The AI Revolution Unveiled: What’s Really Going On?
03 Aug 2017
By Jack Hobson
Artificial Intelligence. It’s all anyone seems to be talking about, and it’s hitting every industry, market and profession. From the AI algorithms in our everyday lives like our tailored news feeds on Facebook, to the changing technologies companies are investing in to streamline operations, Artificial Intelligent systems are becoming more present.
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75% of CEOs in the U.S. tech industry believe automation and machine learning are likely to replace at least 5% of their manufacturing, technology, sales and marketing workforce by 2019, according to KMPG research.
While CEOs of the Tech Industry are most likely well-versed in how AI works, they also know that today’s AI requires human input to function. Thankfully, the same study shows that more than 50% of these CEOs expect their workforce to grow by at least 6%. Seems a little contradicting right?
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Not so much! Brian Delle Donne of Talent Tech Labs explains it best:
“What it’s revealing is that robots aren’t “taking our jobs,” but may in fact be taking the parts of our jobs that can be automated, making room for the tasks that need a human’s touch to move forward… What this level of automation allows (even in this microenvironment) is for people to spend their time more creatively. Instead of being bogged down with the administration or operation of a task, the team can move into a deeper and more strategic focus on their work.”
Therefore, instead of seeing AI as a replacement of people, let’s view it more as a replacement of roles and duties. An IBM report on Cognitive HR recently revealed that cognitive computing:
54% of HR executives believe that it will affect key roles in the HR organization.
50% of HR Executives recognize that it has the power to transform key dimension in HR
66% of CEOs believe it can drive significant value in HR
Ultimately, the study shows that today’s CEOs and HR execs believe in the power of Artificial Intelligence in Talent Acquisition, but aren’t quite sure how and where to proceed. Finding the sweet spot -- balancing intelligent recruiting software and the human touch -- will have the greatest impact on your organization’s Talent Acquisition functions. This can be done by investing in intelligent recruitment software that works with your people and candidates, not against them.
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For example, consider how one requisition may receive tens, hundreds, even thousands of applications. Yesterday’s traditional applicant tracking systems used set parameters to sort and filter these applications based on key terms. This system was broken as quality talent was disregarded if their applications didn’t match what the system thought to be the most credible to a tee.
Today’s intelligent recruiting software is able to give much more insight into the candidates using contextual analysis and diving deeper into analyzing the channels candidates come from so more attention and resources can be allocated to your highest performing sources of candidates.
Predictive intelligence uses big data algorithms to assess each resume and application and is able to determine the probability in that candidate being selected for an interview.
Fast Fact: Did you know INTELLIGENCE automatically identifies if you will want to interview a candidate or not from the moment an application is submitted?
This predictive intelligence then leads to the talent acquisition software being able to identify up to 33% of those you will want to hire instantly. Because intelligent recruiting can help recruiters come to these conclusions based on historical data and real recruiting results, recruiters can focus on building relationships with candidates by providing a more personalized candidate experience. This all brings us back to what we previously introduced in this discussion: the fact that Artificial Intelligence isn’t necessarily set to replace recruiters, but handle tasks so they can focus on being more strategic, personal and creative in recruitment.
Want to see how INTELLIGENCE can optimize your recruitment process and help your team make smarter hiring decisions that positively impact your workforce in every which way? Sign up to speak with one of our Recruitment Intelligence experts!