Magnit unveils AI-powered platform to revolutionise workforce management

Integrated Workforce Management (IWM) platform provider Magnit has unveiled the next stage in its technological evolution, introducing a platform powered by Generative AI (GenAI) designed to address persistent issues in workforce management. This advanced iteration aims to simplify complexity, reduce inefficiencies, and sharpen strategic focus by merging data analysis, sourcing, and intelligence into a cohesive framework.

The newly-enhanced platform positions itself as a vital tool for businesses aiming to expedite outcomes. It achieves this by folding in capabilities from its most recent acquisitions, which encompass pay and talent intelligence, as well as blue-collar and shift-based workforce management. This integration promises accelerated hiring processes due to more streamlined workflows. It also offers optimised spending for contingent workforces through the support of global pay intelligence data, a robust compliance framework to meet labour regulations, and increased access to multiple talent channels.

Magnit’s platform is structured around three core components:

1. System of Engagement: This layer introduces “Maggi”, a GenAI companion tool which facilitates contingent workforce management by automating various tasks and providing actionable insights to users.

   

2. System of Action: Focused on the intelligent orchestration and automation of workflows, this component enhances workforce management processes including sourcing, recruitment, onboarding, payroll, and compliance operations.

3. System of Record: Utilizing Magnit’s extensive data repository, this layer combines industry expertise with AI and machine learning capabilities to deliver data-driven insights, enabling quicker and better-informed decision-making.

Magnit’s Chief Product and Marketing Officer, Vidhya Srinivasan, illustrated the platform’s potential by noting the commonplace difficulties of managing a contingent workforce. “Complexity, inefficiency, and a lack of strategic focus are prevalent issues. Organisations often find themselves bogged down by manual, repetitive tasks, fragmented data, and slow hiring processes, hindering productivity and growth,” she explained. “Our platform aims to eliminate this chaos, enabling users to achieve optimal business outcomes efficiently and effectively. By accessing a vast database, tapping into industry expertise, and leveraging multiple talent sourcing channels, companies can now maximise their workforce impact.”

Magnit, which boasts a history of over 30 years in innovation within workforce management, continues to enhance its offerings by incorporating cutting-edge AI technologies to streamline processes and deliver strategic solutions to its users.

Source: Noah Wire Services