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aiqod · 3 months

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Harnessing Generative AI to Simplify and Enhance Background Verification

It might be challenging for firms to investigate the backgrounds of potential employees or collaborators. It takes a lot of time and effort to look through all the paperwork and information. Furthermore, mistakes are simple to make. With numerous types of documentation, regulations to follow, and safety precautions to be taken, this process can also be rather complicated.

However, the Background Verification (BGV) platform offers a fresh and clever solution for handling BGV efficiently. It’s like having a very helpful assistant who helps you out, saves you time, and cuts your expenses in half!

Enhance BGV Solution

Automate the extraction of relevant information from documents (educational certificates, professional certificates, etc.): BGV automation involves using technology, such as Optical Character Recognition (OCR) and Natural Language Processing (NLP), to scan and extract relevant data from various documents like educational certificates, professional certificates, resumes, etc. This automation streamlines the process, reduces human error, and accelerates data extraction.

Reconciliation of Extracted data with verification received from Competent authority: Once data is extracted from documents, it needs to be cross-verified with information obtained from competent authorities or official sources. BGV automation can facilitate this by comparing the extracted data with the data provided by the authorities, helping to identify any discrepancies or inaccuracies.

Generation of final QC Report: BGV automation can generate Quality Control (QC) reports that summarize the verification process. These reports may include details on the extracted data, any discrepancies found, and the status of the verification. These reports can help in decision-making and maintaining transparency.

Seamless integration with Downstream MIS/ERP applications: To ensure a smooth workflow, BGV automation should seamlessly integrate with downstream Management Information Systems (MIS) or Enterprise Resource Planning (ERP) applications. This integration allows for the transfer of verified data to relevant systems, reducing manual data entry and errors.

Improved TAT for BGV processing: Turnaround Time (TAT) is crucial in background verification. BGV automation accelerates the process by reducing manual tasks, which can lead to faster verification and decision-making. This, in turn, improves the overall efficiency of the background verification process.

Dashboard and reports: BGV automation can provide dashboards and real-time reports that offer insights into the status of ongoing verifications. These tools help in tracking progress, identifying bottlenecks, and ensuring transparency in the verification process.

Customizable workflows as per business rules: BGV automation systems should be flexible and allow businesses to define and customize their verification workflows according to their specific needs. This customization ensures that the system aligns with the organization’s unique requirements and processes.

Integration with Existing Background Verification Application: This point underscores the system’s ability to seamlessly integrate with the business’s existing background verification application, as well as other tools and systems relevant to Generative AI (Gen AI). This integration enhances organizational efficiency by connecting with critical software and processes.

Benefits of BGV Solution

Efficient Automation for Productivity: AI-driven document processing is a transformative force in enhancing workplace productivity. By automating data entry, document organization, and complex tasks, this technology allows employees to allocate more time to strategic and value-added activities. Moreover, it efficiently handles unstructured documents, overcoming the challenges typically associated with manual processing. This results in a more streamlined workflow and improved overall productivity.

Error Reduction and Cost Savings: The technology’s proficiency in error identification and correction, honed through extensive dataset training, is a cornerstone for enhancing data accuracy. By reducing the risk of costly mistakes, AI-driven document processing not only ensures a higher quality of output but also contributes to significant cost savings. Its cost-effectiveness is further emphasized through the minimization of manual labor, automation of repetitive tasks, and effective mitigation of compliance risks, making it a financially prudent solution.

Organized Document Management for Compliance: AI-driven document processing plays a pivotal role in maintaining organized and easily accessible documents. Through automated classification, key data extraction, and efficient indexing, the system ensures a structured document repository. Additionally, it assists in the implementation of compliant and secure document retention and disposal policies. This proactive approach reduces the likelihood of fines and penalties, promoting a compliant and risk-averse organizational environment.

Prompt and Secure Operations: The technology’s ability to accelerate document processing 24/7, handle multiple documents simultaneously, and automate routine tasks significantly enhances operational efficiency. This promptness in task execution translates to quicker decision-making and more agile business processes. Equally important is its commitment to data security. Through encryption, access control, and the identification of suspicious activities, AI-driven document processing establishes a robust security framework, safeguarding sensitive information and bolstering overall security measures in the organization.

