Improve Your Recruitment Software with AI for HR
We’ve already talked a lot about how technology impacts various industries, including HR. Now it’s time to discuss what role Artificial Intelligence plays in the automation of HR processes and we will review one of the most common examples of using AI in HR - resume parsing. Hence, if you had any doubts about implementing AI into your current system, our article will most probably convince you that you really need to do it.

Improve Your Recruitment Software with AI for HR

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What is matching technology? How does CV/Resume Parser Work?
Jun 21 2021 | bydashbouquet

What is a resume parsing program?

A resume parsing tool is a program that analyzes the resumes, turns them into a structured unified format and selects the ones that correspond to a job description. In other words, it’s like a robotic assistant that looks for exact specific things and presents you only those results that match your search.

What is a resume parsing program

Some may say: why would I ever need a resume parser when my HR department has been doing quite well on its own? But think about this: on average, an open vacancy can receive about 200 resumes, according to Glassdoor. And each resume has to be viewed and analyzed so a recruiter ensures a candidate matches (or doesn’t match) the job. Now imagine how much time it might take to go through all resumes for one open position - and there are no guarantees that every resume will match the requirements.

This is where an automated AI-powered resume parsing products step in and save the day. Let’s look at its benefits in more detail.

Why choose AI-based resume parser?

It’s a well-known fact that the implementation of an Artificial Intelligence technology may be relatively costly. So why bother when you can do things the old way?

Why choose AI-based resume parser

Here are some pros of AI-powered resume parsing tools to convince you:

  • A very high speed of parsing resumes due to automation and preliminary analysis;
  • Less chance for an error during the resume analysis;
  • Better resume filtering: higher chances of finding a suitable candidate and closing the vacancy.
  • Semantic matching: by using Artificial Intelligence, you can rest assured in the accuracy of job matching.

While it might sound vague to you, think about these benefits in the long run. By being able to save their time, HR specialists can focus on more critical tasks, including employee retention and interviews. Not to mention that the use of AI greatly increases the accuracy of your processes and in business, every error made can cost quite a lot.

How to choose a suitable resume parser?

After analyzing all pros and cons, you will most probably decide that your company will benefit from using an AI-powered resume parser. So the next logical question is how to choose a suitable one.

How to choose a suitable resume parser?

There are many solutions out there in the market, including both custom and readymade ones (we’ll talk about them below). And while every solution will be different, there are some resume parsing software features that every good resume parsing tool should have:

  • Support for different formats: the resume data may come in different formats and a good parser should be able to distinguish them.
  • Support for multiple languages: if you target candidates from different locations, multi-lingual support is a must.
  • Bulk import: if your HR department has a resume database or works with a provider, it’s important to have a resume parser that will be able to import the resumes in a bulk and extract the needed information from them.
  • Creation of a document summary: it is desirable that a resume parser is capable of not only analyzing the resumes but creating a document summary with all the needed data for faster processing and analysis.

And of course, a matching technology has to be efficient and scalable so it can deal with massive amounts of data on a regular basis and provide complete job matching according to your needs.

What factors dictate the price of a resume parser?

The price of resume parsing tools may vary and there are several factors that impact it. The first factor that impacts the price of this solution is whether it is ready-made or custom. A readymade solution is the one built by a provider and it comes with a ready set of features. The biggest advantage of a readymade tool is that you can immediately use it - but on the other hand, it may simply not correspond to your needs. A custom solution, on the contrary, requires more time and effort but will reward you with 100% correspondence to your needs.

What factors dictate the price of a resume parser

As well, the price is dictated by the features that a solution offers, its compatibility with different platforms, available training and support. Hence, when choosing an AI-powered resume matching technology, we highly recommend first to define your goals and then assemble a list of expected features and the desirable price range. This will help you narrow down your search and the scope of available solutions.

At DashBouquet, we have rich experience in working with Artificial Intelligence and we help our clients meet their expectations without sacrificing the budget. Contact us to learn what we can offer for your business and how our solution can benefit you.

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