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| BURNING
GLASS LAUNCHES NEW VERSION OF LENS™
FOR THE AUSTRALIA / NEW ZEALAND MARKET
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Automated
Resume Processing, Screening, and Search
for the Southern Hemisphere
FOR
IMMEDIATE RELEASE
San
Diego, California (June 23, 2003)
Burning Glass Technologies, the leading
provider of resume processing, screening,
and search automation, and its regional
partner, Resumo Pty. Ltd., announced today
the release of a new version of the LENS™
software suite specifically tailored to
the Australia / New Zealand labor market.
The
LENS™ suite includes state-of-the-art
tools for resume processing, screening,
and search. Its patented data extraction
and translation technologies enable the
system to read resumes in all major file
formats, identify and extract hundreds of
resume facts, and translate this information
into readily-searchable HR-XML format for
easy import into applicant tracking or human
resource management systems. LENS™
also incorporates its leading edge, artificial
intelligence-based Predictive Matching™
engine to measure how suitable each candidate
is for the position.
LENS™
ANZ includes all of the functionality
of other versions of LENS™ and will
offer the same industry-leading levels of
accuracy in data extraction and candidate
screening. However, the new edition delivers
superior performance for South Pacific users
by training the search and match algorithms
on the specific behaviors of candidates
in the region. In addition, LENS™ ANZ
updates geographic search filters based
on local GIS coordinates.
"The
Burning Glass family of products is well
known for delivering the most focused results
in the human resources community," said
Joshua Ticktin, Chief Operating Officer
of Burning Glass. "We weren't willing to
compromise the power of LENS™ by
simply repackaging it for Australia and
New Zealand. We have invested considerable
effort in redeveloping the algorithms so
they will deliver the best possible results
for users in the region."
Other
systems rely on simple keyword searching
to match candidates to jobs. LENS™
deploys neural network technology to improve
the precision of matches. In fact, tests
have shown that LENS™ is up to 4.5
times more likely to find the right candidate
for the job than other solutions. The Predictive
Matching™ engine is built from data contained
in Burning Glass' unique repository of historical
career data extracted from millions of hiring
decisions. The engine has distilled the
complex behavioral patterns in these resumes
and uses those patterns to build predictive
models for employment.
Such
patterns vary by region, with different
employers, different job titles, and even
different career progressions. As a result,
Burning Glass decided to retrain the Predictive
Matching™ engine based on the specific career
patterns of Australia and New Zealand.
"Human
resources professionals here in Australia
and New Zealand have been telling us loud
and clear that they need better tools to
handle and screen inbound applications,"
said Davor Miskulin, Director of Resumo.
"Everyone is inundated with CV's and they
don't want to waste their time with all
of the dross. LENS™ ANZ will help
hiring managers save significant time and
cost."
Automated
Processing of Inbound Applications
LENS™
ANZ delivers dramatic savings by eliminating
the costs of data entry and preliminary
candidate screening. LENS™ ANZ extends
the reach of human resource and ATS systems
by enabling seamless collection of data.
LENS™ ANZ starts where these systems
leave off, processing, translating, and
then evaluating resumes at the highest levels
of accuracy in the industry. LENS™ ANZ
reads resumes in all major file formats,
identifies and extracts hundreds of resume
facts, translates this information into
readily-searchable HR-XML format for easy
import into your system, and scores the
application based on its level of fit with
the position.
To
most systems, a resume is just a bag of
words with no true sense of meaning. And
because every candidate's resume is different,
most tools fail to find or even misclassify
key pieces of information. So data entry
staff or even hiring managers wind up having
to read the application anyway. Because
LENS™ is built on pioneering artificial
intelligence technology and patented advances
in statistical natural language processing,
LENS™ reads resumes and makes sense
of them automatically, translating them
to the format of your choice
LENS™
ANZ is a full-featured solution. Users
simply enter a job description in plain
English. LENS™ ANZ does the rest,
from sending customized acknowledgement
emails to the candidates to providing detailed
status reports. In addition, unlike forms
based systems, LENS™ ANZ does not
require manual entry by applicants or staff.
Applicants can simply submit resumes and
be on their way, boosting resume acquisition
rates.
The
Most Powerful Search Capability Available
LENS™
ANZ rapidly searches large databases,
finding and ranking the applicants who best
match a particular job. It uses neural-network
predictive technologies to zero in on the
candidates most compatible with a job description.
What is more, LENS™ ANZ uses predictive
techniques to prioritize the skills and
attributes hiring managers specify in the
job description. In fact, it is up to 4.5
times more likely to find the right candidate
for the job than competing tools.
In
addition to industry-leading predictive
modeling technologies, LENS™ ANZ
enhances the quality of a match through
close examination of search-term context.
For example, users can limit their search
to only those candidates who have used a
certain skill in their last job or in the
past three years. LENS™ ANZ even
goes beyond the job description, looking
for additional skills that may be pertinent
to the job based on its extensive bank of
past experience.
The
output is a ranked list of applications
enabling human resources professionals to
focus their resources on the most promising
candidates without wasting time and screening
costs on everyone else. In order to get
the most mileage out of every application,
LENS™ ANZ also checks the application
against other open positions in the company.
"The
bottom line is that LENS™ ANZ helps
recruiting organizations become more effective,"
said Miskulin. "It removes all of the data
entry and it finds the most worthwhile candidates
from within the stack so hiring managers
don't need to spend time on candidates who
just aren't viable. This all adds up to
big savings."
About
Burning Glass Technologies
Burning
Glass develops the world's most advanced
and effective solutions for resume processing,
screening, and search. Quickly deployed
and scalable, Burning Glass applications
have demonstrated an 80% reduction in cost
to screen resumes and are up to 4.5 times
more likely to find the right candidate
for the job than existing solutions - resulting
in faster time-to-hire and higher quality
matches. Built atop pioneering statistical
natural language processing technology,
Burning Glass data extraction tools operate
at the highest level of accuracy and detail
in the industry. Burning Glass controls
several patents in the fields of data extraction,
information interpretation, behavioral profile
generation, entity matching, and machine
learning. Since 1999, Burning Glass solutions
have been used by major employers, recruiters,
and job boards and are embedded in the technologies
of leading applicant tracking systems.
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