A new Background Verification (BGV) platform powered by Generative AI (Gen AI) is helping businesses streamline the BGV process and make it more efficient and accurate. The platform extracts critical information from documents, verifies the information twice, generates quality check reports, integrates with other systems, quickens the process, provides instantaneous updates, and adapts to user needs.

The benefits of the BGV platform include faster execution, correcting mistakes, saving cash, maintaining order, greater accuracy, being prompt and effective, and safe and secure data. Overall, the BGV platform is a valuable tool for businesses that can help them improve the quality of their BGV process and make faster and more informed hiring decisions.

#digital transformation #artificial intelligence #automation #background verification #gen ai

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postsofbabel · 8 months

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#posts of babel

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karza-technologies · 1 year

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Introducing K:Discover - The better way to conduct employee verification

As remote work becomes the new normal, cases of employee fraud have also risen lately. Over the last couple of years, a number of IT firms have laid off several employees on account of fraudulent document submission. There have also been cases of impersonation during interviews and moonlighting during the pandemic. In a bid to curb such incidents, the traditional way of conducting employee verification must change.

Let’s face it, manual verification has not been the most efficient way of onboarding. First, it consumes a lot of time and can cost the company a great deal if the onboarded employee does not clear the verification, falsifies information, and gets away with it, or works for two employers at the same time. Second, not only can it be cumbersome to manually check all background details of each candidate but also these checks may also not be very accurate. This can cost the organization dearly once the onboarding is done.

Karza’s Digital BGV Solution K:Discover can enable real-time, automated verification of information from authorized sources. Using this solution, organizations can lower the time and costs of BGV while being assured of the veracity of the employee’s claims. K:Discover uses industry-leading data-driven AI/ML-based proprietary services to conduct fraud checks and simplifies the employee verification process end-to-end.

Salient Features of K:Discover

ID Verification: Authenticates KYC documents using government sources

Liveness Checks: Enables real-time face detection and AI-powered spoof detection to check if the intended candidate is the one who is actually participating in interviews, tests, etc.

Address & Contactability Verification: Real-time location checks as well as mobile and email validity checks

Employment & Salary Verification: Checking of all previous employments and stints using EPFO records as well as salary checks using ITR records and payslip upload. Apart from this, organizations can check if the employee has previously worked with a sister concern or the same company through DeDupe checks. Moreover, K:Discover can track if an employee is moonlighting by detecting dual and hidden employment in minutes.

Education Verification: Automated fetching and verification of educational documents via Digilocker

Criminal and Negative checks: This includes fetching information regarding litigation and FIRs against the applicant, checking records on global databases like AML sanctions, and also conducting CIBIL checks for assessing the candidate’s financial health.

Other than these, K:Discover enables verification of the referee, highlighting 40+ configurable red flags, and auto-populating additional details using proprietary APIs. Finally, K:Discover can generate an overall HR score to summarize the findings and help quick decisioning regarding a candidate. For HR managers, this is a smooth DIY journey that follows a link-based flow and can be used anytime, anywhere.

So, how does K:Discover work?

The HR manager initiates the BGV process via HRMS or from the Discover HR dashboard.

The candidate gets the link and begins filling up the necessary information.

On submitting the details, a report is generated by K:Discover for HR access.

How can HR managers benefit from K:Discover?

Lower verification time: K:Discover can help HR managers drastically reduce the time taken to verify employee details, enabling quick pre-onboarding verification while cutting down the risk of fraud

Cost-effective verification: BGV teams need not manually check information. Instead, they can rely on real-time automated checks which save costs and offer greater accuracy than cumbersome manual checks.

Configurable checks: HR team scan configure verification checks to suit their business requirements.

Digital process: K:Discover can help companies get rid of paperwork, making the process completely digital and remote.

Superior onboarding experience: K:Discover offers a smooth DIY process for both candidates and HR managers, delivering a positive experience right in the pre-employment stage.

