The impacts of COVID-19 have not been limited to public health. The ongoing pandemic has caused significant economic problems - problems which digital transformation can help businesses mitigate.

As millions of people across the world limit their movement and avoid public gathering spaces to slow the spread of COVID-19, supply chains and cash flows have seen massive disruption. More than 100,000 small businesses have closed permanently as a result of the COVID-19 pandemic. The same study, conducted by researchers at the University of Illinois, Harvard Business School, Harvard University, and the University of Chicago found that at least 2% of small businesses are gone.¹

The skyrocketing unemployment numbers provide another clear indication of the severity of COVID-19’s economic toll. As of this writing, the number of unemployment claims in the US since the beginning of the pandemic in mid-March has surpassed 40 million, meaning about 1 in 4 Americans are out of work.²

It’s clear that COVID-19 is exacting a heavy economic toll. What steps can businesses take to lessen the blow and facilitate a speedy recovery in the wake of such a disaster?

How Businesses Survive Crises

Disaster can take many forms, but they really all boil down to two central problems﹘loss of assets and restricted cash flows. Luckily, there are several ways businesses can protect themselves and their assets.

For example, most businesses have some form of insurance to protect property assets from physical damage caused by fires, floods, or vandalism. In many cases, the government will also offer various forms of aid for business impacted by a disaster. In this particular crisis, the US government is stepping in to help small businesses with initiatives like the CARES Act and the Paycheck Protection Program, but these stopgap measures will only go so far, and businesses will have to take their own steps to ensure their long-term well-being.

Still, it’s best not to let your disaster recovery plan depend too much on insurance payouts or government assistance. A rainy day fund can help keep your business afloat until you’re able to get up and running again. Another viable long-term option for maintaining business continuity is investing in business process automation technology and your company’s digital transformation.

Digital Transformation as a Path Forward

For years, digital transformation has been a subject of interest for business leaders, yet the current conditions are making it more appealing than ever. With COVID-19 causing widespread business disruptions, the cost savings, efficiency gains, and disaster recovery protections digital transformation can bring to bear look particularly attractive.

There are several types of business process automation that can help companies adapt:

1. Digitization

COVID-19 has spurred immense progress in remote work, as organizations who once may have been reticent to allow it have been forced to work around or remove old barriers to enable their employees to work from the safety of their own homes. A Deloitte survey found that around 25% of people were working from home at least once a week before the pandemic, while 34% expect to work from home at least once a week post-crisis.³ While the number of people working from home is likely to fall as regions ease social distancing guidelines, remote work will permanently be more common in the next normal.

Digitizing paper-based processes is a key step to enabling remote work. For example, switching from traditional mailroom services to a solution like Exela’s Digital Mailroom transforms all incoming paper mail and other documents into fully digital assets, centralizing communications in an electronic format that can be easily accessed by employees no matter where they are.

2. Robotic Process Automation (RPA)

Robotic automation isn’t just for manufacturing assembly lines. The digital bots that perform RPA tasks can be programmed to perform a wide variety of repetitive, rule-based software tasks quickly and efficiently with high levels of accuracy, freeing up their human coworkers for more engaging, higher-value work.

RPA is a cost-effective quick-to-implement solution that can benefit many facets of your business. Everything from data entry, data normalization, and multi-database search, to CRM data management and sales lead prospecting can be performed by bots with greater speed and accuracy than humans. And in the wake of COVID-19, when employees may not be able to perform all of their vital functions remotely, RPA presents a potentially business-saving value.

3. Cognitive Automation

Robotic process automation can help businesses survive disasters by putting bots to work on basic digital functions, freeing up workers and ensuring that critical functions continue to operate. Cognitive automation takes it a step further, performing more complicated tasks like context-driven decision making and data handling based on complex relationships. Utilizing advanced AI and machine learning, cognitive automation programs are capable of performing tasks that would typically require human-level reasoning abilities.

A basic use of one type of cognitive automation is how smart speakers like Amazon’s Alexa and Google Home use natural language processing and machine learning to do things like interpret questions and search databases for the most relevant answers. One of the most common ways businesses are putting this kind of technology to use is incorporating it into their customer service experience. While a chatbot or automated helpdesk may not be quite on par with a human representative, this kind of system can help businesses manage surges in requests and extend their operating hours.

Cognitive automation can provide a significant boost to productivity and speed up important workflows. It’s value is likely to increase now that we are seeing an uptick in remote work and distributed teams.

Final Thoughts

COVID-19 has presented major new challenges for individuals and businesses alike. However, the trajectory of business towards digital transformation remains the same. As economies open back up and stabilize, we’ll continue to see more automation and digitization of business processes, not only as a means to increase productivity, but also to protect against an unknown future.

Digital transformation can help businesses handle uncertainty - and not just from global pandemics. To learn more about how similar solutions can be applied to navigate other major world events, check out One Thing the Pandemic and Brexit Have in Common.

