Artificial intelligence is the hot topic of 2017 that began its trend long before 2016, but has seen an explosion recently. Before, it was just among the topics of futurists and their suppositions of what would happen and how it would integrate with the industry. Now, however, A.I. is here and we are faced with it as being a part of our business work flow. Fight it or embrace it, it’s not really a choice, but part of the world we live and work in.
This presents a huge shift in a plethora of industries, globally. The effect will change things drastically for some, others, not as much. Whatever the range of impact, AI will in some way touch every industry worldwide.
This is what leads us to the term, “disruptive innovation.” Coined in 1995, disruptive innovation is the process of developing new products or services to replace existing technologies and gain a competitive advantage. It is a relatively new term for a rather age-old occurrence.
An example of disruptive innovation is the mass production of automobiles by Ford in the early part of the 20th century. A shift took place that impacted everyone. The change was drastic in so many ways, effecting people from farmers to bankers, and everyone in between.
Efficiency driven, these innovations seem a double-edged sword in that they greatly improve productivity, but in doing so, can potentially lead to putting people out of work. This has weighed heavily upon the minds of many.
Artificial Intelligence (A.I.), is defined by the Oxford Dictionary as “The theory and development of computer systems able to perform tasks normally requiring human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages.”
A Bloomberg article, Why people still matter in the A.I. age, addresses this A.I. disruptive innovation, while reassuring us that there is still a very valid place for humans in the workforce. It assures us that there is no substitute for human thought, “These systems don’t think or come up with ideas or tell you what sort of business change to implement,” says Rackspace CTO, John Engates. “They are simply powerful tools that can lead to better services and increased productivity.” The article stresses that machines will compliment, not compete with our skills as humans. They emphasize that, “…for many occupations, cognitive computing systems will lead to increased output, quality and innovation. And this increased productivity should lead to more and better job opportunities.”
This brings us to the recruitment industry. We see the impact first hand, not only in our own increased efficiencies and potential job loss – but because we are in the industry of placing people into job openings. For the intents and purposes of this article, let’s focus on our own efficiencies.
In the staffing, recruiting and talent acquisition industry, this is a big deal. Being able to understand and potentially learn the language on the millions of CVs and resumes out there – and not only understand the various languages, but the meaning behind the written word in interpreting skills and skill level of potential candidates. “Ever since computers have been applied to processing data for hundreds of thousands of candidates, the problem of finding particular candidates on the basis of their skills, knowledge and experience has been of primary concern,” says Steve Finch, DaXtra Technologies CTO.
As a recruiter, you may initially find A.I. intimidating and a threat to your existing job. This is where you’re wrong. There are many distinct technologies that can help us get a little closer to finding what we want more accurately, faster and with less learning required. DaXtra Parser is a one of these technologies used to complete mundane tasks resulting in the best and most qualified candidates. This highly accurate, multilingual parser is used to enhance your CV searching, matching, analytics and reporting. DaXtra Parser extracts rich information in more languages and more accurately than any other CV parsing software or resume parser in the world. With support for any CV and vacancy styles and layouts, including social media profiles; plus coverage for multiple regions (including all European, most Eastern European and many Asian languages and dialects), DaXtra provides the most comprehensive and accurate resume parsing solutions available.
As a decision maker or executive in the recruitment industry, this is of major importance when you are thinking of the bottom line, as functions of this capability are able to increase efficiencies exponentially. An almost inescapable decision, when considering investing in “tools of the trade,” this technology is definitely worth consideration.
By M. Christine Watson, Global Marketing Director, Daxtra Technologies