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iExtrakt

iExtrakt

Unlocking Insights from Unstructured Data with Natural Language Interface

Effectively searching and extracting insights from both structured and unstructured data is crucial for business success. Our iExtrakt solution harnesses the power of natural language interface, image recognition, and speech recognition to unlock insights from your data. Combined with advanced AI algorithms, it enhances the process of decision-making, enabling you to make informed decisions, optimize your operations, and drive your business forward.

Intelligent Conversational Interface
Intelligent Conversational Interface

iExtrakt provides an intelligent conversational interface that understands and responds to natural language queries. This feature enables your team to interact with your data in a more intuitive and efficient manner, facilitating better understanding and utilization of the information available.

Accurate And Timely Responses
Accurate and Timely Responses

Our question-answering feature utilizes advanced AI algorithms to quickly respond to queries, regardless of the complexity. This not only saves time and effort but also ensures that your team has access to the most accurate and up-to-date information when making decisions.

Voice And Natural Language Interface
Voice And Natural Language Interface

iExtrakt allows your team to interact with your data using natural language, making it easier and more intuitive to retrieve the information needed. This feature streamlines the process of searching and extracting insights from both structured and unstructured data, enhancing the efficiency and effectiveness of your operations.

Leverage Structured And Unstructured Data
Leverage Structured And Unstructured Data

Structured data is organized and formatted in a way that is easily searchable, while unstructured data is not. Our iExtrakt solution leverages both structured and unstructured data to provide a comprehensive view of your information, enabling you to extract valuable insights that may have been previously overlooked.

Overview Title
iExtrakt: Advanced Natural Language Interface Solutions Overview

Technology in the Workplace: A Constant in Business

Technology in the Workplace: A Constant in Business
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Carolyn Hedley

The market fluctuates, job positions change, and business strategies are altered, but one constant in business is the use of technology in the workplace. As technology continues to advance, digital solutions have played a critical role in determining how businesses progress.

Once technology entered the workplace there was no going back. Wi-Fi became necessary, cloud systems provided an easy way for employees to share and view digital documents, and smartphones allow for easier communication among coworkers, clients, and suppliers. Today we look toward automation and finding more ways to create a productive virtual work environment.

Technology in the workplace eventually began to define business operations and even influence consumer desires and behaviors. Businesses strive to stay on top of what customers are looking for and learn how to make their operations more efficient which is where automation technology and artificial intelligence (AI) learning give businesses a competitive edge. Businesses will rely more and more on technology in the workplace, even if that workplace is virtual.

Brief History of Technology in the Workplace

In the 1980s, technology in the workplace started becoming common with the introduction of personal work computers, laptops, and the world’s first cell phone. Suddenly, there were new avenues for businesses to explore thanks to technology.

In the 1990s came the internet. The internet came around in 1989, but in the 90s we started seeing it being used more frequently in the work environment. With the internet, businesses could better communicate to their clients or suppliers and it also allowed them to expand their clientele through the use of emails, websites, and e-commerce stores.

In the 2000s, the cloud was introduced and became the new technology in the workplace. Businesses began digitizing their data and uploading it to a secure cloud for simple storage, organization, and file sharing. Smartphones also became part of the norm which gave businesses opportunities to reach their consumers in more unique ways.

In the 2010s, technology was completely integrated into the workplace. Some companies already implemented a solution for employees who worked from home or spent a lot of time traveling. 

At this time, we were introduced to the Internet of Things (IoT). We started seeing IoT devices that connected to just about anything from motion sensors to speakers. It became common to implement software integrations that helped to streamline workflows or hardware integrations that could connect to other devices. As everything became more connected, the possibilities began growing.

 

collaborating with workplace technology

 

Today’s Technology in the Workplace

While technology in the workplace was already growing, the COVID-19 pandemic forced businesses to shoot ahead with their digital solutions. With lockdown initiatives and people choosing to stay at home to stay safe, it became a requirement to have specific digital solutions in place to ensure that productivity remained the same and workflows were unhindered while people worked remotely.