1. https://www.washingtonpost.com/business/2020/05/12/small-business-used-define-americas-economy-pandemic-could-end-that-forever/
2. https://www.nytimes.com/2020/05/28/business/economy/coronavirus-unemployment-claims.html
3. https://www2.deloitte.com/ch/en/pages/human-capital/articles/how-covid-19-contributes-to-a-long-term-boost-in-remote-working.html

Businesses continue to embrace digital transformation using business automation services and products. We've all heard the common concern that business automation will result in workers losing employment. While this is true to some extent, business automation opens up new possibilities, changing the way workflows are accomplished, altering job requirements, and ultimately, adding jobs to the market. Relying on automation allows employees to focus on crafting and delivering great ideas, strategies, and other creative tasks.

Digital transformation is reinventing the way businesses run, connecting companies to their customers in new and exciting ways. Though business automation alters workflows and changes occupations, a 2021 study reveals that more jobs are created in a firm that adopts business automation. An increase in automation results in a business becoming more productive and therefore requiring a higher demand for employees.

What is the Fourth Industrial Revolution?

Historically, automation has brought about new job classes and tasks, opening up new possibilities and demands for different skill sets. Currently, we are in the fourth industrial revolution. During the first industrial revolution, we were introduced to water and steam-powered machines to further production. The second industrial revolution utilized electric power to help initiate mass production. The third industrial revolution, also known as the digital revolution, used electronics and information technology to further businesses. The fourth industrial revolution, which is what we're currently in now, builds on the third revolution and blends physical, digital, and biological spheres.

While the third and the fourth revolution may look similar, the fourth revolution is characterized by the speed at which technology is advancing along with its broad global impact. The fourth industrial revolution is affecting almost every industry across countries altering governance, management, and production. Part of the fourth revolution includes business automation disrupting the current system while creating opportunities for businesses to extend their reach and grow. With automation, businesses are finding new ways to serve their customers’ existing needs while creating more efficient workflows.

Clearing Repetitive Tasks and Reducing Error

Business automation excels at completing repetitive tasks while ensuring increased accuracy and speed. A 2021 survey revealed that 67% of global employees felt that they were often performing the same tasks repeatedly. On average, respondents claimed they spent 4.5 hours every week on tasks that could be automated. 58% of those surveyed believed that their jobs don't allow them to be as creative as they’d like to be.

Repetitive tasks require time, mental energy, and resources, often slowing down production and hindering creativity. For example, customer service representatives find they are answering the same questions over and over again via email or on the phone. Automation such as a knowledge base system or an AI chatbox claims the common questions asked while allowing customer service representatives to tackle more challenging issues that customers present them with.

Even in creative fields such as content creation and design, designers and writers are often assigned the same tasks over and over again. Automation has the ability to reuse previous design elements and creative assets intelligently based on consumer data. By eliminating the repetitive tasks, designers and writers can focus on truly engaging the audience and creating more unique items.

Free of repetitive tasks, employees are able to partake in more creative projects whether that's strategizing a campaign or creating a new design. When employees work in a more creative environment they're generally more satisfied with their occupation and are more likely to stay in their current position.

Learning New Skills

Not only does business automation allow current employees more time to focus on creative and strategic aspects of their positions, but it also may require employees whose entire job was to perform these repetitive tasks, to find a skill set that matches the current needs of businesses. This is often referred to as upskilling. 76% of workers believe that upskilling is a necessary step toward job security and 65% of workers believe that their jobs will transform within the next 10 years due to digital transformation.

Business automation will not eliminate the need for human labor, but it will alter what human labor looks like. As technology continues to create new jobs, these jobs will require new skill sets. According to the world economic forum, half of all employees will need to upskill or reskill in order to prepare for newer occupations within the next 5 years.

One way businesses can foster a positive attitude toward digital transformation is to provide automation training. 91% of employees who received automation training on the job believe that it has improved their job performance. With businesses helping employees adapt to digital transformation, employees gain new skills that improve their job performance.

Business Automation in the Future

Business automation will continue to impact all industries across the globe, disrupting current systems, altering workflows, and opening doors to new opportunities. With the fourth industrial revolution underway, businesses have the chance to grow exponentially with the use of business automation while employees have the opportunity to acquire new skills and dive into the more creative aspects of their job or look for more creative positions. Embracing digital transformation means embracing a more creative future.

Even in an increasingly digital world, it’s important for businesses to maintain a well-balanced marketing strategy that leverages a wide range of communication channels and media. Physical media, particularly in the form of branded gear or apparel, can play a big part in creating lasting brand awareness and reinforcing positive brand experiences.

Long-Lasting Branding

It’s no secret that attention spans are getting shorter. Grabbing and holding the attention of viewers can be a challenge, but cultivating brand awareness is really a matter of consistency and repetition - both areas in which physical print and promotional items excel. 

Banner ads on websites or branded social media content are fleeting, disappearing from the viewer’s screen in a matter of seconds, and from their minds shortly thereafter. Quality branded gear has a much longer shelf life, and provides consistent brand exposure for the life of the item.

