Leveraging AI to Streamline Recruiting
Manshikha Singh Indian Institute of Management, Sirmaur
The recruitment process is one of the most important aspects of any business. It is the first step in finding the right talent for the job, and it can significantly impact the success or failure of an organization. As the demand for skilled workers continues to grow, companies are turning to technology to help them with the recruitment process, and artificial intelligence (A.I.) is becoming a powerful tool for streamlining recruiting. Artificial Intelligence (A.I.) has become increasingly prevalent in many aspects of our daily lives, and recruiting is no exception. It is helping companies to streamline the recruitment process and to find the most suitable candidates for open positions in a shorter timeframe A I -driven recruiting technology is being used to automate the screening process, identify candidates more quickly, and reduce the amount of paperwork involved in the recruitment process.
AI-driven Recruiting Technology
Artificial intelligence (A.I.) in recruiting technology is becoming increasingly popular and is revolutionizing how businesses attract, hire, and retain talent. Organizations are using AI-driven recruiting technology to streamline and automate the recruiting process, making it more efficient
and cost-effective By leveraging AI-driven tools, businesses can identify potential candidates, better evaluate their skills and qualifications, and even personalize the candidate experience. One of the significant benefits of using AI-driven recruiting technology is that it can improve the efficiency of the hiring process. AI-driven tools can scan through large amounts of data quickly and accurately, allowing recruiters to identify and contact the best candidates for a job soon. AI-driven tools can also reduce the manual effort associated with the recruiting process by automating resume screening, job postings, and candidate outreach. This automation can also reduce the time recruiters spend on mundane tasks and enable them to focus on more strategic activities, such as interviewing and selecting the best candidates
In addition to streamlining the hiring process, AI-driven recruiting technology can also help to improve the quality of candidates recruited. AI-driven tools can analyse a large amount of data and quickly identify the best-suited candidates for the job. This data can include a candidate's experience, skills, qualifications, and personality. AI-driven tools can also assess a candidate's potential
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performance on the job, allowing recruiters to make more informed decisions about which candidates to prioritize. AI-driven recruiting technology can also help to personalize the candidate experience. AI-driven tools can be used to create personalized messages and emails tailored to each candidate and automated conversations and chatbots. This can make the recruitment process more engaging and welcoming for potential candidates and make them feel more valued. AI-driven tools can also track each candidate's journey throughout the recruitment process, providing recruiters with valuable insights into the candidate experience.
Overall, AI-driven recruiting technology is revolutionizing the recruiting process. By leveraging AI-driven tools, businesses can streamline and automate the recruiting process, improve the quality of candidates recruited, and personalize the candidate experience. As AI-driven tools become more sophisticated and advanced, they will continue to significantly impact the recruitment process and how businesses attract and retain talent
AI-based Video Interviews
AI-based video interviews are a great example of companies leveraging A I to save time and money while still getting the essential information they need from potential job candidates. AI-based video interviews involve a candidate answering pre-recorded
questions through a web-based platform. The A I automatically analyses a job applicant's responses, detecting keywords, phrases, and facial expressions that can help the hiring team make better decisions The advantages of AI-based video interviews are plentiful. They are much more efficient than traditional face-to-face interviews, as they can be done anytime, anywhere.
Additionally, they are cost-effective and time-saving, as they can be conducted remotely and don't require traveling or having multiple people in a room.
Moreover, AI-based video interviews can be customized to the job position, allowing the hiring team to ask targeted questions to the candidate. This can be especially helpful for those in the tech industry, as A.I. can detect technical words that the candidate may need to be more familiar with.
However, there are some things that AIbased video interviews could improve. For example, the A.I. may not be able to detect non-verbal cues like body language, which can be important in assessing a candidate's fit for the job. Additionally, AI-based video interviews may lack the personal touch of a face-to-face interview, which can be vital in forming a solid connection with the applicant.
Overall, AI-based video interviews can be a valuable tool for businesses looking to streamline their hiring process. They are cost-effective and efficient and can provide valuable insights into a candidate's
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suitability for the job However, they should be used with traditional face-to-face interviews to ensure a complete applicant assessment.
AI-based Automation
The advancements in technology have allowed us to automate many of our daily tasks One of the most exciting tools in automation is artificial intelligence (A.I.). AI-based automation uses A.I. algorithms and software to automate tasks, allowing machines to carry out activities that humans usually do.
