What’s the topic of discussion? Of course, it is Artificial Intelligence. AI is everywhere to improve people’s lives meaningfully. Whatever problem you are trying to solve, more likely than not, you’ll be one step away from the solution with the correct command and a few clicks.
To know more about how modern technology can assist us in unlocking new job opportunities, we got in touch with Ankit Hiware (MGB 2021), Co-founder of ILA for Placement. He is a tech-driven management graduate and an expert in business development and finance.
Could you tell us a bit about yourself?
My journey can be divided into two distinct phases: before and after launching my startup. I used to spend most of my time hanging out with friends, playing handball, organising events, and participating in various campaigns; however, after launching my startup, I invested most of it in networking and catching up with similar minds to understand their experiences. I have always been inspired by politicians, and watching and listening to related topic podcasts assisted me in learning market trends and relationship management with my audience.
How has SP Jain’s Global learnings helped you with your venture, ILA for Placements’ growth?
The one-line introduction to my learnings at school would be- “How to make a good business a great business”. The MGB program at SP Jain Global is not a one-time course you get certified for; it is an everyday training that includes quizzes, presentations, tests, SBR, assignments, and much more, preparing you for the real business world. As a startup owner, I’ve found that market research and negotiation subjects have been the most effective and output-oriented. Overall, global learning makes me think of business beyond the imagination.
There is a saying, “Don’t sell your products or services; solve your customer’s problem and watch your business rise exponentially.” My primary concern was getting a professional resume during my B-school and undergrad days, and I have noticed that many were sailing the same boat. And this is how the idea to start ILA was born.
But with time passing and between the hustle of landing a dream job, ILA remained just a thought.
However, despite my busy schedule at Deloitte, I could not stop thinking about it.
Soon, after a year, I did immense research and reviewed over one lakh resumes to understand why and where candidates often make mistakes and get rejected through their CVs and resumes. I finally decided to bring ILA to reality.
What limitations or challenges does the AI-based CV assistance platform face when accurately interpreting and understanding complex job requirements or industry-specific terminology?
AI is the ultimate solution, but it comes with its own set of problems. Creating something virtually based on provided facts and numbers can only sometimes be reliable. Even if we take an example of widely used AI- ChatGPT, it still faces issues building a professional resume for executive people with substantial 8-10 years of employment records.
A personal touch is required if you want to exceed the chances of clearing the initial stages by portraying your extensive work through resumes. We at ILA are focused on R&D to train our AI engine to design a curated resume per each job description.
Are there any concerns regarding privacy and security when using the AI-based assistance platform, particularly regarding user data storage or sharing with third parties?
Definitely yes. When data is uploaded to an open server, there is a risk of information being exposed to unwanted parties. However, at ILA, all terms and clauses associated with privacy and security are transparent with our consumers, with zero chances of data leakage. On job portals, we often see fake profiles being listed by fraudulent agencies. To avoid this, we keep all the admin rights with us and do not compromise on the trust of our consumers.
How do the AI-based CV assistance platforms address the risk of over-optimisation, where resumes may become too generic or lose the individuality of applicants?
The USP of ILA is the perfect amalgamation of humans and AI. Here, the candidate not only provides specific job-related commands but also engages in a virtual conversation with our team, allowing us to gain a better understanding of their profile. Based on that conversation, our AI will provide you with the best solution. We are persistently trying to update ILA with the latest market trends and training to make it easier and smarter to access the hybrid mode for the evaluation process, i.e., absolute and relative.
What challenges did you face while developing and launching ILA for Placements, and how did you overcome them?
Well, the major challenge was to build a team of experts. You need people who understand your goal. Continuous motivation and appreciation are necessary to boost your people’s confidence. Initially, each day was challenging, but we prioritised our work based on nature, and then everything fell into the right place.
What strategies or mindset do you adopt to navigate challenges and setbacks to ensure your platform remains at the forefront of innovation?
From continuous assessment, client feedback, and market requirements to competitive analysis, we leave no stone unturned in keeping ourselves updated. In the journey, rather than just competing with rivals, it is essential to provide solutions to competitors’ problems to claim the wide scope of scalability.
How do you balance the demands of entrepreneurship with your personal life and well-being?
This is the toughest challenge of all! Some might misunderstand you for the level of professionalism you have. Adaptability is the key here. I want to highlight the saying our Dean Grandhi sir used to say in class: “Dress the way you are supposed to address off to.”
What are some of the most important lessons you’ve learnt in your entrepreneurial journey? Any specific advice you would give to aspiring entrepreneurs?
If you want to dive into the ocean of business, you must mostly accept NO as an answer. But please don’t worry about all the rejections; consider a NO as the Next Opportunity. Being honest with oneself can unlock several doors of opportunities. All you need to do is be consistent with efforts, patient for results, and strive for upgradation. While doing so, you may fall ninety-nine times, but do not expect sympathy for your failures; instead, use all the failed attempts to shine on your 100th.