As industries embrace technological evolution, collaborations between business and academia are becoming a crucial driver of innovation. Poonawalla Fincorp, a leading player in the non-banking finance space, has integrated Artificial Intelligence (AI) into its HR functions in partnership with IIT Bombay.
A Transformative Approach
This collaboration marks a pivotal moment for Poonawalla Fincorp as AI is introduced into its HR Strategic Business Unit (SBU). The impact is already visible: the time required to finalize job offers has been reduced by an impressive 90%, from ten days to under one day.
Working alongside IIT Bombay’s Department of Computer Science and Engineering, Poonawalla Fincorp plans to extend AI integration to areas like compliance, customer service, and broader business operations.
Revolutionizing HR with AI
Poonawalla Fincorp’s adoption of AI has revolutionized several key aspects of HR, ensuring not only greater efficiency but also more accurate and fair recruitment decisions:
Automated Candidate Matching: AI tools quickly align resumes with job descriptions, allowing recruiters to focus on the best candidates.
Quick Document Verification: The AI system automates document checks, ensuring swift and error-free processing.
Efficient Candidate Management: AI automates candidate processing, minimizing manual intervention and speeding up the recruitment cycle.
Automated Job Posts: AI takes over the creation and distribution of job listings, ensuring uniformity and precision.
Instant Screening: AI evaluates candidates’ qualifications in real-time, speeding up decision-making.
Enhancing Employee Support Through AI
Poonawalla Fincorp is also using AI to improve employee engagement. WhatsApp-based AI bots provide real-time assistance on leave, payroll, and benefits inquiries, ensuring swift responses to employee queries.
The use of AI ensures that candidate evaluations are more accurate and objective, supporting Poonawalla Fincorp’s commitment to diversity and fairness in hiring. This was also helped by the company’s new CTO, Salil Hajarnis, an expert in AI integration.
A Vision for Digital Excellence
CEO Arvind Kapil envisions a future where AI drives digital transformation throughout the organization: “This is a year of transformation for us. The integration of AI in HR is just the start. We plan to expand its use across every facet of the company, from compliance to customer service.”
A Collaborative Model for Innovation
The IIT Bombay collaboration showcases the power of combining academic research with real-world business challenges. Dr. Pushpak Bhattacharyya noted, “AI’s impact on the financial sector is profound. Our work with Poonawalla Fincorp sets a new standard for industry-academia partnerships in innovation.”
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