Combining Physical Print with Digital Response

Modern technology and digital solutions are bringing a new depth to tried and true marketing methods like print and promotional items. Where once physical items like promotional items, branded signage, and branded apparel couldn’t convey much beyond a simple logo and brief message, scannable QR codes give potential customers the opportunity to learn more and engage with the brand. This makes it easier - and more effective - than ever to incorporate branded gear into larger, omnichannel marketing campaigns that dramatically increase brand awareness and drive sales and lead generation.

Popular Promotional Items

The possibilities of branded promotional items are expansive and constantly growing and evolving. Whether you’re looking for items to improve your workspace and support the team atmosphere, hand out as giveaways at events or on sales calls, or even sell as branded merchandise through an online store or retail location, it helps to have an idea of what’s available. Here are some of the most popular branded gear options:

Drinkware

Few branded promotional items have the staying power of a well-designed cup, travel mug, or water bottle. They promote healthy habits and sustainability, and they go with us everywhere - in the car, on planes, to the gym, out on the golf course - you name it.

Bags & Totes

When it comes to promotional products, it’s tough to beat custom tote bags. A perfect combination of visibility and utility, tote bags offer a large brandable space with long-lasting functionality. Even better, the simplicity of design and necessary materials to create them makes bags one of the most cost-effective promotional items on the market.

Health and Wellness

There’s a lot that you can convey about your brand with the type of branded gear you offer. Let employees and customers know that your business recognizes the importance of mental and physical fitness in today’s workplace. Items that promote a healthy lifestyle are critical to your team’s success and highly valued by employees and customers alike.

Recognition Awards

Effective brand building takes advantage of every potential touchpoint, internal and external. Fostering a positive and supportive workplace not only encourages employees to perform at their best and act as brand ambassadors, but also creates an attractive image to potential clients and customers. Branded employee and client recognition awards are an excellent way to strengthen bonds between your company, your employees, and your clients.

Uniforms & Branded Apparel

Branded apparel and employee uniforms are a great example of bringing your brand to life to reinforce a positive brand experience. How your employees' dress will have a major impact on customers’ impressions of your business, which means that uniforms and branded apparel play a critical role in creating a positive branded experience for your employees and customers.

Here are three reasons why employees should wear branded company apparel:

1. Reinforce Brand Awareness - Whether on the retail floor, out on sales or services calls, at hiring events or industry conventions, or anywhere else, putting your employees in well-designed logo apparel communicates a degree of professionalism and brand unity that reinforces the brand image in the minds of prospective customers.

2. Builds Team Spirit - A sense of camaraderie among team members has been shown to improve employee morale and performance. Comfortable uniforms or other branded company apparel helps your team members feel like a part of a group effort, encouraging them to provide better service and deliver a better experience.

3. Easy Recognition - Custom branded apparel makes it easy for customers and clients to immediately identify staff. In a retail sales setting, this has a massive positive impact on the shopper experience. Having friendly, knowledgeable staff that is easy to find and ready to offer assistance or answer questions is a key driver of customer satisfaction.

Exela’s Marketing Solution

As part of our comprehensive, end-to-end Marketing Execution Services platform, Exela offers high-quality, sustainably-sourced branded gear that is designed to keep your brand top-of-mind.

Exela leverages decades of experience and our global network to ensure optimal sourcing for our clients. Using a sophisticated bidding process to identify the best deals from qualified suppliers, Exela provides high-quality items and competitive pricing.

Our dedicated project managers understand the complexities of delivering quality products at the best cost. Through a consultative approach, our team works as an extension of your business to deliver exceptional results in a timely manner.

Learn more about how Exela Marketing Execution Services can help your brand gain the recognition it deserves.

With roughly 100 million viewers each year, The Super Bowl is the most iconic event in American sports. The live broadcast dominates television ratings and the in-person event itself brings thousands of visitors to regional hotels, restaurants, entertainment venues, and retail businesses, making a potentially huge impact on the local economy.

Economic Impact of Super Bowl LVI

This year, Super Bowl LVI will be hosted by the City of Inglewood in Los Angeles County, at the new, state-of-the-art SoFi Stadium. There will be a number of additional activities and attractions in addition to the Big Game, drawing visitors from near and far. But how much of an economic impact can one game of football really have?

It turns out, quite a bit. Economic research and consulting firm Micronomics, an Exela subsidiary, prepared a thorough report on the Super Bowl’s potential economic impact, on behalf of the Los Angeles Sports and Entertainment Commission, and the results are striking.

Based on conservative estimates on number of visitors, average hotel rates, and daytime spending per person per day, Micronomics forecasts that Super Bowl LVI will produce economic benefits between $234 million and $477 million, including tax revenue to the LA region ranging between $12 million and $22 million. The State of California will likewise see an influx of tax dollars as a result of hosting the game.

Along with the cash injection from visiting sports fans, the LA region will gain between approximately 2,200 and 4,700 new jobs created, many in the event production and hospitality sector. The Micronomics report projects that more than half of these employment gains will be in 5 key industries: transient and ground passenger transportation; hotels and motels; personal care services; full-service restaurants; and limited-service restaurants.

