In this article originally published in HR.com, Ray Meiring, CEO and co-founder of QorusDocs, shares his thoughts about how artificial intelligence (AI)-powered digital technology can help recruiting agencies meet their unique business needs to thrive in an increasingly competitive and uncertain market.
It is a very interesting time for the recruiting industry right now. Many businesses are at a crossroads amid looming fears of a recession. While some companies have enacted hiring freezes, others are still competing for top talent as job openings soar, with over 2.6 million jobs created in the first half of 2022 alone.
Today, HR departments that are seeking new hires are turning to recruiting agencies to help find talent and fill these needed roles. However, as some industries slow down hiring efforts and others ramp up, recruiters are finding themselves in an increasingly competitive and uncertain market.
Should recruiting firms brace for decreased business opportunities amid hiring freezes? Or should they prepare for an influx in workloads as other companies search for top talent?
During this unpredictable time, recruiting agencies can leverage artificial intelligence AI-powered digital technology to meet their unique business needs. With AI-driven tools, such as proposal management software, firms can strengthen their competitiveness, increase business opportunities, improve employee collaboration and streamline proposal development, all of which are inherently important during this challenging time.
Leverage Artificial Intelligence to Strengthen CompetitivenessRecent research has found that 42% of recruiters believe that artificial intelligence allows them to be more strategic and productive with their daily workloads. This is incredibly important considering that, since the pandemic, 45% of companies have increased their outsourcing efforts.
Whether business opportunities are slowing down or increasing, it is imperative recruiters remain competitive to secure new clients. With modern digital solutions like proposal software, recruiting agencies can leverage AI-driven tools and data analytics to develop high-quality, compelling request for proposal (RFP) responses that stand out from the competition.
For recruiting firms, creating competitive and business-winning proposals begins with understanding which areas of their proposals resonate most with clients. Digital solutions with specific metric-tracking capabilities can help identify which proposal content clients engage with most, including link clicks and document shares.
With this data, AI can suggest the best content to include in a proposal, improving its effectiveness and boosting new business wins. Cloud-based platforms can also seamlessly store this important data within their interface, allowing recruiting agencies to view it instantly anywhere and anytime.
When equipped with these modern AI tools and data-driven insights, recruiters have the upper hand over competitors with high-quality, personalized RFPs that stand out from the competition and win over new clients.
Utilize Automation Tools to Increase Business OpportunitiesEighty-four percent of recruiting agencies have a digital transformation strategy planned or currently in place. In fact, almost half (48%) of firms report they have executed their digital transformation strategy to incorporate automation capabilities into their sourcing efforts.
Currently, 46% of companies develop proposal content from scratch, a long process that requires a lot of resources and valuable time to execute. By utilizing modern automation technology, such as proposal software, firms can increase their chances of winning new business by responding to more RFPs annually.
This advanced digital technology updates and stores the latest content in real-time, enabling firms to create proposals without concerns about critical work or important information disappearing. Due to this, recruiting agencies can more efficiently develop proposals, eliminating time-consuming setbacks that result in unfulfilled business opportunities.
Optimizing non-billable tasks, such as proposal development is becoming increasingly crucial amid staffing shortages and rising demands for recruiting services. In fact, automation is a top priority in 2022, with a third of recruiting firms planning to adopt automation tools in the coming months. With automation solutions, agencies can leverage crucial features that streamline operations and lead to increased business opportunities.
Implement Collaboration Capabilities to Streamline Proposal Development
As companies’ HR departments continue to rely on recruiting agencies to find top talent, recruiters will continue to face increased workloads, high client demands, and an influx in business opportunities. With cloud-based software, firms can utilize real-time collaboration tools that enable employees to work more efficiently without disrupting billable hours or crucial client deadlines.
For example, cloud-based platforms enable recruiters to better manage proposal development by creating a single access point to important documents. As a result, team members in various locations can seamlessly co-author proposals in real-time, mitigating common document-sharing issues like formatting errors, size limits, or accidental deletion.
In addition, cloud-based software tracks document edits and changes in real-time, allowing agencies to closely monitor time investment, progress and employee collaboration on each proposal. Through this process, firms can more efficiently approach proposal development, so they don’t have to turn down critical business opportunities due to a lack of time and resources.
With these real-time collaboration capabilities, 70% of companies can generate more RFPs annually, showing how cloud-based platforms can be incredible resources for teams trying to improve collaboration and streamline their proposal process.
Whether firms are facing an influx in business proposals or are seeing a decrease in workloads amid hiring freezes, it’s essential recruiters have the tools needed to meet their business needs.
For firms faced with outwinning competitors as business opportunities slow, advanced automation technology such as proposal software will give them the competitive edge to develop high-level, personalized RFPs that attract and secure new clients.
Meanwhile, firms dealing with increased new business offers and workloads can leverage AI-powered and cloud-based tools to streamline proposal development and seamlessly collaborate on RFPs in real-time, enabling teams to stay on top of their work and fulfill more business proposals per year.
As industry trends continue to shift, recruiters should consider executing their digital transformation strategies now for reliable access to AI-driven, automation, and real-time collaboration tools that set employees and clients up for success.
To learn more about how proposal management software helps professional services organizations win more business and improve cash flow during uncertain times, check out the QorusDocs Pocket Guide to Proposal Management for Professional Services.