What AI tools should you expect in a VMS?
Managing talent is an increasingly expensive and time-consuming process. Since the pandemic there has been a shift in the talent industry from full time employment to flexible and contingent work. This has put more pressure than ever on hiring managers and the stakeholders of the business processes used to manage vendor relationships. This is also true of the technology platforms that these stakeholders use to manage their talent.
Luckily, vendor management software has caught up with the times. Rather than relying on human input, the computer software can now leverage AI and machine learning to automate data analysis and talent management processes. But if you are looking to move your talent management onto a vendor management solution or if you are just looking to update your VMS, what AI tools should you expect from it?
Technology in the talent industry
Technology in the talent workforce management industry is constantly evolving. Existing systems and existing processes are becoming increasingly outdated in the changing talent market. New advances blend with new demands from the market to ensure that new innovations are constantly erupting. Indeed, the latest of these that has hit the talent industry is the use of artificial intelligence in vendor management.
Rather than relying on human input for data management, it means that artificial intelligence can use natural language processing, crunch data and make predictive decisions on behalf of hiring managers. This allows for not only the shortlisting and curation of talent but also control over candidate engagement, reducing the need for human interaction in the application process. In this article we examine Vendor Management Systems AI innovations and the impact they are having.
While this market was estimated to be worth $1.75 billion in 2017, it is expected to grow to at least $3.1 billion by 2025 and may even go beyond that as the global pandemic has shifted how and where we work.
It’s hard to argue that AI is the next big thing in the talent industry; but what level of impact has it had so far? And in what areas does it still have room to explode?