Before finding HireAlchemy, Arjun Pratap worked in the music sector, e-learning and the content delivery space. He admitted to having no HR background. In October 2013, he helped firms with quick talent acquisition with an automated and artificial intelligence (AI). Today HireAlchecmy is an active part of the recruitment process for multinational firms like HCL, Dell, Wipro, Microland etc.
HireAlchemy reads the complete job description thoroughly and creates the right query automatically. Once the matches are available the platform further reads the resumes. The ranking and scoring of resumes are available on the basis of parameters that matches.
With these scores, the recruiters question the candidates about the missing parameters. Finally, the e-mails are shoot out automatically to the candidates by the platform. The tracking of e-mail is there to know the interests of the shortlist candidates. If the mail is ignored or unopened, the recruiter can understand the candidate is not interested in the job. The process will also be available on the phone soon, to know the interest of the candidates.
About 85-90 percent of the revenue is due to the internal resource management tool. For a multinational company, it takes almost 15-16 days on an average to allocate any resource internally. Due to this delay, the companies lose almost $800,000 -1.5 million.
HireAlchemy reads the data of the employees like certification, roles, skill training information, work experience summary, achieved targets and appraisal summaries to find the right match internally. The product helps to allocate resources in 8-9 days, saving millions of dollar. This data also helps the platform to predict the trends to hire not only for job portals but also for internal clients.
The customers have to pay on the basis of the number of job descriptions and profiles that were scanned. According to the founder, monthly scanning of around 40,000 – 50,000 job description and 1,500 – 20,000 profiles are done by the platform. For internal resource allocation, the number multiples to 20,000 job descriptions and 150,000 profile scans.
The average ticket size of the firm, according to the founder is between $200,000 and $500,000. In the coming six years, the start-up is looking to kick start its operations in Canada, London, and Silicon Valley.
AI in India
AI seems to be the hot topic in Silicon Valley. In 2020, AI is expecting to become a $5.05 billion market. Maybe this is the reason for Indian start-ups like HyperVerge and SnapShopper to move to the Valley.
The Bottom Line
India still needs to understand that the core of AI is imitating human intelligence alongside intuition. Shifting data to automate tasks is just plain automation and not AI. India is not behind when compared to Google or IBM. TCS with its Ignio, Wipro with its computing system Holmes and Infosys with AiKiDo project bring India into the race.