AI-based automation has a wide range of applications. In the manufacturing industry, it can automate some of the more complex and time-consuming tasks, such as quality control and product testing. AIbased automation is also used in the healthcare industry to help diagnose illnesses and monitor patient health. AI-based automation can also help with customer service and marketing, as A.I. algorithms can analyse customer data
and provide customized recommendations
The advantages of AI-based automation are numerous. It can help to reduce human error, increase efficiency, and reduce labour costs. AI-based automation can also help to improve decision-making, as A.I. algorithms can analyse large amounts of data and provide insights that would otherwise be difficult to uncover.
Despite the many benefits of AI-based automation, there are also some potential downsides. For example, A.I. algorithms can be biased and may only sometimes provide the most accurate insights. Additionally, AI-based automation can lead to job losses, as machines can replace humans in specific roles.
Overall, AI-based automation is an exciting and powerful tool that can revolutionize our business. It can help us to automate some of the more time-consuming and challenging tasks while also allowing us to
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Additionally, they are cost-effective and time-saving, as they can be conducted remotely and don't require traveling or having multiple people in a room.
Moreover, AI-based video interviews can be customized to the job position, allowing the hiring team to ask targeted questions to the candidate. This can be especially helpful for those in the tech industry, as A I can detect technical words that the candidate may need to be more familiar with.
Overall, AI-based automation is an exciting and powerful tool that can revolutionize our business. It can help us to automate some of the more time-consuming and challenging tasks while also allowing us to uncover new insights and make better decisions. However, it is essential to remember that AI-based automation can lead to job losses and should be used cautiously.
can be biased and may only sometimes provide the most accurate insights.
Additionally, AI-based automation can lead to job losses, as machines can replace humans in specific roles.
Conclusion
A I plays an increasingly important role in the recruitment process, helping to streamline and identify the best candidates more quickly and accurately. AI-driven recruiting technology is being used to automate the screening process, identify potential candidates more quickly, and reduce the amount of paperwork involved in the recruitment process AI-based video interviews are also becoming increasingly popular in the recruitment process, as they can detect subtle cues that can help recruiters to identify the best candidates for the job. Finally, AI-based automation can automate the recruitment process and reduce the time and resources required to complete the recruitment process.
Organizations that leverage A.I. to streamline their recruitment process can benefit from a more efficient and costeffective recruitment process.
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Analytics & IT: Harnessing The Power Of Data To Drive Business Success
Yuvasuneet Karampudi Institute of Management Technology (IMT), Ghaziabad
Imagine you're a manager at a popular fastfood chain. You want to know which of your menu items are selling the best, where your customers are coming from, and what times of the day are the
busiest. You could ask your employees to take notes or install cameras to track customer traffic, but both options are time-consuming and prone to human error. Instead, you decide to use
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analytics and IT to track this data for you. With the help of analytics, you can easily see which menu items are the most popular, which locations are the busiest, and when customers are most likely to visit your restaurants. You can also use this data to optimize your marketing campaigns, improve customer service, and increase profits.
This is just one example of how businesses of all sizes can use analytics and IT to make data-driven decisions that drive success. This article will explore how analytics and IT can improve business operations and increase profitability.
What are Analytics and IT?
Analytics and IT are two closely related fields essential to modern business operations. Analytics collects, analyzes, and interprets data to gain insights and make better decisions. On the other hand, IT is the technology field that enables data collection, storage, and dissemination Together, these two fields provide the tools and expertise needed to turn raw data into actionable insights that drive business success.
Data Collection and Storage
One of the critical functions of IT is collecting and storing data the sources of this information range from website analytics to social media to client transactions, among others. Data must be stored in a safe, convenient location after gathering it. Databases have a role in this. Databases store and organize large amounts of data, making it easy to retrieve and analyze the information.
MySQL, Oracle, and Microsoft SQL Server are well-known database management systems. IT professionals are responsible for designing and maintaining these databases, ensuring they are secure and optimized for performance.
Data Analysis and Visualization
Once the data is collected and stored, it needs to be analyzed to extract valuable insights. This is where analytics comes in. Analytics tools like Excel, R, and Python process and analyze the data. They also allow you to create charts, graphs, and other visualizations that make it easy to understand and communicate the data. Data analysis can identify patterns and trends in the data, such as which products are most popular, where customers are coming from, and what times of the day are the busiest. By optimizing pricing, enhancing marketing initiatives, and raising consumer happiness, better business decisions may be made using this information.
