‘To Marry or to Keep it Casual’ is a Constant Dilemma Even Today for Many Organisations When it Comes to AI – Ketan Dewan, CEO and Cofounder, Talocity
In an Interview with BW Businessworld, Ketan Dewan, CEO, Talocity talks about Aritificial IntelIigence (AI) and more
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What do you think are the barriers in adopting AI technologies in various sectors in India?
The rise of new technologies has fast become a torch of hope in the world of business. And, Artificial Intelligence is definitely serving as one of the very important beacon of light. In fact, the 2019 CIO survey by Gartner shows that 37% of enterprises around the world have, in some form, implemented Artificial Intelligence. This impressions a rise of 270% of AI implementation over the last four years.
However, while the promise of a formidable AI future is irresistible, there are the AI challenges. Some of the challenges that barricades the various sectors in India from adopting the AI technology include-
Shortage of Data: For a developing country like India, switching to a digital economy is still a struggle. AI needs abundance of clean data with minimum biases. And because of this, scarcity of Data stands as one of the biggest barrier faced in the adoption of AI.
Lack of proof: The demonstration for the provability of AI mechanism is still unclear. The system of AI predictions and its level of statistical accuracy is opaque, and continues to be a neutral ground.
Lack of Readiness: The absence of zeal and enthusiasm to fully embrace AI is also another factor holding back the adoption of AI. Most business organizations lack the readiness for full-fledged AI plan of action.
Talent and culture barriers: Company culture, and lack of talent multiplies hurdles of AI. The absence of AI professionals hugely impact the ability of flourishing the organisation’s data. And, a vague company culture with the unwillingness to risk new technologies result in a slow or nil AI adoption rate.
How AI plays a major role within HR department of the Organisation to support smart people analytics in innovative ways to attract top talent that meet their expectations?
The idea behind the merging of AI and HR department lies in the beneficial outcome of the overall organisation improvement. With the conduct of intellective AI computing, the transformation of the key dimensions of the HR department (such as attracting top talents) is possible.
‘To marry or to keep it casual’ is a constant dilemma even today for many organisations when it comes to AI. However, reflecting upon the flow of the HR departments who are already married and committed to AI clears up the dilemma. Improved workforce experience is among the most celebrated benefit of AI innovation. The automation of Repetitive, Low-Value Tasks has greatly improved the speed of filtering and detecting the best talent the company sincerely require. This has prevented the humans from wasting hours, and has allowed them to invest the time solely for hire-conversion of the right talent tailored for the organisation’s needs.
What are 5 major Trends of AI in HR Industry?
The optimization of business transactions begins with AI automation. Modern business organisations which includes the HR team are consistently looking for new ways to transform the workspace from the traditional mundanity to innovative new-age. Among many, the major 5 trends of AI in the HR industry include-
• Significant improvement of Management cycle: The management of filtering to selecting the candidates, management of workforce mechanism like leave, work from home, etc. are now easier and quicker. To be clearer, the decision making transactions are more convenient and efficient now with AI.
• Better hiring experience: Talent acquisition is an inevitable part of organisations. With AI’s arrival, the hiring time has reduced, the recruitment productivity has increased, and overall, the candidate experience has improved.
• Reduction of organisation biases: AI has led to a neutral, non-biased, office environment. Despite the dedication of inclusivity, humans tend to knowingly or unknowingly cultivate personal preferences. Using AI-based algorithms and psychological tools keep the hiring biases at bay.
• Increased satisfaction, increased efficiency: The implementation of AI helps the employees to function better and achieve a higher work efficiency. AI transforms the conventional platform to a more personal platform making the work more fun and interesting for the employees. This directly impacts the overall growth of the organisation.
• A running start: AI doesn’t just streamline the HR activities but also gives the organisation leverage of a running start. It helps the organisations to achieve their set targets and goals faster. Business grounds don’t have the same playing field, and it’s crucial to do everything to stay ahead in this dog-eat-dog world. AI improves the efficiency and polishes the organisation’s competitiveness.
How can data privacy & security risk be mitigated?
There can be nothing worse than a company’s Data getting breached. Millions of hackers are only increasing on daily basis and data are getting stolen. This only alarms the financial consequences of the organization. However, while the fear of data violation is loud, the funny thing is that organizations don’t do enough to secure it. Here are some of the steps that can be taken to mitigate data privacy and security risk-
• Detection of the existent and substantial threats to the company’s data.
• Scanning and monitoring activities of the company’s data.
• Categorizing and classifying the company’s important data.
• A thorough and constant check on the data activities to keep the risk at bay.
What are common pitfalls companies/ organizations to consider while using AI SOLUTION?
According to Jessica Herrin, the founder and CEO of Stella & Dot, “You have to see failure as the beginning and the middle, but never entertain it as an end.” This sits true for the challenges faced in the implementation of AI solutions as well. While technology is making a huge difference in work organizations, it does require certain level of tracking and training. Here are some of the common pitfalls to consider while adopting AI solutions-
• While hiring AI services or implementing the AI solutions for the organization, one needs to first thoroughly understand the application of AI and how its algorithms are determined.
• AI shouldn’t be viewed as a Band-Aid or a quick-heal. A proper AI set up requires a constant monitoring and maintenance. Even with the best of technology, AI could perform against you and deliver no result if neglected. There should be a sufficient supply of data and regular programming because the lack of it will only lead to sloppy outcome.
• The principle of applying AI should revolve around the optimization and stimulation of the already existing transactions, and not patching or fixing the doomed ones. No argument that AI is a smart solution, but if the vision is backwards, AI is most likely to cause heartbreak than healing. Define the areas that needs acceleration and determine the technology that is best to achieve that.
Tell us more about Technological landscape with Chatbot-agnostic solution
The coming of AI bots has brought about formidable changes in the business arena. Chatbots assist recruiters in decision-making with automated screening and evaluation. The usage of AI-powered chatbots addresses the issues of the users and this saves massive amount of time.
Modern organizations use chatbots for customer assistance to improve the communication mechanism. Chatbot-agnostic solutions adds value to the organizations by analyzing the huge amount of data. AI bots fusions the traits of human and technology to provide the user with information with a personal feel- a digital assistant for realistic experience rather than a robotic one.
Chatbot is an advanced level of technology that ensures cost saving and an improved efficiency. If used the right way, Chatbot-agnostic solutions could take the organization to a whole new level.
Brief us more about Talocity and how it is servicing the HR Industry
Talocity is a team of passionate individuals marching with a grand vision in our hearts. We dream of creating an innovative ecosystem that will blanket the cold employment grievances and enable employment for every willing soul. Talocity believes in recruitment process that is based on System of Intelligence: Recruitment "Out Of a Box".
Being a player in the field of HR industry, we give our best to deliver the sincere most services. Powered with video analytics and artificial intelligence, Talocity religiously storms for new ways to keep innovating the HR industry. We believe we are contributing to the HR industry as a whole by helping our clients’ business grow.
Respecting the clients’ Cost & Time benefits, aiding the clients in running their business, talent discovery and recruitment, are among many, some of the HR solutions we take pride in.
One of our major focus also lies in bringing about a digital renovation in the management of human resource: Touchless Hiring. We engage with business organisations to help them zoom close the important matters, and transform them with innovative winning technologies. Talocity provides a digital recruitment platform where you get to view & hire rather than interview & hire.
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