Private Sector Expects to Lose Control of AI Governance Within Five Years, Says New Study

For years, the biggest challenge in the recruiting industry has been manually testing applicants, thankfully Artificial Intelligence (AI) is now a reality. AI for recruitment has been a rapidly evolving platform for HR professionals. The days of reading CVs and covering letters then holding interviews will give way to AI-led candidate assessment. Jobseekers will be sifted by algorithms and face exercises that test everything from problem-solving skills and creativity to how they respond to stress. It empowers HR professionals to reach the right candidate in the least possible time with low-cost inclusion. In a recent study, 52% of talent acquisition leaders say the hardest part of recruitment is identifying the right candidates from a large applicant pool. According to a survey of talent acquisition leaders, 56% say their hiring volume will increase this year, but 66% of recruiting teams will either stay the same size or contract. This means that recruiters are being tasked to do more with less. If you are a business leader looking to hire or recruitment manager of a firm on the lookout for new employees, then you should consider the fast-rising employment solutions that provide AI-enhanced recruitment to clients. It is crucial for any growing company and business to not merely hire employees, but rather to recruit the most qualified and suitable employee for the vacant position. In the modern business climate, he always wins who starts first as very soon HR in India will be a reincarnated industry and so to keep up with advancements HR professionals should gear up with AI technologies. It’s a technological revolution so it’s mandatory to start early and reap its real benefits. There are several benefits that differ from AI-enhanced HR solutions from traditional ones. The first and prior is that it saves time. Manually screening resumes is a daunting task in the hiring process, but not if you are using an AI-enabled recruitment strategy. AI is becoming the backbone of the industry for companies that need to recruit thousands of employees in a short time. The only thing left for the recruiter is to provide the AI with a database to work on and to check the final list of the candidates before the AI sends out emails for an interview. The AI-based recruitment system is evolving at a very fast pace, Mr. Kunal Gupta, MD, Mount Talent Consulting Pvt. Ltd., said…. “A recruitment system based on artificial intelligence is capable of screening candidates in a more systematic way while looking out for a particular set of skills without any human intervention and it is quite amazing. It has algorithmic power to conclude the performance of job applicants. It can even track online interviews on a time basis. If an applicant finds difficulties in any kind of topic, then AI will ask similar questions, again and again, to check how the applicant reacts in pressure” he said. Kunal noted that with AI, the only thing you have to do is provide the system with certain input or parameters and database and it will deliver the best possible solution. AI recruiting systems are designed to tremendously improve recruiter's efficiency and workflow. The best part about recruitment through an automated system is that not only does it save time, but you also won't miss any talented candidates. The system’s efficiency ensures the most talented candidates are among the first ones sent invitations for an interview. Today’s business leaders are always looking for improved quality of hiring and so there is tremendous work pressure on recruiters to match and hire the candidates who can meet the management expectations. AI optimized hiring will help you improve your hiring process saving you a lot of your time, money and mos”t importantly getting the right hires. Employing technological solutions and replacing manual jobs are mostly the cost-saving tactic which goes the same with the recruitment sector. AI recruitment software is designed in a way that automatically targets the potential employee and most capable job seekers, delivering better and faster solutions at a low cost. Additionally, all these factors, benefits, efficient processes and solutions that AI delivers have an effect on reducing your cost per hire. You only have to invest in the AI system once unlike the recurring costs of recruitment agencies that charge you for the employee per hire. Although there are many challenges to leveraging AI's full potential. First is competence, as the AI ecosystem, like its most important subfield, machine learning (ML), is still very small. It's difficult to find and hire good talent. The simple way to solve it out is to hire an agency which has highly skilled professional familiar with AI technologies to give your HR team the AI training on fixed intervals. Non-adoption is another major risk. Any challenge in the world, and especially in business, is an opportunity for AI. Adopting Artificial Intelligence will require patience and a willingness to learn, and will be complex and lengthy, so firms need to start now. To conclude, AI being in the early stages is already doing wonders in the process of finding and hiring the best talent. Between the ongoing development of AI to recruit applications and the understandable lag in implementation at this early stage, many of the features that AI can bring to the recruitment process are still to be completely implemented. Still, we can talk with confidence and aware HR professionals about what AI can, and in some cases, already do, do for recruiters.

