Hiremii Ltd (ASX:HMI) has brought its AI-powered cloud recruitment platform to the market, addressing what it says is a significant shortcoming in Australia’s manually intensive hiring market.
The technology-driven recruitment service provider has completed the first phase of the commercialisation roadmap for Shortlistmii and is transitioning from product development to welcome customers onto the platform.
This cloud-based platform utilises machine learning and artificial intelligence to remove tedious manual tasks associated with the recruitment, onboarding, pre-vetting and shortlisting of candidates based on specific employer requirements.
Hiremii managing director Andrew Hornby said: “Our team has been working tirelessly to build a best-in-class platform to digitise candidate data using innovative natural language processing.
"The Artificial Intelligence (AI) provides complex candidate-to-job matching and ranking by using accurate semantic matching powered by domain-specific knowledge graphs.
This capability improves on the traditional process of manual candidate database matching that is inefficient and potentially biased.”
Automating recruitment
The recruitment industry in Australia generated revenue of $16.4 billion but had struggled with innovation and change, the company said.
While there had been some advancement in moving the manual candidate flows onto CRM-like Applicant Tracking Systems (ATS), the industry remained very labour intensive as the underlying processes of candidate database building and matching had not been comprehensively automated, it noted.
As a consequence, the recruitment industry is struggling to respond to a tight labour market, a challenge exacerbated by increasing compliance and safety demands. Using AI, Hiremii believes it can disrupt the recruitment market by reducing the manual effort and quickly finding the right candidate for the right role.
Revolutionising the industry
Dr Fedja Hadzic, chief scientist at September AI, a Hiremii partner, said: “We are pleased to be collaborating with Hiremii to design a product that revolutionises the recruitment sector using AI and Machine Learning, and have developed complex knowledge graphs to integrate into the Hiremii platform.
“This technology directly empowers various recruitment processes and people with multidisciplinary knowledge of roles, skills, industry and company relationships. The knowledge graphs reflect dynamic professional network data, making the offer more exhaustive than any other domain expert-built knowledge base.”
Shortlistmii Phase One shortlists and ranks candidates automatically against job scopes defined by the user, thereby improving the current inefficient and potentially biased process of candidate database matching using recruiting-specific semantic machine learning.
Moving forward
In the next phase of development, Hiremii will connect the platform to other data sources to find candidates from larger pools than those sourced through direct selection and job advertisements such as external databases or using clients’ own Applicant Tracking Systems (ATS) and Customer Relationship Management (CRM) system.
Phase 3, meanwhile, will focus on the process of candidate hiring and integrating the interview process, compliance and contracting. Contractor management and payroll services will be integrated off the back of established high-quality and compliant contractor management services currently provided by Hiremii.
The platform will deliver three revenue streams as the phases are rolled out. Using a SaaS model, clients will be able to integrate and use the platform with their own internal ATS or CRM, generating an upfront fee for integration and fee per use of the platform.
On completion of phase 3, clients will be able to outsource their back office to a managed service that can complete the onboarding processes and provide compliant contractor management and payrolling.
“We are delighted to be progressing well to address a significant shortcoming in the recruitment industry using leading edge AI. We are confident that our platform will provide a first-choice solution for recruiters and hiring managers seeking to place the right candidate in the right role,” CEO Hornby said.
To read more about how the Shortlistmii platform can transform the industry, click here.