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AI is here. Is your business ready for it?

Why you need AI — and how can your organization be ready for it.

For many of us, artificial intelligence is already part of our daily lives as we turn to Siri and Alexa for updates and chatbots delivering content to customers.

But what about Artificial Intelligence in the business world?

AI leaders expect that the modern workforce will be comfortable working alongside robots by 2020.

AI is a broad term. It refers to a group of technologies that include machine and deep learning, predictive analytics, process automation, speech recognition, biometrics, and natural language processing. These technologies allow businesses to mine data, generate insights, create operational efficiencies, provide stronger experiences, and close the gap between information and action in ways that were never possible before. As such, AI has applications in virtually every industry.

Collaboration between humans and machines can enhance
capabilities, create new job opportunities, and open the door to deeper,
more accurate insights and foresight. But before businesses can see the
benefits of better customer experiences, productivity, and revenue
growth, they must first prepare their organizations for change.

One critical element differentiates AI success from AI failure:
strategy. AI cannot be implemented piecemeal. It must be part of the
organization’s overall business plan, along with aligned resources,
structures, and processes.
How a company prepares its corporate culture for this transformation
is vital to its long-term success. That includes preparing
people by having senior management that understands the benefits of
AI; fostering the right skills, talent, and training; managing change; and
creating an environment with processes that welcome innovation
before, during, and after the transition.

Although 82% of all respondents plan to implement AI-related technologies in the next three years, only 38% say they currently provide employees with reskilling options.

For making AI work the foundations should be right. 
Just one quarter of organizations say they are getting significant impact
from it. But these leading businesses have taken clear, practical steps to get
the results they want. Here are five of their key strategies :
• Dedicate sufficient resources and funding to AI
• Gain senior management support
• Focus on process, not function
• Reskill your teams and foster a learning culture
• Encourage innovation

THE HUMAN FACTOR: KNOW HOW TO EMBRACE CHANGE.

There is an element of psychology that plays a large part in AI implementation, and that means paying attention to the human factor by fostering a culture of innovation and openness to change, with a
primary emphasis on training and development.

It’s critical to understand, however, what training and reskilling mean
in practical terms. “The organizations that invest in training have to be
continually monitoring where the market is, what the competition is
doing, what the new skills and technologies are, and implementing
training programs with that in mind,” says Mark Fox, professor of
industrial engineering at the University of Toronto and one of the pioneers
of AI development. “It’s really more of a ‘monitor and adapt’ situation as
opposed to a wholesale prediction of what’s going to happen 10 or 20 years
down the road.”

POSITIVE BUSINESS OUTCOMES THROUGH AI

While the full impact of AI won’t be felt for some years,
the technology is already having a large positive influence on the
businesses that invest in it heavily, because it allows us to solve problems we have not yet been able to solve.

Succeeding with digital technologies, companies identified as AI leaders are also more likely to be top performers in productivity, profitability, and the ability to adapt to evolving market conditions.

AI can be used for competitive advantage. The return on investment from AI is considerable. AI leaders, top-line impact is more prevalent as AI improves processes, increased revenues, and better customer experiences which are the top three areas of impact.

AI leaders are also consistently more likely to have a range of positive expectations from AI-related technologies, including reallocating human work to more complex activities, improving processes, and transforming products and services.

CONCLUSION

Companies are clearly optimistic about the value AI will bring in the near future. Nearly all survey respondents plan to implement AI related technologies in the next three years, and most are aware that it will transform the workforce. Almost half agree that employees will become comfortable working with robots — a number that shoots up significantly among companies realizing the highest levels of impact from AI.

It’s also important to remember that AI is part of a much bigger
process of re-engineering enterprises. The technologies of AI are completely integrated into the fabric of business, allowing private and
public-sector organizations to transform themselves and society in
profound ways.

With the right pieces in place to align the organization, workforces can not only survive automation but thrive alongside it. And that is the real story behind the headlines.

How AI is redefining the traditional recruitment process.

Artificial Intelligence is impacting a lot of industries and the recruiting industry is no exception.

Artificial Intelligence(AI) for recruiting is an emerging category designed to remove and reduce time consuming activities such as screening resumes, authenticating documents among other tasks involved in talent acquisition.

52% of talent acquisition leaders say the hardest part of recruitment is identifying the right candidates from a large applicant pool.

AI for recruiting is application of Artificial Intelligence, such as learning, pattern detection and problem solving that a computer can do to the recruitment process.

Karv Analytics is developing Fazed.AI which will be combining the AI-powered chatbots, screening software and emotional AI for digitized interview.

1. AI chatbots

AI powered chatbots provide real-time interaction to candidates by asking questions based on the job requirements and providing feedback and updates.

AI-powered chatbots can improve the candidate experience.

2. Intelligent screening software

AI powered screening software learns which candidates moved on to become successful and unsuccessful employees based on their performance, tenure, and turnover rates. Specifically, it also learns what existing employees’ experience, skills, and other qualities are and applies this knowledge to new applicants in order to automatically rank, grade, and shortlist the strongest candidates.

The software can also enrich candidates’ resumes by using public data sources about their prior employers as well as their public social media profiles.

3. Emotional AI

We can see computers allow natural forms of interaction and are becoming more ubiquitous, more capable, and more ingrained in our daily lives.

Affective computing (also referred to as artificial emotional intelligenceor emotional AI), a field that studies systems that can recognize, interpret, process, and simulate human emotions.

Combining the power of Emotional AI with AI Bots the initial screening process becomes more simpler. Fazed.AI will be able to conduct a interview all the while analyzing facial expressions and speech. The recruiter will get manuscripted form of the speech in case of noisy backgrounds. It will assess candidates’ word choices, speech patterns, and facial expressions to assess his or her fit for the role and possibly even the organization and its culture.