Real-time Analytics
Real-time analytics is a newer field that allows businesses to make decisions based on updated real-time data. This is particularly useful for businesses that need to make quick decisions, such as ecommerce sites and financial services. With real-time analytics, businesses can see what customers are doing on their websites, allowing them to make adjustments to improve the customer experience.
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Business Intelligence
Businesses can utilize a set of technologies called business intelligence (BI) to collect, analyze, and present data to make better decisions. Interactive dashboards, reports, and other visualizations are made using business intelligence (BI) technologies to make it simple to spot trends and patterns in the data. BI tools are used by many businesses, from small startups to large corporations, to gain insights into their operations and improve performance. Some popular BI tools include Tableau, Power BI, and Looker.
Machine Learning and AI
Artificial intelligence (AI) and machine learning are two cutting-edge technologies used increasingly in analytics and IT. A subfield of AI called "machine learning" enables computers to learn from data without explicitly being programmed. Without human input, the computer can find patterns and forecast the future.
On the other hand, AI is a more expansive field that incorporates machine learning and other technologies like computer vision and natural language processing. AI can automate tasks such as customer service, fraud detection, and image recognition. One example of how machine learning and AI can be used in the business is to create predictive models These models use historical data to predict future events, such as sales or customer behavior. Companies can use these predictions to make better pricing, inventory, and marketing decisions.
Data Governance
Data governance is the policies, procedures, and standards used to manage data collection, storage, and use. This includes ensuring that the data is accurate, complete, and compliant with legal and
regulatory requirements
Data governance is essential for businesses of all sizes because it ensures that data is handled morally and sensibly. This includes protecting personal data, preventing fraud, and ensuring compliance with data protection laws.
How are Analytics & IT beneficial for businesses?
Analytics and IT are essential tools for businesses of all sizes, as they provide the insights and automation needed to optimize operations, improve customer service, and increase profitability Here are some of the main ways that IT and analytics may help businesses:
1 Optimizing Operations: Businesses can use analytics and IT to monitor and analyze their operations, identify improvement areas and make data-driven decisions that increase efficiency and reduce costs. For example, companies can use data analytics to track inventory levels, sales trends, and customer behavior, allowing them to optimize production, pricing, and marketing strategies
2.Improving Customer Service: Analytics and IT can help businesses better understand their customers and provide more personalized service For example, companies can use customer data and analytics to create targeted marketing campaigns, track customer satisfaction, and identify areas for improvement in customer service.
3.Increasing Profitability: By using analytics and IT, businesses can identify new revenue streams and opportunities for growth. For example, businesses can use predictive analytics to spot patterns in sales and consumer behavior, which enables them to decide strategically on things like price
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analytics to spot patterns in sales and consumer behavior, which enables them to decide strategically on things like price, inventory, and product development
4.Enhancing Decision Making: Data and analytics can help businesses make more informed decisions, providing a detailed and accurate picture of what is happening in the market and within the organization. This can be done using tools such as Business Intelligence (BI) to analyze data, identify trends, and track performance.
5.Managing Risk: Analytics and IT can also help businesses to identify and manage risks, such as potential fraud or data breaches. For example, companies can use machine learning algorithms to detect abnormal patterns in financial transactions, alerting them to potential fraud
6.Enhance Compliance: With the increasing number of regulations and laws around data protection, companies need to comply with laws such as GDPR, HIPAA, and SOC2. Analytics and IT can assist companies in keeping track of data and ensuring they comply with regulations. Overall, analytics and IT are essential tools for businesses looking to succeed in today's competitive environment. By using these technologies, companies can gain valuable insights into their operations and customers, making data-driven decisions that drive growth and profitability.
Conclusion
Analytics and IT are essential to modern business operations, providing the tools and expertise needed to turn data into actionable insights Businesses of all sizes can use these technologies to make data-driven decisions that drive success, from data collection and storage to data analysis and visualization. Businesses can optimize their operations, improve customer service, and increase profitability by using analytics and IT.