Tracking and reporting: The solution comes with an easy-to-track verification dashboard and automated real-time report generation, so HR managers can decide who to give a clean chit to and onboard without a doubt.

Simplify and strengthen your background verification process with K:Discover.

Get in touch with us to know more or book a demo.

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tuyetthienduong · 5 years

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ngkio · 3 years

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NGK.IO and non-small number formally signed a strategic cooperation agreement

Recently, according to Bloomberg, NGK.IO and the non-small data information platform officially signed a strategic cooperation agreement to jointly promote the rapid development of the blockchain industry. After this partnership, NGK.IO users will be able to better make investment strategies by querying for more NGK.IO currency information on the non-small official website (www.feixiaohao.com), and by analyzing NGK.IO market data provided by non-small numbers.

NGK.IO's founding team is a powerful one that understands both the technology core and the global financial landscape.

The creative environment of NGK.IO is one of the best blockchain technology teams in Silicon Valley in the world's top high-tech and technology innovation industrial region, USA. The team is one of the best blockchain technology teams in Silicon Valley. The team has worked in Intel, Cisco, Oracle and other high-profile technology companies. It is responsible for building multiple P2P networks, and doing software programming and technology development in AI artificial intelligence, Internet of Things, blockchain and many other industries. It has extensive work experience and is the founder of the United States using smart contracts to design underlying credit protocols and distributed storage. The protocol uses the underlying protocols of innovation to support distributed applications, to ensure the consistency and availability of the entire network, and to break through traditional technology barriers on distributed protocols and application technologies.

NGK.IO launched its main website on October 14, California time, and the price of the subsequent NGK soared to 43-fold, while NGK.IO recently announced that it would go on line before December 8 to decentralize the DeFi platform Baccarat, opening up its liquidity mining and expanding the ecological footprint of NGK.IO. It is understood that the most important rewards for the liquidity mine, in addition to the counterparty renewal award for users, are the new currency BGV award and the BGV air-drop award, which, if all goes well, would likely benefit early participants in the Baccarat liquidity mine before the project becomes the mainstream DeFi application. With just 60,000 BGVs, 10,000 of which are airdrops, BGV owners will also benefit from the price rise as a highly scarce and illiquid token. With NGK.IO's users around the world, the NGK.IO project is popular in the encryption community because of the momentum, and there are many new users joining every week.

Non-small-size data information platform is dedicated to provide investors with digital currency data analysis, data mining and other services, it is the blockchain industry of the most professional digital currency industry big data platform. Whether it's a review process or a multidimensional look, it's pretty tough, with just over 200 exchanges and less than 1,000 digital currencies, and NGK.IO's new star this year, working with non-caps, is no surprise — proving that NGK.IO has strong team support and, of course, further evidence of its unpredictable market potential.

#ngk ngkio blockchain

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cryptswahili · 5 years

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Five Most Active Venture Capital Funds Of 2018

This article is an extract from Inc42’s ‘Annual Indian Tech Startup Funding Report 2018’ which provides a detailed analysis of the funding trends and Mergers & Acquisitions (M&As) in the Indian startup ecosystem for the period 2014-2018. To read other articles of this report, click here.

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Venture capital funds (VCs) — both local and foreign — have acted as a key catalyst in shaping the Indian startup ecosystem of today. Not only they have brought in much-required financial aid to the rising breed of entrepreneurs but have also complemented their growth as a whole.

According to Inc42 DataLabs annual Indian Tech Startup Funding Report 2018, an amount of $11 Bn across 743 deals was raised in 2018, which is slightly lower than in 2017.

This clearly signals the fall in VC funding as well in the overall ecosystem. In 2018, a total of 282 venture capital funds as compared to 315 in 2017 invested in the Indian startup ecosystem. However, a moderately increasing trend was observed in the ratio of VCs to total investors investing in the ecosystem, reaching 2.38 last year as compared to 2.19 in 2017.

