Artificial intelligence provides huge savings to the recruitment sector:
Deep Data Insight (DDI) is a business that specializes in Artificial Intelligence.
SPOT.LK are a recruitment agency that specialise in precision matching candidates to companies.
The two businesses have partnered together over a revolutionary project that brings great efficiencies to the recruitment sector, and in this article, we look at exactly how this has come about.
Introduction
DDI has built an Artificial Intelligence ‘factory’ that produces bespoke and off-the-shelf solutions for their clients. Their product ‘EDDIE’ uses Intelligent Character Recognition (ICR) to reduce the amount of time spent categorizing and correcting data, whilst their product ‘PERC3PT’ is a system that uses Artificial Intelligence to judge an individual’s psychological make-up across numerous metrics. Both of these products are modular – they can be made to fit a project exactly by adding or removing modules that are either required or unnecessary.
SPOT.LK are a generalist recruiter who represent both employers and candidates. They will take precise briefs from employers, and use AI to match them to candidates; they also work for candidates to match them to their perfect roles. The recruitment sector is traditionally labour intensive and highly competitive; it is getting harder and harder to gain a market advantage.
Challenge
SPOT.LK pride themselves on their great reputation. In such a competitive arena, it is vital to over-deliver to their clients to ensure long-term relationships are garnered. However, SPOT also realised that they needed to make efficiencies that would help them manage their own cost base, and pass savings on to their clients.
Looking across the whole recruitment process, SPOT identified a number of principle challenges that they wanted to address. These were as follows:
1. How to consolidate information about a client that is spread across a number of channels
2. How to reduce candidate churn caused by bad ‘fit’. This could be due to a number of reasons – capability, psychological, cultural etc
3. How to improve ongoing feedback between employee and employer
4. Streamline the interview process into the same system where multiple interviewers can update their feedback on the candidates during the interview itself.
Each of these issues results in increased cost. It could be the time taken to consolidate information, re-recruiting caused by a bad ‘fit’ or additional account management to improve feedback. Thus, any improvements that can be made will result in increased profit for SPOT, or a lower cost solution with the benefits being passed onto the client.
A great example of this would be a system that allows greater and more insightful feedback to unsuccessful candidates. If these candidates are bought into a great system, they are more likely to want to be placed by the recruiter again.
SPOT met with DDI and promptly hired them to come up with an AI solution for these challenges.