References
·https://www.investopedia.com/terms/a/ana lytics asphttps://www techopedia com/defi nition/1263/information-technology-it "The Impact of Business Analytics on Organizational Performance" by R. S. Bapat and V. Mishra."The Role of IT in Business Process Reengineering" by M. Hammer and J. Champy."Big Data and Business Analytics: Strategies for Monetizing Social Media" by R. N. Watson, J. A. Boudreau, and L. J. Ramiller."The Impact of Business Intelligence and Analytics on Decision Making" by R S Bapat
·"Predictive Analytics in Business: An Overview" by C M Lewis, J R Salvo, and R S. Bapat. "Business Analytics and Big Data: A Survey" by R S Bapat, V Mishra, and J L Wang.
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“Ignoring technological change in a financial system based upon technology is like a mouse starving to death because someone moved their cheese” (Chris Skinner,2021) FinTech vs Traditional Financial service is a hotly-debated topic that often divides opinion Many of us use services like Paytm, Razorpay, Riskified, and many more which successfully demonstrated the new twists on financial concepts and allowed consumers to have more experience in financial services Firstly, let us look at FinTech and how it is different from traditional financial services FinTech is an amalgamation of Technology and Financial Services. Since the world is constantly advancing owing to technology, this sector cannot be left untouched. Moreover, as the quote states, Banks that adapt to these changes will win out and take the lead, which is why they are investing in transformation. They aren't going to ignore it. Ignoring technological change in a technology-based financial system is like a mouse starving to death because its cheese was moved The mouse is aware that the cheese moves every day, which is why it is always on the lookout for food, and the bank is aware that technology changes daily, which is why they are always monitoring IT In modern India, there are over lakh bank branches, and they thrive in a competitive market Customer loyalty and prosperity have been achieved by banks. Customer experience, however, is far more
important than anything else in today's world. This is where fintech comes in. There are globally more than 1,700 million people who are unbanked yet two- thirds of them own a mobile phone that could help them access financial services (World Bank Group, 2018). FinTech is a new frontier that is assisting individuals in managing their finances and transacting with others while encouraging equal opportunity and exceptional economic growth. The FinTech sector has matured and expanded FinTech is no longer only about start-ups; it also includes a slew of established firms that provide a diverse range of financial services and operate on a worldwide scale. To give a clear example, let us look at Defi DeFi is based on a protocol that runs on a blockchain-powered decentralized infrastructure As a result, programmers create personalized, efficient, and secure financial systems that are accessible to anybody with an internet connection and a device. DeFi eliminates the need for the middlemen such as banks and brokerages and emphasis more on the need to democratize finance by relacing centralized instructions like traditional financial services with direct, peer-to- peer relationships. It is exponentially growing. For instance, there is more than $107.6 billion locked in DeFi In January 2020, that number was $10.67 billion (2022). While there are many benefits to DeFi, there are issues involved too. Some argue that DeFi technology is still in its infancy and has yet to
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FintechVsTraditionalFinance services SrishtiSulhan IndianInstituteofManagement(IIM),Rohtak
be adequately stress-tested at scale over a long period To explain the risks of DeFi further, the DeFi platform recently experienced a significant error in which clients were handed millions of dollars in cryptocurrency by mistake (Sigalos, 2021). Additionally, there is a lack of consumer protection. In the lack of laws and restrictions, DeFi has blossomed However, when things go wrong, users frequently have little or no protection There are no state-run compensation systems for DeFi, and no rules requiring DeFi service providers to maintain financial reserves In addition to this, Users must safeguard the wallets used to store bitcoin assets while using DeFi and cryptocurrencies. Individual private investors and institutional investors that use multi-signature wallets must meet this criterion. This is done via private keys, which are lengthy, unique codes known only to the wallet's owners. If a private investor loses
their key, they will never be able to access their funds again Let’s now look at the solutions for the said issues. DeFi can use data and algorithms to provide speedy decision-making based on open rubrics, exposing the processes behind judgments that are now made behind closed doors in the shadows. Furthermore, it is in dire need of marketers who understand this technology and realizes its potential success For the next problem, DeFi employs distributed ledger technology to record asset transactions, which means that the transactions and their information are recorded in numerous locations at the same time This can be an asset for consumer protection issues as there will multiple proofs about the transactions Furthermore, there can be organizations, or in particular banks, that will store the private keys for people 100% offline, but also keeps them unexposed at all times.
