report artificial intelligence
SEEK reports artificial intelligence can power profit growth
SEEK Limited (ASX: SEK) is one of Australia's most entrepreneurial digital businesses and also one of the heaviest investors in new tech, product development, and start up or early stage ventures (ESVs) for long-term growth. In fact it's ready to wear $25 million to $30 million in ESV losses over FY 2020 such is it's commitment to sacrificing the short term for long term success. It now has an aspirational revenue of $5 billion by FY 2025 versus the $1.54 billion delivered in FY 2019, which would be an impressive result if achieved. It recently reported how it's an Australian market leader in artificial intelligence (AI) investment with a team of more than 100 specialist data scientists and software engineers building AI that learns from how candidates search job ads to better target ads for advertisers. According to SEEK the new AI has resulted in an 11% increase in job ad click through rate, a 10% uplift in candidate applications per session and 600,000 more applications per month across its platforms.