Of these, five venture capital funds were the most active. Accel Partners India grabbed the top spot with 28 deals. It was followed by Sequoia Capital India (24) and Blume Ventures (18). The fourth position was a tie between Nexus Venture Partners and Kalaari Capital, each signing off 15 deals in 2018.

Accel Partners India

Accel Partners India had a proud moment in 2018 with one of its portfolio companies, Freshworks, getting tagged as a unicorn. Accel Partners led the $100 Mn round in participation with Sequoia Capital.

With 10 investments till June 2018, the venture capital fund grabbed the lead spot in overall tech startup funding ranking.

Other notable startups Accel funded in 2018 were ZINIER, Metro Bikes, Moglix, Facilio, among others.

Sequoia Capital India

The year 2018 was a mix of good and bad for Sequoia Capital. The venture capital fund announced the close of its sixth fund at a fund corpus of $695 Mn, which was 25% less than the original fund target of $1 Bn.

However, on a good note, Sequoia India now intends to speed up its investments in early and growth-stage startups, which are facing a serious gap in funding at present. The firm also had to face chaos related to the restructuring of its Indian leadership team.

Overall, the venture capital fund was able to push through its counterparts and gain the third spot in the Indian tech startup funding ecosystem.

Notable deals signed by Sequoia Capital India were Bengaluru-based hyperlocal subscription-based delivery startup DailyNinja, Mumbai-based organic juice startup Raw Pressery, FreeCharge founder Kunal Shah’s new venture Incred, StanzaLiving, Meesho, Turtlemint and more.

Blume Ventures

For the first two quarters of 2018, Blume Ventures led the funding deals chart by investing in a total of 11 startups between January and June. However, after that, it pushed the brakes, re-routing to long-term planning. Blume not only announced the first close of its $80 Mn Fund III at $40 Mn but also tied up with two US-based funds — Benhamou Global Ventures (BGV) and Emergent Ventures — to launch accelerator platform-cum-fund Arka Venture Labs.

Blume Ventures also announced it would steer 35-40% of the fund on startups focussed on deep tech and software tech as well as blockchain.

Some of the notable startups Blume invested in last year were Bengaluru-based car repair and servicing startup Pitstop, Gurugram-based healthcare analytics startup THB (Technology | Healthcare | Big Data Analytics), and Mumbai-based wedding startup The Wedding Brigade.

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Nexus Venture Partners

Nexus Venture Partners continued with its bet on tech startups in 2018 among speculation that it was raising its fifth fund worth $400 Mn. With $1.2 Bn assets under management, Nexus Ventures has climbed one step at the ladder, raising its ranking from fifth in H12018 to fourth as the year ends.

A few of the Nexus Ventures’ notable investments in 2018 were Bengaluru- and San Francisco-based developer tools startup Hasura, AI-based job search platform Joveo, Goals101, and ZoloStays.

Kalaari Capital

Kalaari Capital is currently managing around $650 Mn and is known for a few of its top-notch investments like Snapdeal, Dream11, Curefit, MilkBasket, and more. The VC firm is now speculated to launch its fourth fund with a corpus of $125 – $150 Mn in the coming months.

Although Kalaari Capital saw the exits of quite a few senior executives over the last year, it managed to regain its spot among the top five VCs by the end of 2018, as compared to the H1 2018 list.

Both Snapdeal and Zivame failed to bring the expected returns for Kalaari Capital in the past and now, it is betting primarily on new-age startups.

The Indian startup ecosystem has been a success story with its own ups and downs, with its unique, innovative products and services catering to unique Indian problems and global ones.

According to a recently-released Bain & Co report supported by the Indian Private Equity & Venture Capital Association (IVCA) entitled ‘Perspectives on Indian VC Ecosystem, 2018’, as the Indian startup ecosystem matures, exits are expected to increase — 80% startup founders are expecting investor exits by 2024.

All the more reason for venture capital funds to make strong bets on the Indian startup ecosystem.

Liked what you read so far? We have a lot more insights and data in our full report, which covers funding trends across Tier I, Tier II, Tier III cities, 14 industries and sectors, segregated by the funding stage, investor type, and a lot more, for the period between 2014 and 2018.

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