A lack of accountability within the private sector will lead to governments taking over responsibility for AI regulation over the next five years, according to new research by Pegasystems Inc. (NASDAQ: PEGA), the software company that crushes business complexity. The global study, conducted by research firm iResearch, surveyed 1350 C-level executives across seven different industries in 12 countries to examine how growing technology trends such as artificial intelligence (AI) governance, hyperautomation, extended reality (XR), extended edge, and distributed cloud will evolve over the next five years.

The research identified a growing need for business leaders to take stronger accountability for the governance, integration, innovation, and adoption of emerging technologies so they can better enact change within their organizations. Key findings from the study included:

The public sector is poised to fill the AI governance gap: Three quarters (65%) of respondents feel the current level of external AI governance isn’t sufficient to manage its explosive growth. However, over a quarter (27%) report they have no designated AI governance leader and only 25% are managing a formal policy at the C-suite level. So who will fill the AI governance leadership void – the public or private sector? Though the vast majority (78%) of respondents prefer full or equally shared responsibility for regulation, the numbers flip when asked about expectations for five years out, when 75% expect the government will be largely or fully responsible for governance, which is clearly far from what respondents feel is the most appropriate balance. Whatever the future actually brings, the stakes are high: more than half (53%) are concerned that external and/or government regulation will stifle their innovation.

Successful integration will be key to the dawn of the age of hyperautomation: More than half (52%) of respondents say the pandemic has forced them to identify more opportunities to infuse automation into their businesses. This is particularly true in areas like workflow and case management – typical areas where companies focus their efforts to reduce costs and increase efficiencies in difficult times.

However, the study suggests that this shift to hyperautomation is more than just a short-term measure borne out of necessity; today, only 32% see hyperautomation helping their business improve workflow and case management, but this number almost doubles to 61% when asked to look five years ahead. Meanwhile, in supply and distribution chains, only 26% see a current hyperautomation impact – a figure that stretches to 64% when respondents were asked to estimate its impact in five years’ time.

For hyperautomation to become a reality, concerns around integration must be addressed. Fifty-eight percent of respondents cite integration with existing legacy systems as the biggest automation challenge, while 40% point to compatibility with third-party technologies as their biggest concern.

Extended Reality (XR) will add new dimensions to customer experiences… eventually: Though XR is one of the biggest emerging technology trends for consumers, just 35% of business leaders said XR is currently changing the way the industry is providing customer experience. However, the picture could look very different in five years, when 30% of respondents say XR will become essential to customer engagement and over half (52%) believe XR will eventually become a competitive differentiator.

Distributed cloud and extended edge will maximize application effectiveness – provided the technology infrastructure matures around it: Seventy-three percent of respondents said remote and mobile work trends have made cloud deployments a high priority, while more than half (51%) said mobile and remote fuctionality will continue to be one of several drivers for extended edge technology adoption. But to achieve their full potential, the cloud and extended edge will need some help: 41% of respondents say maturation of AI, automation, and machine learning are necessary to achieve deeper success. Today, only 22% rated their distributed cloud technology as ‘intelligent’ or ‘mature’, while 18% of respondents said the same of extended edge technology, demonstrating the extent of the challenge ahead.

Quotes & Commentary:

“If you want a real competitive advantage, you have to take an active, deliberate approach to adopting new digital technology — now,” said Don Schuerman, CTO & vice president, product strategy & market, Pegasystems. “Technology keeps advancing and is not going to slow down for organizations to catch up. Business leaders who are willing to embrace emerging technologies including AI, XR, extended edge, hyperautomation and distributed cloud will be the most likely to come out on top over the next five years.”