LA COUNTY QUANTITATIVE BENEFITS

• Local Tax Revenue: $12M - $22M
• Total Room Nights: 150,000-225,000
• Associate Gain in Annual Jobs: 2,200-4,700
• TOTAL ECONOMIC IMPACT: $234M-$477M

Unparalleled Exposure

Some of the most substantial benefits that come with hosting the Super Bowl aren’t as easily quantifiable. One of the biggest and longest-lasting is the unmatched exposure it gives a major venue like SoFi stadium. The event essentially functions as a large-scale ad for the venue, attracting more business and more events to the space, which bring in additional (if smaller) waves of visitors and spending for years to come. In the case of Super Bowl LVI in sunny Los Angeles, the game is also likely to attract additional winter tourism, as viewers around the country dealing with frigid temperatures and winter storms are reminded that Southern California frequently enjoys temperatures in the mid 70s, even in the middle of February.

Related Philanthropic and Community Service Efforts

The NFL and its sponsors also use this additional exposure to highlight their efforts to inspire positive change in the surrounding communities. These efforts will include numerous charity and community service events benefiting Inglewood and the greater Los Angeles area. Some of those programs and events include:

• The Super Bowl LVI Business Connect Program - This program supports 225 regional minority, woman, LGBTQ+, and veteran-owned businesses through professional development, networking, and contract opportunities, representing 65 LA County communities, including 26 that are based in the City of Inglewood.
• The Super Bowl LVI Legacy Program - Recognizing 56 “unsung hero” grassroots organizations and nonprofits that are making a transformative impact in underserved communities across the Los Angeles region, this program was funded by the NFL Foundation, the LA84 Foundation, and the Los Angeles Super Bowl Host Committee.
• The Super Bowl LVI Teammate Program - This program will employ 7,000 local residents to help put on some of the official events, including the Super Bowl Experience, Opening Night and Gameday.

For a more detailed look at how the Super Bowl will impact the local economy, check out the full report from Micronomics.

Before digital and broadcast marketing, businesses reached customers mostly through print, one of the oldest forms of marketing. The first American print ad appeared in a newspaper in 1704 and from then on print marketing continued to survive after the introduction of technological advancements such as broadcast marketing (TV and radio). However, as digital marketing became the prominent strategy, print, TV, and radio ads lessened. Nevertheless, print marketing survived technology advances time and time again, changing over time to suit current business models.

With mobile devices and social media, digital marketing stands at the forefront of many marketing strategies as the best way to reach audience members easily and efficiently. While this is partly true, print marketing still maintains its uses and should be implemented as part of a robust marketing strategy. With that in mind, we’ll be covering some of the benefits of print marketing along with how to implement print marketing into a strategy.

Benefits of Print Marketing

With the ease and instant access to an audience that digital marketing provides, it's easy to forget the many benefits print marketing offers. However, there is a multitude of reasons why print marketing deserves its spot as part of any marketing strategy. In this blog, we cover four reasons why print marketing matters in today’s world.

Consumers Trust Print Ads

According to a survey conducted by The International News Media Association, 82% of Internet users trusted print ads over other types of ads, specifically digital. That same survey discovered that 61% trusted search ads while only 25% trusted pop-up ads.

Finances Online concludes that 80% of consumers act on print marketing compared to 45% of consumers acting on digital marketing, while 9% of consumers respond to print marketing compared to 1% of consumers responding to digital marketing.

Why are printed ads trusted over digital ads?

Part of the answer lies in the volume of scams increasing in the digital age. Consumers trust digital marketing less because of the higher chance of scams. This concern is a big reason why print marketing remains vital to businesses today. Consumers are more likely to associate your brand with a positive reputation thanks to print marketing and are more likely to respond to an advertisement from a brand they trust.

Reach a More Focused Audience

Even though smartphones are ubiquitous, a large percentage of consumers prefer to make purchasing decisions offline. Knowing which members of an audience wish to receive marketing materials through print rather than digitally is valuable information. It allows businesses to send out targeted ads through print knowing it will reach consumers and increase conversions.

By sending out targeted printed ads to consumers who do prefer to receive marketing materials in print, businesses stay one step ahead of their competitors by reaching an audience that their competitors may not be reaching.

Print marketing also offers the ability for businesses to collaborate with other businesses to showcase their print advertising. For example, a company offering wellness services may benefit from having its brochures displayed at a gym or a spa. This allows companies to reach new audience members and extend their audience even more.

Increase Brand Awareness

With how much content consumers view on their phones, they often experience digital overload. They scroll past ads on social media and skip ads on YouTube videos. Some choose to unplug for hours or days at a time. However, print marketing continues to capture consumers’ attention. Without the glow of a screen, print marketing can be pleasant to look at and be easier to read without causing headaches or eye strain.

According to Neuromarketing, consumers spend more time looking at a printed ad or brochure rather than scrolling past an online ad on social media. If the printed ad looks nice, feels nice, or even smells nice, the ad leaves an impression on the consumer. This tangible experience helps make brands more memorable.

Print Marketing Stays in Front for Longer

A major benefit of print marketing is that print doesn't get pushed into a spam folder or a promotions tab. No matter how wonderful an email campaign looks, if it ends up in a consumer's spam folder then it didn’t do its job. In contrast, print marketing ends up right in the consumers’ hands.

