Market Intelligence: Design and execute data-driven sourcing strategies with the power of AI
This guide explores how AI-driven market intelligence can help you transform critical market insights into actionable strategies that optimize recruiting outcomes.
The expansion of AI-powered market intelligence into talent acquisition and recruiting shows no signs of slowing down and is poised to transform the entire recruiting industry. Experts are predicting AI technology will continue to grow in the recruiting industry and expect it to reach nearly $223 million by 2026. What is driving this technological transformation? Several things actually. But before we go down that road, let’s discuss what AI-powered market intelligence is and how it is used.
AI is everywhere
It’s no secret that AI technology in general has seen huge growth in recent years and has had a major influence on the business landscape for many industries. So big, in fact, that global business consulting and finance giant Price Waterhouse Coopers (PwC) estimates that AI technology could add as much as $15.7 trillion to the global economy by 2030. From revolutionizing healthcare to autonomous vehicles, AI technology is impacting just about every industry out there and changing the way we work, live, and how we do business. But it’s important to note that the way different industries use AI technology is well – different. For this discussion, we’ll be exploring AI-powered Market Intelligence, its application in the recruiting and talent acquisition industry, and how to use it to optimize recruiting outcomes.
So, what is AI-powered market intelligence? And why is it experiencing such a surge in popularity in recruiting?
AI-powered Market Intelligence defined
You might describe AI-powered market intelligence as market research on steroids. Because, while market research is a critical element to the whole picture, it’s the advanced AI technology powering the market research that drive its value. But market research on its own is focused on gathering data on a specific target population and providing insights into the overall market trends.
Whereas AI-powered market intelligence is advanced technology that combines AI with market research to provide real-time insights into the competitive landscape of an industry or role. Leveraging AI algorithms, AI-powered market intelligence analyzes large amounts of data quickly and accurately helping organizations better understand the overall talent landscape, market conditions and other area-specific situations that may be relevant to their talent search. It goes a step further by combining automated data collection and analysis with natural language processing and machine learning to provide recruiters with the most accurate and up-to-date talent profiles available.
Benefits of adding an AI-Powered Market Intelligence tool to your recruiting strategy
It’s certainly easy to see why real-time insights into your particular competitive landscape would be beneficial. But there are a multitude of additional benefits to be had by incorporating an AI-powered market intelligence tool into your overall recruiting and talent acquisition strategy.
Before we expand on the benefits, let’s take a look at the some of the challenges recruiting firms and hiring teams face in today’s talent acquisition ecosphere.
- Manual candidate research and review is time-consuming and inefficient
- Sourcing relevant candidates for niche, hard to fill roles takes too long
- Longer submissions times increase costs
- Recruiters don’t always have enough data to make strategic decisions
- High churn rate due to incompatible hires.
These are just a few of the challenges recruiters must overcome to successfully source and fill roles. This is where the right AI sourcing technology can be a game changer with all of the above hurdles minimized or eliminated. However, it’s important to note that not all AI sourcing platforms are created equally. So, the operative word here is – right. With an AI sourcing tool such as Arya, you don’t just get a sourcing tool. You get those critical market intelligence insights on every job using predictive analytics to drive better decision making.
But when you have a tool like Arya, one that includes AI-powered market intelligence as well as other value-added features including Talent Scoring and Ranking, the benefits are tangible and enable organizations to:
- Refine and optimize talent searches – Using predictive analytics and data on key elements including compensation, location, skill set distribution, company mapping and education, you can now design and execute more realistic, effective searches based on actual data, saving time and money.
For example, if the role you’re sourcing for is in a location where the average salary is substantially higher than the client is offering, market intelligence equips you with the data to adjust your sourcing strategy and to support your recommendations back to the client.
- Rapid access to compatible candidates – Discovering and engaging the talent most suitable for the job faster than the competition is critical in today’s job market. Not just to scoop up the best talent, but to reduce your screening costs. One study found that AI-powered market intelligence reduced candidate screening costs by 75% per screen.The market intelligence in a platform like Arya, screens candidates using more than 300 attributes, eliminating the chore of manually sifting through hundreds of resumes. The result is you get to target and engage with that top tier of talent most likely to excel in the job – before your competitors.
- Design proactive recruiting strategies – Leveraging data from millions of sources, AI-powered market intelligence provides recruiters with real-time insights into a continually changing labor market, driving more informed decisions about where to allocate resources for the best results. It can also help identify emerging skill sets, changes in compensation, demand for certain positions, and allows you to forecast for specific positions in certain areas. Information that help you better manage your budget and recruiting resources.
