The holy grail for recruitment organizations arrives as Loxo announces patent-pending artificial intelligence platform which can repair inaccurate data, enrich partial records and update the ATS/ Recruiting CRM automatically
AUSTIN, Texas, Sept. 22, 2022 /PRNewswire-PRWeb/ -- Today, Loxo announced a patent-pending solution which allows organizations to enrich incomplete contact records and continuously keep their talent database up to date without any human involvement.
Loxo is the #1 Talent Intelligence Platform and global leader in recruiting software. A Talent Intelligence Platform is a horizontally integrated suite of data-driven and AI-powered products designed to manage the full recruitment life cycle through a single system-of-record software platform.
Loxo's Talent Intelligence Platform employs a patent-pending novel approach which utilizes Loxo's proprietary products working together in one system to offer matchless capabilities.
The Talent Intelligence Platform includes:
- Applicant Tracking System (Loxo ATS)
- Recruiting CRM (Loxo Recruiting CRM)
- Loxo Outreach™ - Outbound Recruiting ("Candidate Engagement")
- Loxo Source™ a "People Search Engine" of over 750M professionals and 25M+ organizations
- Loxo Connect™ Personal and work contact information
- People and Business Data (Contact Information, Social Profiles, websites, metadata)
- Loxo AI™ - Instant talent pipeline ranked by best match from Loxo Source™, past applicants, talent community, or the talent pipeline of the top 20% of candidates who are being nurtured over long periods of time
- Loxo Knowledge Graph™
Loxo's Knowledge Graph™ is a self-learning system that makes connections and representation to other pieces of information across hundreds of billions of data points. This state-of-the-art artificial intelligence system allows Loxo to bridge connections, even with very limited amounts of information available on a given person or organization, thereby creating a more rich holistic professional profile that is continuously evolving.
The novel approach utilizes all of Loxo's proprietary products that are all native and horizontally integrated. Not only does the solution self-refresh, but it also cleans and repairs inaccurate data while also continuously expanding the people search engine.
Loxo offers the only automatically updating recruiting software Applicant Tracking System / Recruiting CRM / Talent Intelligence Platform in the marketplace and will continue to be as the patent is pending, providing their customers with an extraordinary competitive advantage. The value for Loxo's Talent Intelligence Platform compounds for customers over time as they build their own private talent database which will drive record breaking recruitment performance. The larger the recruitment organization the greater the business ROI becomes. This is the holy grail for recruitment software and is why Loxo invested ten years bringing their vision to the market and went to such great lengths to get this patented.
If a customer has access to this new service, as soon as they add a new contact into their talent database the record runs through Loxo's ID verification system to detect and verify a match. If a match is found, machine learning then weights and scores billions of data points across hundreds of data sources in real-time, which allows the AI-driven system to dynamically decide on which data sources to use for each attribute that is either missing or is no longer accurate. That professional record is instantly enriched, cleaned and made accurate. For example, if there is a bad work email that is no longer active, it is automatically cleaned and removed to avoid bounce rates and damaging email deliverability. If there are missing attributes that Loxo has available, Loxo enriches the missing attributes. From that point forever thereafter, that record will then continuously be kept up to date as information changes. All of this happens completely on autopilot without any human involvement required.
One of the biggest challenges a professional recruiting organization faces is attempting to keep their talent database up to date . Every 6 months 30-50% of their internal database becomes out of date. In fact, Salesforce estimates that 91% of CRM data is incomplete and 70% of that data becomes inaccurate annually. From a recruiting perspective as soon as an applicant applies or a candidate is added into an Applicant Tracking System, Recruiting CRM or Candidate Engagement solution that contact record starts to deteriorate.
People receive internal promotions to new roles and change jobs dozens of times throughout their career. On average a person changes jobs 12 times in their lifetime, and that was before the Great Resignation and remote work exploded. Changing trends in the workforce suggest this will not reverse course any time soon. This makes keeping the information in an Applicant Tracking System (ATS), Recruiting CRM, or Candidate Engagement Solution up to date virtually impossible if it is required to be done manually.
Despite those incredible challenges, the breadth and quality of the talent database and pipeline of talent is the single most important ingredient in the recruitment value chain. This is where organizations of all sizes are investing the majority of their time and capital. Candidates in the talent pipeline are the human capital "inventory" which recruiters have to move across the workflow conveyor belt in order to deliver the most qualified candidate to hiring managers as efficiently as possible.
This means that data is the lifeblood and competitive differentiator for professional recruiting organizations and talent acquisition teams within large enterprise organizations. Without good accurate data, there is no talent intelligence. There is no recruitment automation. There is no just-in-time recruiting, which is all based around identifying the very best possible matches for a given role and organization at that exact moment in time. Professional recruiting organizations and talent acquisition teams are being asked to deliver talent faster and more cost effectively than ever before in a candidate driven marketplace, yet still find time to focus on more strategic efforts like DE&I, all while being pushed to maintain quality of hire.
Recruiting organizations and talent acquisition leaders used to have to say meeting those objectives was impossible. Now, not only is it possible, but it is inevitable.
About Loxo is the #1 Talent Intelligence Platform and global leader in recruiting software. Loxo is a horizontally integrated suite of data-driven and AI-powered products designed to manage the full recruitment life cycle through a single system-of-record software platform. The platform includes a best-in-class ATS, an AI-driven Recruiting CRM, talent search engine of over 750 million people, with contact information including verified mobile phone, personal and work emails. The instant AI sourcing, ranking and matching, and multi-channel outbound recruiting solution makes identifying, engaging and hiring the very best possible talent easier than ever before. More than 13,200 Executive Search, RPO, professional recruitment and talent acquisition teams across the globe are using Loxo to become hiring machines. Learn more at https://loxo.co/
Media Contact
Loxo Press & Media, Loxo, 1 347-414-3714, [email protected]
SOURCE Loxo
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