Unlike digital marketing where consumers often scroll past ads, print marketing offers a tangible item consumers can keep. Some may put flyers on their fridges to remember a sale or lay a catalog on a table to peruse later. With digital marketing, if the tab is closed or the page has to be reloaded, a new ad often replaces ads shown previously, and the potential customer is lost. This makes print marketing more unique because consumers who choose to keep that information are reminded of the brand frequently. Also, if the consumer doesn’t use the printed ad sent to them, they may give it to a friend thereby increasing brand awareness.

Implementing Print into Marketing Strategy

Print marketing doesn't replace digital marketing and digital marketing doesn’t replace print marketing. A wholesome marketing strategy includes both print and digital to ensure a wide audience reach, a positive brand reputation among audience members, and increased brand awareness. For companies who wish to implement both, business solutions such as Exela’s XME provide seamless ways to integrate print and digital into any marketing strategy.

XME provides a convenient and cost-effective approach to print and mail management with the innovative flexibility of merged physical and electronic communication delivery. XME is an all-in-one marketing solution that offers cross-media marketing campaigns and AI-powered predictive modeling and analytics. With the right analytics, companies understand which audience members benefit most from receiving print ads vs digital ads and where their marketing efforts need to be focused.

Print marketing never died as some may say. Print marketing is alive and well, lasting through every technological advancement that time brought. A powerful tool for any business to implement, print marketing stands the test of time and still wins over consumers in a digital age.

While still in the midst of a pandemic, the healthcare industry is settling into a “new normal.” The pandemic has not only shined a light on existing issues within the healthcare industry but created new challenges as well. Healthcare organizations are struggling to decide what to prioritize between these new and existing issues while staying on top of the ever-changing pandemic situation and its effects on the healthcare industry.

Now more than ever, leaders in the healthcare industry need to stay ahead of upcoming challenges and prepare for how to improve healthcare processes for this year. Below is a brief breakdown of five challenges facing the healthcare industry that should be considered a priority for 2022.

Integration of Virtual and In-Person Appointments

Throughout these last two years, telehealth appointments became ubiquitous to keep everyone safe. While the pandemic waxed and waned, the desire from the public to continue virtual appointments remained steady with 88% of Americans preferring virtual appointments. Healthcare organizations scrambled to effectively incorporate virtual appointments and many still scramble to this day.

Now that most healthcare organizations implemented virtual appointments and continue to use them, it's time to look into more effectively integrating virtual and in-person appointments. One major challenge facing healthcare leaders in 2022 is deciding which appointments can be virtual and which appointments should remain in-person. This may depend on the type of appointment, the healthcare practitioner, or health care protocols.

At the same time, healthcare industry leaders need to balance revenue integrity while delivering the best patient care in both virtual and in-person settings. This includes finding the right platforms and business automation tools to help healthcare practitioners and patients alike.

Cyber Security

With the challenge of integrating virtual and in-person appointments comes the threat of cyber security. While many healthcare organizations put safeguards into place as virtual appointments became the norm, cybersecurity requires constant vigilance and quick responses.

If a breach occurs, private patient information could be leaked, which could lead to a healthcare organization facing penalties, particularly if they violated the industry’s compliance standards. Knowing what's at stake, healthcare leaders need to ensure a team is prepared to handle any cyber security breaches while implementing the proper safeguards to ensure client confidentiality.

As healthcare organizations continue to integrate technology and business automation, it's also imperative to ensure that any third-party vendor an organization partners with is compliant with HIPPA. Third-party vendors such as Exela Technologies offer products that are compliant with the healthcare industry standards.

Increasing & Adapting to Automation

The healthcare industry has been slow to adopt automation processes. While organizations focused on technology that advanced the consumer experience, healthcare automation to help clinicians and workers fell behind.

This leads to a huge loss in the healthcare industry as automation frees up time for healthcare practitioners to focus on patient care while reducing errors in processing. An example of this is the payment processing systems that many healthcare organizations utilize.

Many organizations developed in-house solutions to manage their payment processing. However, these solutions often demand more resources and tend to be slower than purpose-built solutions from third-party specialists. Solutions like Exela’s Medical Lockbox alleviates these issues, simplifying the payment process while freeing up time for healthcare workers to focus on their core competencies. Consolidating all incoming receivables, Medical Lockbox speeds up the payment process ensuring healthcare providers receive accurate payments.

Mental Health of Healthcare Practitioners

Practitioner burnout has been a concern in the industry for years and, given the effects of COVID, should be at the forefront of the healthcare industry for 2022. According to a 2020 survey, 49% of nearly 21,000 physicians and other healthcare workers reported experiencing burnout. Burnout not only affects the mental well-being of the healthcare worker but also their ability to deliver quality patient care and quality work.

Due to healthcare worker burnout, organizations experience reduced employee hours, physician turnover, and the time and expense of hiring replacement healthcare workers. It is estimated that the healthcare industry loses 4.6 billion a year due to physician burnout. With the increasing percentage of healthcare workers experiencing burnout, it’s more important than ever that healthcare organizations find ways to help support the mental health of their workers.