- Optimize intelligence around localized talent pools – Another key benefit of the AI-powered market intelligence in the Arya platform, is the ability to focus recruiting campaigns geographically using real-time data. An added benefit is Arya’s AI continues to learn and become more intuitive over time as you use the platform.
- Increase employee retention and reduce turnover costs – There are studies that show the cost of employee turnover is around 33% of an employee’s salary. Using AI-powered market intelligence can help you find and engage more compatible talent, making it easier to fill roles with candidates who are more likely to be a fit in the first place.
Now that we’ve covered why an AI-powered market intelligence tool can transform your entire recruiting process, the next step is to identify the must-have attributes you should be looking for when considering what tool to select.
What are the must-haves in an AI-powered Market Intelligence tool?
While it’s true that AI-powered market intelligence can amplify your recruiting power with critical market insights that can be transformed into actionable strategies, an AI-sourcing platform that provides that – plus other important features that streamline recruiting processes is going to enhance your productivity even more even more. So, what are the questions you should be asking when you are searching for the right AI-powered market intelligence tool?
How does it integrate with my existing ATS or VMS, and what kind of support can I expect?
The best AI recruiting program in the world won’t do you much good if it’s a complicated integration process with no real customer support. You need to fully understand how the platform your considering works with your existing tech stack and whether or not integration is going to be challenging for your team.
Start by asking for a full demo of the platform and don’t be afraid to ask questions during the demo. Not only will you gain a better understanding of how the system works, you’ll get a sense of how the customer support is. The Arya platform is built on an open API, making integration seamless whether you have an ATS, VMS or are just integrating into your overall recruiting process by itself. But also inquire about what kind of support you can expect during and after integration and establish who those points of contact will be.
Does the platform have the ability to automate routine tasks?
AI is everywhere precisely for its ability to automate routine tasks. But you should still ensure the AI recruiting software you choose actually has the capability to automate the tasks that will save you precious time.
Tasks like candidate communication and engagement for a start. With a centralized candidate communication dashboard featuring talk, text, email and chatbot functions, the Arya platform allows for seamless candidate engagement throughout the recruiting lifecycle.
What kind of search capabilities does the platform have?
This is another way AI-powered market intelligence in a recruiting platform can not only automate workflows and save you time but can also improve candidate quality with powerful search options that get you to the right candidates quickly. In the Arya platform, the advanced search capability allows you to refine and optimize sourcing output with powerful search options for recruiters with all levels of experience.
Experienced recruiters can create customized Boolean search strings with the option to save and share successful parameters across their team to repeat sourcing success. While more inexperienced recruiters can leverage Arya’s AI assisted search to achieve similar results. This kind of search capability truly levels the playing field by empowering recruiters at all experience levels.
Can the platform assist me with my diversity goals?
Having diversity built-in to the platform is going to save you time and money associated with external job board subscriptions to find those diverse candidates. But it’s important to have a tool that doesn’t just hand over a list of diverse candidates. A better option is one that eliminates bias, while still delivering diverse talent. Arya provides diversity indicators that can be enabled to ensure you are getting diverse candidates when you create a job. However, Arya still scores and ranks your list of candidates based on compatibility for the role, putting the power in the recruiter’s hands to select the appropriate candidate for their organization. Which brings me to the most important thing to look for in an AI-powered market intelligence tool.
Does the platform include Talent Scoring and Ranking?
To reap the maximum benefits of AI-powered market intelligence, you should be looking for a sourcing platform that leverages AI to score and rank candidates based on compatibility. Currently, Arya is only platform on the market that has talent scoring and ranking.
Why is it the most important aspect of a sourcing platform? Because instead of simply providing a list of sourced candidates based on skills matching, Arya delivers a deduplicated list of candidates who are scored and ranked for compatibility with the role you’re sourcing. That means you’re dramatically improving candidate quality and getting talent most likely to succeed in the job. But more than that, you’re also able to reduce candidate review and shortlisting time by 50%, saving time and money.
There’s no stopping the evolution of the way we work and the competition for top talent isn’t going down, it’s only getting fiercer. Empowering your team with the right recruiting tools is the only way to meet the challenges ahead in a world where technology seems to be advancing at the speed of light. An AI recruiting tool that delivers solutions to every sourcing challenge in a single platform is how you stay ahead of the curve and maintain an edge over the competition. Arya is that tool. Check it out for yourself and book a demo today.