EY and IBM Unveils AI Solution to Boost HR Productivity and Efficiency

HR Practice

Factorial | February 05, 2024

With the New Year underway, many businesses are reevaluating their HR software solutions to increase efficiency and effectiveness in the evolving HR management landscape. Gartner data highlights that businesses frequently replace HR software due to system inefficiencies, missing features, and reliability concerns. Key reasons for dissatisfaction include inefficiency (34%), insufficient functionality (29%), and unreliability (13%). In response to these challenges, modern HR software solutions are offering five new features designed to enhance efficiency within its software AI-powered Applicant Tracking System : New AI-powered Applicant Tracking System (ATS) to streamline the traditional CV screening process, a major bottleneck in recruitment. This innovative feature allows hiring managers to assess applications based on various criteria such as company values, job descriptions, CVs, offer letters, and custom questions. The result is a significant reduction in screening time, ensuring a comprehensive evaluation process. Geofencing Precision: Geofencing Precision addresses challenges faced by organizations with multiple locations or flexible policies. By incorporating geofencing capabilities into its time-tracking features, HR software solutions help prevent unauthorized overtime, a key contributor to increased labor costs and decreased workforce productivity. This enhancement allows HR leaders to enforce accurate clock-ins at designated workplaces, thereby reducing labor costs and enhancing employee accountability. Insights V2 Data Analytics. Insights V2 provides organizations with comprehensive data for informed decision-making. Users can now filter company data using multiple parameters, simplifying the process of checking and exporting valuable metrics in real-time. This timely and accurate insight is crucial for strategic decision-making. Time-Saving Documentation: Time-Saving Documentation enables users to pre-fill forms with document templates and fillable PDFs. This streamlined process, combined with personalized data, enhances efficiency for employees verifying information, meeting the growing demand for tools that simplify administrative processes. Seamless Payroll Integration: HR software solutions are seamlessly integrating payroll and benefits administration with HR management processes. This aims to enhance organizational efficiency by reducing manual errors, improving accuracy, and fostering collaboration between HR and finance departments. Recognizing this, Factorial, a leading provider of HR software solutions, is introducing innovative features from AI-powered applicant tracking to payroll integration. Jordi Romero, Co-founder and CEO of Factorial, emphasizes, "These new features reflect our dedication to empowering HR teams globally. By harnessing the power of technology, we aim to transform the way organizations approach human resources, fostering efficiency, collaboration, and success." As businesses strive for greater efficiency and effectiveness in the new year, Factorial is committed to providing support and solutions. About Factorial Founded in 2016, Factorial offers people-centric solutions for HR teams, automating processes so they have more time to dedicate to the people within their organization. With over 75,000 users across 65+ countries, Factorial serves clients such as KFC, Booking.com, and Whisbi. Factorial became Europe's newest Unicorn in 2022 following a Series C investment round.

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