Claims Processing

A known cause of revenue leakage is the tedious, costly, and cumbersome task of claims processing. With many claims being denied due to minor errors and the cost of manual processing, it’s time healthcare organizations look into ways to automate their claims processing operation. On top of that, insurance companies have shown a 77% payment accuracy rate, requiring healthcare organizations to look into and recoup any lost income.

Solutions like Exela’s PCH Global aid healthcare organizations in automating claims processing, decreasing first-time claim denials, and identifying inaccurate payments. Exela’s edit engines contain more than 119 million recommendations based on general care guidelines for commercial Medicare and Medicaid processing. With these engines, PCH Global corrects any errors in the claim, thus submitting clean claims that are more likely to be accepted within the first submission.

With PCH global, Healthcare organizations can automate and streamline their claims processing, which leads to better revenue integrity and allows healthcare workers to focus on their core competencies.

For more information on claims processing and preventing revenue leakage, take a look at Exela’s PluggedIn newsletter on Revenue Integrity.

2020 marks the year of digital transformation for a large number of global organizations. The pandemic pushed businesses and customers to adopt and adapt to digital solutions at an unprecedented speed. A trending topic for years, digital transformation and digitization is now a resilience and survival strategy for businesses and financial organizations alike.

Digital payments may be a norm in some parts of the world, but business operations of many organizations still rely on traditional infrastructure held together by complex integrations and siloed systems. Data and information locked in offline documents inaccessible to remote workers, threatens to derail business operations while the cash flow remains locked in traditional payment systems such as invoices and checks.

Additionally, with manual processing of payments and invoices, organizations spend valuable time making calls, sending emails, confirming receipts, researching missing data, and routing paper to and from vendors. This cumbersome process has a significant negative impact on payment cycle times, which further depreciate due to remote working mandates.

Data-Led Business Automation Maintains Liquidity

Finances, liquidity, and payments ruled the boardroom discussions as organizations navigated the ups and downs caused by the pandemic. Not surprisingly, last year saw a sharp rise in investment in platforms that digitize and automate critical business functions, including payments. Digital solutions to make invoice management, accounts payable systems, and settlements more digital-friendly saw remarkable growth.

Payments and FA related data remain some of the most valuable assets for any organization. One of the first steps to successful digitization is to capture data from all offline and online sources to create a robust information management system. Information flows feed every business process. Businesses cannot impact the customer’s digital experience without digital information. Knowledge workers of an organization cannot do their jobs without the right access to the right information at the time they need it. Process automation cannot happen without digital information. It all begins with data.

Structuring Unstructured Data

Valuable business data is often scattered across different locations and departments; it can be in the historic paper files across offices, in the stacks of envelopes and parcels that arrive daily via the mail, or the electronic stream of business data gathered by numerous portals and apps of an organization. But simply collecting data is not enough, structuring and indexing this data is critical to making it accessible and to using it effectively. For instance, payment settlement of a check can be done remotely and digitally only if the information such as account number, amount, and date is securely shared with the remote employee in the correct digital format.

Technology companies like Exela provide intelligent capture solutions under various models of Digital Mailroom. Physical documents are delivered as digitized data to the right department within an organization. Optical character recognition (OCR) and intelligent character recognition (ICR) technologies use AI engines to ensure the data quality and information meet the stringent requirements set by organizations.

These active data streams become the bedrock of information management systems. The data can be further distributed, made accessible or archived for future use, saving costs, time, and human effort.

Channeling Information to the Right Place

Digitized data left sitting on a server is no more useful than a paper file in a forgotten cabinet. To use data to its full potential, the right business process should have access to the data at the right time. Location and industry agnostic business solutions such as Exela's Digital Mailroom portal intelligently manage the routing and distribution of the incoming data. The portal is equipped with various innovative features that give an organization complete control over the chain of command and security of their data.

Let’s take check clearing as an example. Suppose a check is sent to a bank’s PO to be settled within a week. With the Digital Mailroom solution, this check is scanned, indexed, and the important information regarding the payment settlement is securely sent to the right team via the digital portal, all within minutes! This entire process can be done at the bank premises or at an Exela facility, leaving valuable space for the bank’s core business requirements. The portal allows redaction of data to ensure security and transparency in the chain of commands for a complete overview. Additional services such as same day settlements allow the bank to predict their daily liquidity – a valuable insight for any organization.

The same process applies for invoices, digital solutions that work in sync for the entire invoice management and payments process could provide the much-needed respite to businesses trying to successfully manage the effects of the pandemic. And in the process of digitizing a department, the organization transforms itself into a future-ready business prepared to meet the challenges of tomorrow.

Digitize, Automate, and Transform

What starts as an effort in systematic delivery of digital data, plays an even more important role in the larger picture. As department after department adopts digitization and automation, a transformational change can be seen across the entire organization. If anything, the year gone by shows that location agnostic digitized solutions, automation, and digital transformation are key to driving businesses forward.

