As we enter the age of robotics and Artificial Intelligence let’s get prepared to encounter innovations, disruptions and new business models very similar to what happened when the internet caught fancy and lead to creation of a totally different way of doing things.
Chatbot market which would be part of the overall Artificial Intelligence business which was US$ 113 Mn in 2015 is projected to grow at a CAGR of 27.8% to US$ 994.5 Mn. Cognitive Computing is expected to grow even faster at a CAGR of 49.9% to a global revenue close to US$ 1 billion in 2025.*Transparencymarketresearch.com
APAC region will be the 2nd largest Geography after North America to consume these products and services based on them.
Human resources departments will need to change and bring about efficiencies based on these new technology innovations. An immediate function which will get impacted will be the recruitment and staffing which probably is the most transaction heavy, cost impacting function within a typical Human Resources department.
With introduction of machine learning based search tool and chat bots, the ability of a recruiter to go through large databases and identify the correct talent in terms of experience and skills has become easier, faster and cheaper. There is now no need to build complex Boolean syntax which in the past would be show stoppers for recruiters to reach the right resume even if the resume was present in the database that was being searched. There are other advantages as well
- Since it is based on machine learning, every search and shortlist gets the machine to learn better and re configure the search to attract resumes more closer to the job description. This standardizes the output from sourcing point of view, a rather common bane of the recruitment function at present. It also works when a candidate is on the lookout for a suitable opportunity. For any individual browsing a career site at present would be no less than a nightmare with plethora of jobs and not knowing where he would fit in the best. With contextual search tools, he can get to see which jobs he will rank best based on his skills and experience. Additional introduction of chatbots can screen and remove mismatches through screening questions or suggest courses which will bridge the gap in skills.
- What would you think is the efficiency of the world's best recruiter to scan the entire database of resumes and come up with matches with a high degree of match? The machine learning tools on the other hand can search millions of resumes in a fraction of minutes and give us with results with high probability of match. Hence the future of Recruitment closures may not be measured in days but in terms of hours! Hiring from campus and recruitment events, the turnaround time can be drastically reduced with these machine based tools.
- Standardization of output leads a better selection ratio for interview and this would lead to a strong buy in from hiring managers who would start relying on the recruiter even more. From a recruiter point of view this certainly negates the negative perception a hiring manager typically has towards this function.
- Reduction in cost - it helps to leverage the internal and ATS databases even better apart from external databases and hence impacts the cost to source positively and also due to better throughput in the interview pipeline helps reduce operational costs even further. Cost can also be bought down with more internal candidates being identified and relevant skill training being provided.
- The Use of Bots for screening candidates and scheduling interviews is showing a positive trend. Algorithm are available for asking certain hygiene check questions directly with candidates which help in further qualification for the role and interviews are getting scheduled based on availability of candidate and interview panel.
- Most of the products now available are being offered as a SAAS (Solution as a Service). These are cloud based services with an option to pay as per usage. The flexibility allows such tools to be used within ATS as well as outside of the ATS and is customized as per need. With strong focus on data protection and security these platforms are becoming increasingly reliable to use.
Overall there is now a global trend to look at Artificial Intelligence products and platforms more positively and the acceptance is now increasing. By all indications Artificial Intelligence is moving rapidly into the realm of everyday business.