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If people look at the partnership between banks and FinTechs like Banking Circle + SIA, so far, their partnership has proven to be long-lasting This agreement presently permits European financial institutions to make rapid payments in seconds for a maximum value of 100,000 euros per individual transaction every day, all year. In my view, banks and FinTech together can lead the way to the future of financial services as depicted by the example In the banking industry, banks have legacy infrastructure that predates current technology, the regulatory framework forbids risk at the expense of innovation, and clients are seeking more frictionless and tailored experiences. From a finance perspective, Banking infrastructure is difficult to access at best, regulatory compliance issues prohibit open banking from completely commandeering the sector, and the battle
for market share can kill a good solution before it reaches the proper client. To provide a better understanding, let’s look at the example of stablecoins- the place where traditional finance and DeFi meet. The extreme volatility of many cryptocurrencies' market quotations is a significant flaw. Due to the low-risk tolerance of a volatile asset like Bitcoin, Ether, or another cryptocurrency, this might generate friction among DeFi app users To address this, a new type of cryptocurrency known as Stablecoins has arisen, which maintains price parity with a reference asset such as the US Dollar, Euro, Pound Sterling, Gold, and so on. This parity gives investors peace of mind when using DeFi applications, and they can even be used to provide market exposure in the performance chain of assets that aren't on the Blockchain, such as gold, stocks, or ETFs.
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In the final analysis, FinTech has caused a stir in how we perceive financial services now and allowed many people to experience financial services who are unbanked Traditional financial services were successful in gaining people’s loyalty and prosperity but the introduction of FinTech has changed that. One of the prominent examples of FinTech is DeFi which is growing at a rapid rate. It eliminates the need for the middlemen such as banks and brokerages. DeFi, however, is still young and volatile, with a slew of economic, technological, ethical, and public policy challenges to overcome. Although DeFi has the potential to alter global banking, the community of digital asset owners has so far concentrated on speculation, leverage, and producing profits. DeFi's success or failure will ultimately be determined by its ability to deliver on its promise of open-to-all, hightrust, and unprotected (guarded) financial services Users must safeguard the wallets used to store bitcoin assets while using DeFi and cryptocurrencies
References
2021 Edelman Trust Barometer (2021) Edelman.
https://www edelman com/trust/2021-trustbarometer P. (2022, March 24). What Is DeFi? PYMNTS.Com.
https://www.pymnts.com/blockchain/2021/ what-is-defi/ Sigalos, M (2021, October 3) DeFi bug accidentally gives $90 million to users, founder begs them to return it CNBC.
https://www.cnbc.com/2021/10/01/defiprotocol-compound-mistakenly- givesaway-millions-to-users.html World Bank Group. (2018, April 23). Financial Inclusion on the Rise, But Gaps Remain, Global Findex Database Shows. World Bank .
https://www.worldbank.org/en/news/press -release/2018/04/19/financial- inclusion-onthe-rise-but-gaps-remain-global-findexdatabase-shows Padmanabhan, A (2021, November 3).
Explained: How DeFi could one day liberate finance. The Economic Times.
https://economictimes.indiatimes.com/tec h/trendspotting/explained-how- defi-couldone-day-liberatefinance/articleshow/87511218.cms Blaney, B. (2022, April 7). Fintech: Financial Technology Industry Stats for 2022. Tipalti. https://tipalti.com/fintech-stats-for-2022/ Fortunly. (2022, February 11). These Fintech Statistics Show an Industry on the Rise. https://fortunly com/statistics/fintechstatistics/#gref[PI1] [PI1]
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Prescriptive analytics market size to increase by USD 10.68 billion: North America will account for 45% of the market's growth during the forecast period - Technavio
By region, the global prescriptive analytics market is segmented into North America, Europe, APAC, MEA, and South America. North America will account for 45% of the market's growth during the forecast period. The US is a key market for prescriptive analytics in North America Market growth in this region will be faster than the growth of the market in Europe
Gartner Announces Gartner Data & Analytics Summit 2023
What: Gartner Data & Analytics Summit 2023
When: March 20-22, 2023
Where: Orlando, Florida
Details: Data and analytics (D&A) leaders and their teams have shown perseverance, creativity and ingenuity in the face of a disruptive global environment. As companies push to transform and accelerate D&A, leaders must execute purposeful strategies that maximize capabilities, scaling cohesive ecosystems across the organization while using artificial intelligence (AI) to ethically manage data and privacy. The Gartner Data & Analytics Summit 2023 will address the most significant challenges that D&A leaders face in empowering the innovative