This would help the talent acquisition leaders to make a unbiased recruitment decisions and simultaneously increase the speed of recruitment process.

Although artificial intelligence and machine learning are well on the way to lending a helping hand when it comes to solving the problems of human capital management, yet in India recruitment is one of the toughest businesses to do.

Manually screening resumes is still the most time-consuming part of recruiting, especially when 75% to 88% of the resumes received for a role are unqualified.

AI for recruiting represents a boon for recruiters, successfully automate time-consuming, repetitive tasks such as screening resumes or scheduling interviews with candidates and recruiting through automation reduces time-to-hire.

AI will also improve the quality of hire through standardized matching with employer-set requirements. Improving quality of hire lies in its ability to use data to standardize the matching between candidates’ experience, knowledge, and skills and the requirements of the job. This improvement in job matching is predicted to lead to happier, more productive employees who are less likely to turnover.

Early adopter companies using AI-powered recruiting software have seen their cost per screen reduced by 75%, their revenue per employee improve by 4%, and their turnover decrease by 35%.

Machine learning and AI capabilities can also be implemented in reshaping and inarticulate skills from a user based perspective. Users can use Fazed.AIto help in imbibing skills and personality traits required for the particular job. Fazed.AI will provide feedbacks and highlight improvement areas which would be assessed by a recruiter according to the job description.

For example, you are applying for the post of CEO, Fazed.AI will screen your resume, ask questions which would be asked for the position meanwhile analyzing your speech, expressions, and personality. It will provide you with a report highlighting the improvement areas.

This will enable candidates to prepare appropriately for the interviews and be fully skilled according to the job requirements. With this automated intelligence will make a major difference in bringing the unemployment rates.

Challenges of Implementing AI in Recruiting

1. AI requires a lot of data

AI requires a lot of data to learn how to mimic human intelligence accurately.

For example, AI that uses machine learning needs a lot of data to learn how to screen resumes as accurately as a human recruiter. This can mean several hundreds to several thousands of resumes for a specific role.

2. AI can subconsciously learn and make gender biases

AI for recruiting can reduce unconscious bias by ignoring information such as a candidate’s age, gender, and race. However, AI is trained to find patterns in previous behavior.

That means that any human bias that may already be in recruiting process — even if it’s unconscious — can be learned by AI.

Conclusion

All the above factors lead to a common goal, that is to hire top talent for every department and to reduce time for hiring process.

This statement is very true since its your employees skills that will help your firm reach new potentials. Clearly AI is playing a pivotal role in talent acquisition. While there might be a few liabilities it is definitely helping recruiters make better hiring decisions.

Why we need AI in the current iniquitous recruitment?

2019 will bring a new set of recruiting trends that will significantly impact recruiting process. Are you ready to implement these new recruiting trends or will you be left behind?

Hiring managers confess that nearly 50 percent of new employees do not fulfill their job obligations in the first 18 months of employment based on research conducted by Leadership IQ.

Why is the hiring system failing? What are the problem in the traditional hiring system?

1. Resume Screening

Why is the hiring system failing? What are the problem in the traditional hiring system?

1. Resume Screening

With a little embellishment, clever wording, great font, good spelling and grammar, pretty much anyone can look good on a resumé.

Also recruiters aren’t spending much quality time reviewing anybody’s resumé.

Therefore the standard screening process is a two fold flawed process; one that can be easily hacked by using catchy resumé and the other in which the applicant may possess the desired skills an employer wants but the recruiter doesn’t see that and their resumé gets tossed.

2. Balancing speed of hire and quality of hire.

Recruiters face one of their biggest challenges when it comes to balancing the speed of hire with quality of hire. Although you want to recruit a candidate as soon as possible, there is always an urge to get the best talent possible which usually takes time. Increasing the recruitment speed is perhaps one of the hardest tasks for the recruiters.

3. Cost of the hiring process.

Recruitment costs are very often overlooked. Recruiters spend countless number of hours trying to find the perfect candidate for their needs, leading them to go through extensive research on countless number of candidates. This research, however, is not free.

Therefore speed of hiring directly impacts the cost of hiring.

4. Candidate experience

If recruiters are unable to provide superlative candidate experience during the hiring process it can create a bad impact on the overall corporate branding of the organization. Recruiters have to end the hiring process properly with candidates, even if they are rejecting them. If you are not doing that it will have a negative impact on creating a talent pool for the future.

5. Biased hiring decisions.

We are in 2019, but we still see biased outcomes from some companies when they’re recruiting people. Recruiters can have unconsciously biased decisions related to age, gender, ethnicity.

How AI is inevitable in recruiting?

Artificial Intelligence (AI) has taken a strong foothold in recruiting and will likely continue to take over some of the more repetitive aspects of every domain.

AI powered screening software can learn which candidates moved on to become successful and unsuccessful employees based on their performance, tenure, and turnover rates. It also learns what existing employees’ experience, skills, and other qualities are and applies this knowledge to new applicants in order to automatically rank, grade, and shortlist the strongest candidates.

Emotional AI can recognize facial expressions and deduce personality traits will make the traditional interviewing process more transparent. AI will decrease the time of hire and increase the quality of hire and simultaneously decreasing the cost of hiring.

AI controlled feedbacks would bring a positive candidate experience. AI has also been helpful in removing bias and promoting diversity. But it all depends on how we are training the system.

CONCLUSION

It’s 2019. With private companies launching rockets into space and technology recognizing faces, the question is “Why is the current hiring process the same?” There has to be some change in the hiring process; with Fazed.AI employers can bypass the current hiring process and cut the current hiring process at least in half.

Instead of screening hundreds of candidates, interviewing dozens more, and risking not even finding the right candidate, Fazed.AI does that all for you and take the financial and time burden off from the employers.