CEO of Alibaba Cloud Intelligence. "As a leading global cloud computing service provider, Alibaba Cloud is committed to making computing and AI services more accessible and inclusive for enterprises and developers, enabling them to uncover more insights, explore new business models for growth, and create more cutting-edge products and services for society."

Amazon, Inc. (NASDAQ: AMZN) subsidiary Amazon Web Services, Inc. and NVIDIA announced on March 21st, a multi-part collaboration focused on building out the world's most scalable, on-demand artificial intelligence (AI) infrastructure optimized for training increasingly complex large language models (LLMs) and developing generative AI applications. "AWS and NVIDIA have collaborated for more than 12 years to deliver large-scale, cost-effective GPU-based solutions on demand for various applications such as AI/ML, graphics, gaming, and HPC," said Adam Selipsky, CEO at AWS. "AWS has unmatched experience delivering GPU-based instances that have pushed the scalability envelope with each successive generation, with many customers scaling machine learning training workloads to more than 10,000 GPUs today. With second-generation EFA, customers will be able to scale their P5 instances to over 20,000 NVIDIA H100 GPUs, bringing supercomputer capabilities on demand to customers ranging from startups to large enterprises."

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