EdGE Networks gets featured in the “League of 10” startups in the most innovative product category for HIREalchemy, an AI-enabled HR product.
Bangalore based HR Tech startup EdGE Networks has been named by National Association of Software Services Companies (NASSCOM) in its list of top 50 emerging startups in the country. EdGE Networks’ flagship product, HIREalchemy, has been featured under the most innovative product category in the NASSCOM list. The HR tech startup is featured among the “League of 10”, placing it amidst this year’s most promising B2B startup.
NASSCOM Emerge 50 is among the most coveted recognitions for innovative software product centric companies.
Arjun Pratap, founder & CEO of EdGE Networks said, “Our entry in the prestigious NASSCOM Emerge 50 list is a proud moment for us and a recognition for our world-class team of engineers and data scientists, who have worked tirelessly to create an outstanding technology product. Artificial Intelligence is going to fundamentally change the way people work and play; and we are proud to lead this change in the people management domain and help organizations optimize their talent acquisition and management.”
HIREalchemy is an end-to-end AI-driven solution for talent acquisition and workforce transformation. The product, already in use by companies like HCL Technologies, Wipro, Microland and Dell have impacted both revenue and profits, resulting from improved time, cost and accuracy of talent management. Some of the benefits include: a 4-time increase in supply visibility; 36 percent increase in allocation via Project Manager; 51 percent reduction in allocation failures; 33 percent improvement in fulfilling external requisitions with internal people; 30 percent reduction in Workforce Management Group; a 300 percent increase in portal utilization; 58 percent reduction in time taken to shortlist candidates; 28 percent conversion rate from recommendation to actual joinees and 100 percent resume/profile coverage.
There has been a paradigm shift when it comes to HR approaches from a ‘system of records’ to a ‘system of engagement’ that has been caused due to the changing workplace scenario, especially with organizations getting a technology boost. A recent Gartner report has suggested that algorithm-based hiring will be the face of talent acquisition and workforce transformation.