At the beginning of the COVID-19 pandemic, many businesses had to quickly adjust to an entirely new work atmosphere. It was necessary to implement social distancing protocols in order to slow the spread of the virus, which meant that many offices closed and employees had to start working from home. The transition into the pandemic was abrupt, but returning to the office is shaping up to be a much slower and more deliberative process. This presents organizations with an excellent opportunity to update their offices into an intelligent workplace, not only to be more efficient and convenient, but also to support the increasing number of workers who are interested in remaining remote or adopting hybrid work schedule.

Even as vaccinations rise and case counts fall in many parts of the world, people remain more conscious of health risks and sanitation. As they begin to reopen their physical locations, businesses may want to invest in innovative solutions that will reassure their workers and customers that they are taking serious precautions to protect the health and safety of their employees.

Here are some of the new technologies and services that can help businesses provide a safe working environment while also creating an intelligent workplace with new conveniences and cost saving opportunities.

Contactless Lobbies

Many words and phrases became commonplace during 2020, including “contactless.” In order to avoid the potential spread of germs, people weren’t just trying to keep their distance from one another, but were also eager for ways to avoid touching potentially contaminated surfaces. The pandemic may be on its last legs in much of the world, but habits like this will likely persist, and having contactless options will be a welcome convenience for many visitors and employees.

Exela’s Intelligent Kiosks enable guests to check in on their own in a simple, user-friendly interface- which many guests will find convenient even post-pandemic. Greet guests with a pre-recorded message and allow them to self-register, confirm their arrival, get directions, and print their guest badges.

If a guest requires assistance with the check-in process, the Intelligent Kiosk allows them to summon a Virtual Lobby Ambassador at any time via text, audio, or video chat. A Virtual Lobby Ambassador will assist your guests with their needs or answer any questions they may have. This intelligent workplace solution allows guests the convenience of checking themselves in while having immediate assistance if required.

Mobile Facility Passes

Smartphones have become a handy tool in many situations, and a great resource for avoiding unnecessary contact while adding more convenience. Visiting a business empowered by Mobile Facility Passes is a prime example of using the versatility of smartphones to create a better experience. A Mobile Facility Pass, stored on a visitor’s smartphone, allows both employees and guests a contactless solution for displaying security clearance. It can also be used to share useful information like maps of the building or WiFi login information.

Intelligent Lockers

Contactless delivery has become a major trend during the COVID-19 pandemic as a way for individuals to make purchases and support businesses without the risk of visiting potentially crowded physical stores. While the threat of contagion may be less immediate as the pandemic dies down, the convenience of secure unattended package drop-off remains. Smart lockers like Exela’s Intelligent Lockers enable contactless delivery, short-term or day storage for employees, and even BOPIS options for retail businesses creating a more intelligent workplace.

Exela’s Intelligent Lockers can be accessed through the built-in touchscreen interface, but they can just as well be integrated with RFID, QR code, or biometric recognition technologies for a fully touchless experience. Intelligent Lockers offer flexible layouts and designs, improved access controls, anytime availability, and complete chain-of-custody tracking. They provide an excellent contactless means of exchanging, shipping, receiving, or storing goods.

Digital Mailrooms

When everyone was working from a central office space, it was relatively easy to ensure that individuals had easy access to their business mail. One of the biggest drawbacks to an increasingly remote or mobile workforce is that it can complicate the delivery of physical mail. Digital Mailrooms easily solve that issue, while delivering additional benefits to boot.

With Exela’s Digital Mailroom solution, physical mail is rerouted to a secure processing facility where it can be scanned and digitized with advanced ICR and OCR technology for completely electronic delivery. This not only helps keep your workers safe and ensure delivery to the proper recipient, no matter where they are, but also centralizes communications, and makes traditional mail items searchable and easier to forward or share.

Exela Smart Office solutions like these make it easier for workers to return to the office with confidence or continue working remotely without missing a beat. The convenience and security these business solutions provide will help keep people safe, put minds at ease, and help everyone adjust to the next normal.

DrySign

Speed and simplicity are essential to an effective approvals process, and eSignature platforms like Exela’s DrySign solution deliver both, plus the ability to sign instantly, even across great distances. This not only saves time and helps create digital audit trails for improved visibility and security, but also empowers workers who choose to remain remote.

COVID-19 is impacting more than just the way businesses operate their physical offices. Learn more about how the pandemic is speeding up companies’ digital transformation.

When evaluating the state of modern technology, it’s apparent that there are more options for businesses to choose from than ever before. And while there is certainly no shortage of burgeoning, cutting-edge technology solutions available to consumers, determining which of these solutions is right for your business can be a challenge.

In particular, as organizations adapt to the changing business environment as demanded by changed circumstances due to the COVID-19 pandemic, getting the most out of your budget is paramount. Work, learning, and correspondence exist more in the virtual world than at any time in history, and this trend is only projected to continue.

So how does one go about evaluating which technologies are essential for the modern day business, and in many cases, which ones will become indispensable? Here are a few modern technologies that all organizations should consider when planning their budgets:

The Internet of Things (Iot)

Smart devices are interconnecting our things like never before. The prevalence and success of devices like Amazon Alexa, Google Home, and others has brought the Internet of Things (IoT) into mainstream consumerism, equipping our homes with a level of digital connectivity we’ve never seen before.