According to a McKinsey Global Survey, 93% of companies shifted to remote work during the pandemic and 34% reported migrating assets to the cloud more quickly. There's no denying that the pandemic pushed digital transformation forward quickly.

At this point, technology is essential to create an effective and smart work environment for employees, especially in companies that continue to have employees working fully remote or working in a hybrid environment.

Today, technology revolves around the ability to work from a distance or to automate tedious and repetitive tasks to cut down on costs and make operations more efficient. Companies are now relying on platforms and software to help streamline workflows and allow employees to easily collaborate. Many are digitizing document files to ensure that employees, no matter their location, can access certain documents in a cloud.

Companies are also providing more online support for their consumers as the expectation of connectivity grows. Companies are ensuring that a service, whether it's an e-commerce site or a solution, would work just as well on a desktop as it would on a mobile device. These tools have become a critical aspect of business operations, and digital transformation has become a priority for many businesses to remain competitive.

If we look ahead, we can expect to see further automation and technology in the workplace. Over 50% of workers believe that technology will determine changes in the workplace within the next 5 to 10 years. In a sense, we're already seeing this as many companies that are embracing digital transformation have required a digital security team specifically in place, thus creating new jobs.

Around 70% of employees feel good about increasing automation and technology in the workplace stating it will increase their productivity and free up their time to work on less repetitive tasks and more creative ones.

It's not news that technology in the workplace has the capability of increasing creativity and productivity. In 2019, before the pandemic, employees who worked in an environment that supplied automation and technology were 31% more productive.

Benefits of Technology in the Workplace

Technology in the workplace benefits companies, employees, and consumers. With the use of automation and helpful software, organizations have been able to increase their efficiency quickly, especially with automation. Many tasks that were once time-consuming to complete manually can be done rapidly and accurately using an automated system. As we mentioned before, this allows employees more time to focus on more strategic and creative aspects of their position rather than spending time on tedious tasks.

benefits of workplace technology

While many people have touted fears about technology reducing jobs, AI is expected to create 97 million new jobs by 2025. The implementation of AI will by itself create positions that we haven't needed before. As an example, when cloud systems and software were first introduced to companies, there became a need for IT and digital security teams. As more technology in the workplace is introduced, we’ll begin to see more positions open.

Any company that had to or continues to operate remotely or on a hybrid system understands the importance of technology in the workplace. Even for companies that require on-site workers, technology in the workplace still benefits them. Not only can automation technology remove tedious tasks and perform them more accurately and more quickly, but many different platforms and software systems allow employees to better collaborate, create workflows, and streamline operations.

As technology advances, companies are also finding more ways to connect with their consumers through various devices and platforms. Through social media, mobile apps, and e-commerce stores, companies can easily reach their customers and provide online services and products.

Challenges of Technology in the Workplace

Technology brings many benefits into the workplace, but it also comes with challenges that businesses need to face. One such challenge includes making sure employees are appropriately trained in any technology that’s being used. While companies may push forward to implement digital solutions, in their haste, they may forget the proper training and security that is involved with any technology. Technology must be introduced at a steady pace to ensure guidelines are made and appropriate training takes place.

Another challenge with technology is prioritizing security, including antivirus software, VPNs, and passwords. Businesses require effective tools and good organizational skills to ensure that secure information remains safe. A security breach can lead to important data being lost, consumer trust declining, and time being spent fixing anything that went down during the breach.

As more companies implement technology, workers experience benefits but also challenges, particularly with having a healthy work-life balance. It's more difficult for employees to unplug when they can carry their work with them on their phones. Many employees will still respond to emails past work hours. Employees may receive notifications from emails or chats that can distract them when they're focusing on a particular task. Encouraging a healthy work-life balance and implementing a system that allows employees to unplug while they focus on a specific task may be very useful and help employees remain productive.

Conclusion

Technology in the workplace is not new. With the start of floppy disks and personal laptops, technology in the workplace has become an ever-present constant in today's work environment. Just like everything else in business, it will continue to evolve but instead of taking a back seat and playing a supporting role as it did in the past, technology is being pushed further and further to the forefront to where business operations are now relying on and expecting improvements in technology to run more efficiently.

