HONG KONG, March 23, 2023 /PRNewswire/ -- CLPS Incorporation (the "Company" or "CLPS") (Nasdaq: CLPS), today announced that CLPS Innovation Lab, its research and development center, has released preliminary research findings on the use of Robotic Process Automation (RPA) in combination with Artificial Intelligence (AI) for the intelligent automation of talent acquisition process.
Intelligent automation, a solution that integrates RPA with AI has become a key trend in recent years, keeping pace with the constantly evolving technological landscape. Increasingly explored across industries, AI-enabled RPA workflows can deliver undisrupted service operations and significantly reduce error rates resulting from manual performance. Further, it contributes to cost reduction, efficiency improvement, and customer satisfaction.
CLPS Innovation Lab began researching key RPA-based solutions in 2019, which have been successfully implemented within the Company's internal operations and as part of client projects in a wide range of scenarios, such as finance, business performance, recruitment, administration, credit investigation, procurement, logistics, and data migration, among others. In this research, CLPS Innovation Lab focuses mainly on talent acquisition as its main application area of RPA+ AI technology innovation.
In a competitive and large IT talent market, achieving faster and more accurate person-to-job matching is vital for business success particularly when faced with an urgent project gap. AI provides high level of performance for mimicking and enhancing human cognition and decision-making processes. In addition, it overcomes most of the limitations of traditional RPA, including the lack of fixed procedures, the problem of planning ahead, and complex interaction activity. By combining its existing RPA solution with AI-powered technologies such as Optical Character Recognition (OCR) and Natural Language Processing (NLP), CLPS Innovation Lab has been able to automate and intelligently manage the end-to-end talent acquisition process.
Pilot testing conducted by CLPS Innovation Lab revealed that the intelligent automation-enabled talent acquisition process can reduce labor costs by 43% and significantly increase work efficiency by 700% compared with its previous solutions. It achieves huge advancement in recruitment productivity, which will allow CLPS to accurately assist companies identify and screen talent requiring specific skillsets.
Ms. Jing Zhao, Senior Vice President of CLPS Innovation Lab, said, "We currently use these technologies in the early stages of talent acquisition, such as demand analysis, biodata collection, data verification, talent matching, and information input. As more mature AI algorithm models such as ChatGPT evolve, we expect that such AI technology will extend its engagement to RPA processes, including automated initial conversation with candidates and interview screening, as well as intelligent responses to frequently asked questions through natural language interactions, reducing the recruiter's work pressure and further improving efficiency. "
Mr. Henry Li, Chief Operating Officer of CLPS, said, "The positive research results combining RPA with AI does not only provide us with valuable tools for improving our operational competency and enhancing our key business capability, but also provide a solid practical foundation on which we can build AI-powered automation solutions. As we embrace future technological innovation, we look forward to facilitating our clients' digital transformation initiative and create greater business value for them."
About CLPS Incorporation
Headquartered in Hong Kong, CLPS Incorporation (the "Company") (Nasdaq: CLPS) is a global leading information technology ("IT"), consulting and solutions service provider focusing on the banking, insurance and financial sectors. The Company serves as an IT solutions provider to a growing network of clients in the global financial industry, including large financial institutions in the US, Europe, Australia, Southeast Asia and Hong Kong, and their PRC-based IT centers. The Company maintains 19 delivery and/or research & development centers to serve different customers in various geographic locations. Mainland China centers are located in Shanghai, Beijing, Dalian, Tianjin, Xi'an, Chengdu, Guangzhou, Shenzhen, Hangzhou, and Hainan. The remaining nine global centers are located in Hong Kong SAR, USA, Japan, Singapore, Australia, Malaysia, India, the Philippines and Vietnam. For further information regarding the Company, please visit: https://ir.clpsglobal.com/, or follow CLPS on Facebook, LinkedIn, Twitter, and YouTube.
Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to the Company's beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance. Known and unknown risks, uncertainties and other factors, which may be beyond the Company's control, may cause the actual results and performance of the Company to be materially different from such forward-looking statements. All such statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties related to the Company's expectations of the Company's future growth, performance and results of operations, the Company's ability to capitalize on various commercial, M&A, technology and other related opportunities and initiatives, as well as the risks and uncertainties described in the Company's most recently filed SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.
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