As it continues to evolve, based on where we are now and where we’re going, what’s next for IoT? One area for growth is in the workplace, in both the traditional sense of an office space and the new normal, work from anywhere and the hybrid work model.

In the office, smart devices are enabling less points of contact for human interaction, creating more efficient office management processes, and helping to provide the tools necessary to maintain a healthy workplace. And at home, these devices are enhancing our home offices, many of which are newly constructed. By connecting our home office setups through voice, motion, and touch, we’re able to be more efficient, flexible, and agile.

Big Data Analytics

The term big data has always felt a bit vague, but if you add the word analytics to the end of it, the purpose begins to make more sense. Simply put, there is a plethora of data available to everyone, and data science and business intelligence solutions can analyze that data and turn it into actionable insights.

Between hyper-targeted and personalized marketing campaigns, improving customer retention, streamlining supply chains, and developing new products and services, there are many creative and exciting ways big data can be leveraged to help businesses improve efficiency, grow their customer base, and expand their offerings.

Artificial Intelligence (AI)

The most talked about modern technology is artificial intelligence, or AI for short. AI is able to produce news articles and even drive our cars, among many other applicable uses for the transformation of business. And the beauty of AI is that we have barely scratched the surface of its possibilities.

In a nutshell, AI is able to take inefficient processes and create a more efficient and accurate way to do things. According to Forbes, in a recent article titled “The 7 Biggest Technology Trends In 2020 Everyone Must Get Ready For Now,” because current AI-based systems are on the expensive side, many organizations are leveraging AI applications through a service provider.

For organizations looking to expand their service offerings, investing in AI technology will become necessary to stay competitive with other service providers, and the use of AI applications will only continue to grow.

Final Thoughts

Each of these three modern technologies has and will continue to shape the future of our interconnected, automated world. But there are countless other technologies, from predictive analytics, to machine learning, and cognitive automation, that both work in concert with these technologies and have their place in this discussion.

Just a decade ago, the iPad had just been introduced, Instagram was about to launch, and Slack was still two years from existence. Who knows what the world will look like in 10 years. But a good hunch is that AI, IoT, and big data analytics will all be major factors.

While many of us tend to think of the Industrial Revolution as a specific era in history, society has actually gone through multiple industrial revolutions over the past few centuries. The first is the one most are familiar with, when new manufacturing processes harnessed steam to power mechanical production. The second began nearly a hundred years later, with the widespread use of electricity. The advent of computers, which brought about dramatic increases in productivity and efficiency marked the Third Industrial Revolution

Some would argue that the Third Industrial Revolution hasn’t yet ended. But many agree that the transition to the next big thing is already underway. That next big thing? Cognitive automation, machine learning, and artificial intelligence.

"Cognitive automation," or using advanced automation technology to complete complex information-based tasks, is transforming business as we know it. Automation is nothing new - we’ve been using varying forms of automation to amplify labor for hundreds of years (thousands, depending on your definition). But automation has mostly been applicable to simple, repetitive tasks. The leap to more complicated functions is what will come to define this latest Industrial Revolution.

So, how do you make sure your company doesn’t get left in the dust as your competitors incorporate cognitive automation? Here are three simple steps to help you successfully implement this technology:

1. Identify Automation Use Cases

The first step is to develop an automation road map, including realistic automation use cases within your company. Focus on solutions that will drive the most value behind the scenes rather than flashy outward-facing options. Automating your payroll or billing and payments processing may not be the most exciting moves, but they’ll provide significant returns and open the door to greater downstream integrations as you begin to automate more parts of your business.

2. Lay the Groundwork for Technology in the Workplace

Just because you’ve chosen some likely opportunities for automation doesn’t mean you’re ready to pull the trigger. It’s important to first get buy-in from leadership as well as frontline employees whose day-to-day workflows may be impacted by the change.

You may want to conduct workforce assessments to measure overall sentiment toward automation, and be sure to schedule hands-on training sessions as a part of the implementation process. This will not only make adoption easier and more successful, but can also be a great way to tangibly demonstrate the new tech’s value to relevant personnel.

3. Consolidate Databases

Cognitive automation, AI, and machine learning all run on the same basic fuel - data. And while our ability to mine and make use of data is growing, in order to get your business ready for the latest smart technology, you should prepare your data by centralizing and organizing it.

For some companies, physically consolidating all datasets may not be possible, but there are other options. For example, federated search solutions could tap into disparate data sources simultaneously, allowing you to maintain multiple data sources while you - and your automated systems - can still access them all through one unified entry point.

Conclusion

As automation continues to advance and deliver valuable operational benefits, businesses that neglect to update their systems will quickly find themselves at a severe disadvantage. But with a little preparation, you can ensure your business is well-positioned as the Fourth Industrial Revolution marches on.

We’re living in unprecedented times - and not just in terms of technological advances. The COVID-19 pandemic continues to have a far-reaching impact on businesses across all industries. Find out how cognitive automation and other aspects of Digital Transformation are helping businesses survive.