The hiring process is one of the most time-consuming tasks in the corporate world, no matter the position you’re hiring for.

With the demand for tech talents exponentially growing every single day, it is even harder and pricier to find qualified talents nowadays.

Companies today struggle with the decision of investing time and resources into a potential candidate, and a lot of thought is put into whether or not it is the right candidate for the position.

Background

Quantrax Corporation was one of those companies. Quantrax is a technology company that built RMEx, a very unique debt collection software, which is used by collection agencies, banks, law firms, and student loans. Basically anyone looking to effectively manage their deliverables.

The Process

As debt collection is a risky business, Quantrax wanted to explore how AI can help them become more efficient and risk-free. Specifically, they were looking to monetize their data by using AI to grow their revenue streams and improve their customer experience. 

They contacted LyRise, and after a thorough analysis with our experts, LyRise was able to provide Quantrax with a fractional team of AI experts that build a predictive model based on Machine Learning, which is the part of AI that focuses on the use of data and algorithms to be fine-tuned and improved to the humans need. The AI learns from data just like a human would but faster, more effectively, and gradually improves its accuracy.

Results

The team was able to classify Quantrax’s customer base with 90% accuracy, basing this on the customer’s ability to repay their debts on time.

Quantrax was able to multiply their ROI by 5.2x over 14 months, saving thousands of working hours as well as thousands of dollars that would’ve been wasted on the hiring process once again.