Digital transformation is more important now than ever. It's expected that by 2025 companies will invest around 2.8 trillion in digital transformation. Business process outsourcing (BPO) and business process automation (BPA) providers such as Exela, help companies take steps to further their digital transformation. Finding digital solutions can be daunting and relying on a BPA provider can help to better implement technology in the workplace.

View Exela case studies that show the many benefits companies experienced with digital transformation.

Hospitality Giant Realizes Huge Savings and Gains Efficiencies with Major Digital Transformation

Hospitality Giant Realizes Huge Savings and Gains Efficiencies with Major Digital Transformation
Challenge

A global leader in the hospitality and vacation ownership industries was spending exorbitant amounts storing more than 3,000 marketing and promotional items in a large, centralized warehouse. The company relied on multiple providers for procurement and distribution management, which only added to the problem; resulting in greater inefficiencies and higher costs—purchases were spread out among supply sources with limited opportunities for higher volume discounts or negotiated rates. Managing its inventory was another costly issue, with lack of control and high obsolescence. There was no centralized, online repository of assets; making it difficult to keep track of items and fulfill orders from its individual resorts. Additionally, there was limited flexibility in the existing business model to accommodate customized orders from resorts wanting to add a personalized touch to printed standard items such as, resort marketing materials, posters, and business operation materials such as, TV guides and menus.

Solution

It was clear that a major transformation was desperately needed. The company sought the expertise of a seasoned strategic partner with established supplier connections and advanced digital transformation capabilities to clear the way for a shift in its current business model. It realized that relying on the services of multiple providers for warehousing, procurement and fulfillment were both costly and inefficient; switching to one provider to manage it all was the best option. Once Exela was chosen, the hard work began. The first step towards transformation was to introduce a new print on demand system; which meant moving over all of the items currently being stored in the warehouse. An automated procurement system replaced the old way of managing the supply chain; providing a streamlined, web-based platform for selecting vendors; securing quotes; and tracking jobs. And, because it’s vendor agnostic, Exela was able to integrate all third-party applications into its own e-bidding platform to enable supplier categorization, recognized savings methodologies and reporting for the different levels of the procurement process.

Next, to provide the individual resorts with greater ordering flexibility and more options for customization, Exela implemented an intelligent marketing solution featuring a digital storefront for online print and promotional item ordering. Utilizing variable data composition engines, this platform allows for personalized, targeted communications. Now, resorts would be able to choose from a menu of templates and design options to create unique marketing assets for better customer experience.

Results

By shifting towards a more digitally-enabled business model, the company realized significant savings, while creating a more personalized, engaging experience for its customers. Through the deployment of its on-demand fulfillment application, it was able to reduce its physical inventory by approximately 70%. And, by consolidating its supply chain management and procurement services, and automating its strategic sourcing operations it was able to reduce the excessive costs incurred every month. The company no longer had to rely on several providers to procure items and secure the best rates from suppliers. With Exela’s bid management capabilities and online procurement system, the company was guaranteed competitive pricing. In fact, within the first year; the company realized a savings of $1.4MM. With the implementation of Intelligent marketing applications, individual resorts (a total of 1,500 end users) benefited from greater ordering flexibility and personalized design options.

Other notable accomplishments include:

  • - Development of a powerful web-based solution for the company to access printed communication and promotional items
  • - Optimization of the supply chain; resulting in a 25% savings on promotional material for the resorts
  • - Reduction in enterprise print spend, translating into significant cost savings for each resort
  • - Utilization of intelligent communications to enhance customer experience
  • - The procurement of a 10.1” tablet for the resort’s membership program resulted in a savings of $930.000 (35%)
  • - The provision of two on-site buyers that are able to react to any immediate need
  • - Corporate sponsorship of the company’s flagship golf tournament

 

By utilizing a cloud-based approach, we were able to provide transparency, while delivering significant cost savings across the company’s enterprise. In all, the company successfully transformed its business by leveraging digitalization and automation for more efficient processes, significant costs savings, and a more advantageous market position.

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