Exela Technologies : The Digital Transformation Accelerant

Ron Cogburn, CEO If there existed any lingering doubts about the importance of digital transformation to business continuity and longevity, the COVID-19 pandemic has shut them all down. So much so that digital adoption has taken a quantum leap at both the organizational and industry levels on a global scale. Needless to say, the businesses better equipped to move critical processes and functions over to digital platforms and empower remote workers were more successfully able to make a smooth transition to the new normal. However, the pandemic has turned out to be a reality check for businesses that have been slow and reluctant to embrace digital transformation as they now find themselves woefully unprepared for today’s digital world. Today, irrespective of the industry, whether it’s retail, banking, healthcare, education, manufacturing, you name it, the equation stays the same—businesses need strategically planned, thoughtfully implemented digital transformation strategy to survive and thrive in the market. As a location-agnostic global business process automation (BPA) leader that effectively combines industry-specific and multi-industry enterprise software and solutions with decades of experience, Exela Technologies (NASDAQ: XELA) has been successfully helping companies drive their digital transformation.

Over the years, Exela has been leveraging its global footprint and proprietary technology to provide comprehensive digital transformation solutions that enhance quality, productivity, and end-user experience. With foundational technologies entailing information management, workflow automation, and integrated communications, the company offers a plethora of software and services. These include multi-industry department solution suites for accounting, human capital management, finance, and legal management, as well as industry-specific solutions for healthcare, insurance, banking, and public sectors. In fact, Exela has launched a suite of solutions—Digital Now— unified on a single, cloud-hosted platform to accelerate its clients’ digital transformation. Also, the company’s suite of interconnected workplace technologies and services, Exela Smart Office is gaining huge traction in the market. Through these business process automation tools, Exela seamlessly enhances the clients’ employee and visitor experience, optimizes space and energy usage, as well as streamlines daily processes.

Innovation at the Core

Today, Exela rapidly deploys integrated technology and operations as an end-to-end digital journey partner through cloud-enabled platforms built on a configurable stack of automation modules and 23,000 employees operating in 23 countries. In April 2020, Exela announced receiving a patent regarding an innovative approach to document processing from the United States Patent and Trademark Office (USPTO).

While 2020 was a challenging year for everyone due to the COVID-19 pandemic, Exela continued to penetrate our significant market opportunity with our technology-led automation solutions, such as those provided by our Digital Asset Group

The patent serves as part of the company’s mission to drive automation through proprietary classification technologies, taking in high-volume, omni-channel inbound information and turning it into structured data.

In order to support the evolving business needs and help manage the growing mobile workforce, Exela launched its Contactless Entry and Exit (“Contactless EE”) system, in addition to onsite personnel. Contactless EE is a part of the company’s Work-from- Anywhere (“WFA”) suite, including DrySign e-signatures, Digital Mailroom, workflow automation tools, on-demand print solutions, and more. The system is enabled by a seamless reporting dashboard with analytics for managers and HR professionals to improve operational transparency and compliance and supports social distancing protocols.

Exela also plans to quickly launch the future releases of Contactless EE that will provide longer-range badge tracking, removing the need for any interaction with a card reader. This will enable enhanced functionality that supports contact tracing, stricter social distancing enforcement, and employee location monitoring during emergencies. Melding Digitalization with Healthcare

Considering that the economic disruptions fueled by the pandemic have heavily affected health insurance coverages and the healthcare provider landscape, Exela’s remote coding staff stepped in to handle the huge claims volumes leading up to the peak of the crisis. The company has developed tools that automate claims cleaning and has embedded them within its digital exchange platform, PCH Global, launched recently in September 2020. The robust platform offers a single point of access for claims management, correspondence, and payments and serves as a communications and payments bridge between providers and payers, as well as a correspondence repository. Moreover, the cost-effective claims processing platform improves processing accuracy and transparency while accelerating cycle times through digitization, automation, and system integration. Besides, an additional area of investment for Exela has been in the analytics and predictive modeling space. The company has been focused on further developing solutions for data aggregation and organization, analytics, monitoring of healthcare platforms, team connectivity, and reporting analytics, which will help drive actionable intelligence for customers.
"Looking to 2021, we believe Exela has the right strategy to capitalize on profitable growth and further value creation"

The healthcare industry continues to be a key area where Exela provides unique value, and the company plans to further develop its suite of products and services. As businesses evolve, prompted by a changing marketplace and accelerated by the pandemic, Exela continues to invest in advancing its technology, services, and data science capabilities to offer comprehensive solutions. As its customer’s digital journey partner, the company aims to stay at the cutting edge of advancements in the healthcare industry. In fact, in March 2021, Exela announced a ten-year, $90 million venture with a major U.S. health insurance company. This recent venture is the first of its kind for Exela in the healthcare industry—as it involves the large-scale deployment of PCH Global—in the cloud and onsite to deliver healthcare solutions. The company aims to accelerate the digital transformation efforts for the insurance company and is part of a broader relationship that included over $28 million in revenue in 2020. The venture includes the end-to-end processing of the complex health insurance claims and multi-channel correspondence between the health insurance company and their associated provider and member networks. The company’s solution blends automation technologies, SaaS, and services through its digital exchange platform.

Paving Way for Effective Digital Transformation

With decades of expertise operating mission-critical processes, Exela serves over 4,000 customers throughout 50 countries, including over 60 percent of the Fortune 100 companies. “While 2020 was a challenging year for everyone due to the COVID-19 pandemic, Exela continued to penetrate our significant market opportunity with our technology-led automation solutions, such as those provided by our Digital Asset Group. This reflects both continued solid demand for our process automation solutions, and the ability of our global team to adapt to these unprecedented times while continuing to execute our multi-year strategy,” asserts Ron Cogburn, CEO of Exela Technologies.

The company continues to define the path forward and has gained a reputation as a leader in workflow automation, attended and un-attended cognitive automation, print communications, digital mailrooms, and payment processing with deployments across the globe. With a team of data scientists leveraging intelligent data processing capabilities powered by neural networks and combined with its Business Process Management teams, Exela aims to help healthcare and insurance customers digitize and optimize business processes, generate deeper insights, and successfully achieve greater process flexibility and control. “Looking to 2021, we believe Exela has the right strategy to capitalize on profitable growth and further value creation,” concludes Cogburn.

Exela Technologies

Irving, TX

Ron Cogburn, CEO

Strategic Business Decisions Consulting brings extensive experience in software user acceptance testing. It provides experienced teams, or individuals, in quality assurance and UAT and designs as well as sets up quality processes and systems. Also, it helps businesses improve business performance and make informed decisions based on right data analytics. They believe that the journey for digital transformation starts with an understanding of a customer’s needs and experiences. That’s why the experts at Strategic Business Decisions never undermine the pain points and obstacles that their customers face in adopting and using and managing their services and products