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Business Process Outsourcing (BPO) is not a new concept. Most large organisations across the globe have been using BPO providers for decades to streamline non-differentiated parts of their business so they can focus on the bits that actually differentiate them from their competitors (i.e. their competitive advantage). As a result, not only do these companies not have to focus on non-differentiated tasks/functions such as back-offices, IT, automation, training, etc., but they also bring about significant cost savings. This in turn means that these savings could potentially be reinvested in further differentiation and increasing their competitive advantage. Therefore, it comes as no surprise that the BPO sector globally is now worth over £1trn and growing.

Fast forward to 2021-2022, and there are a number of tailwinds that increase the urgency for leveraging BPO for businesses that want to stay competitive, remain profitable and, in some cases, simply survive. This is even more true for small and medium sized businesses than larger ones which may have the resources to weather the storm. For the avoidance of doubt, Business Process Outsourcing does not necessarily mean the offshoring or nearshoring of staff. In fact, a large part of BPO today relies on Robotic Process Automation, which is described very aptly in the TechRepublic article by Scott Matteson labelled “How Robotic Process Automation can make work more efficient in your business”.

Below are key factors I see impacting small and medium businesses in the UK and across the world in 2021-2022 that could be managed and significantly controlled by leveraging Valenta’s industry leading BPO services.

1. The COVID-19 Pandemic Aftermath

One could write pages on the challenges and changes seen in the aftermath of the COVID-19 pandemic, including the mess that governments around the world have made trying to handle it. However, to keep this article brief, what I have below is a non-exhaustive list of key outcomes I can see clear as day in the wake of the post-COVID world.

• Working remotely is now the new normal. If someone had said this to me a couple of years ago, I would have laughed at them. As an investment banker, I could never see remote work achieving the same results from a productivity and output perspective that we achieved spending up to 16 hours a day in collaborative workspaces. The physical workspace was something I held sacred and never thought we could dispense of, nor achieve the same (let alone greater) levels of collaboration via remote working. However, COVID has busted all such myths and forced innovation in a number of collaborative tools such as Zoom and MS Teams, which now work seamlessly and actually make remote work more efficient and productive than going into the office. Plus, with the added fringe benefit of the removal of the dreaded commute, which took the average Briton 2 hours per workday.
• Business meetings are no longer required to be in person. Scheduling remote meetings or joining hybrid meetings remotely is now completely acceptable and normal. This too was something I never thought would be possible. However, during COVID, I was forced to negotiate many very high profile M&A transactions via remote meetings. Many of these negotiations were with CEOs and CFOs of Fortune 500 companies, and pre-COVID I would’ve had to travel halfway around the world to be able to attend many of them. If anyone had said to me pre-COVID that we could conduct such negotiations without full-day in-person meetings, I would have told them they didn’t know what they were talking about. However, today most airline industry pundits predict that such business meetings and the associated business travel is unlikely to ever return post-COVID.
• Geographical irrelevance is more pronounced today than ever before. The above two factors have meant that it no longer matters where your workforce is around the world, so long as they can produce high quality work on time.

The above means that today Business Process Outsourcing is poised to achieve seamless integration with existing business processes, the likes of which could not have been imagined pre-COVID.

2. Labour and Skill Shortages

Labour and skill shortages plague economies almost equally on both sides of the Atlantic.

• The monthly report from the U.S. Bureau of Labour Statistics (a.k.a. the U.S. Jobs Report) is considered to be the most credible harbinger of labour and employment trends in the U.S. The latest edition of the report, published on October 8, 2021, shows a number of worrying statistics regarding labour and skills supply in the U.S. Despite the Biden administration succeeding in only adding 194,000 jobs across the U.S. in September, which is significantly below every estimate and target, the unemployment rate across the U.S. mindbogglingly shrank to below 4.8% in September (from 5.2% in August), which is very low for an efficiently functioning economy. In layman’s terms, what this means is that despite the U.S. economy not performing as well as hoped, there still aren’t enough people with the right skills to do the jobs that exist.
• The situation is actually worse and even more pronounced in the UK where acute labour and skills shortages are impacting every sector. We’ve seen an obvious example of this with the HGV driver shortages across the country which left 80% of fuel stations across the UK dry for nearly 2 weeks. The situation only alleviated once the army stepped in to lend a hand. However, this is a temporary fix at best, and a more permanent solution for labour and skills shortages across industries are required forthwith. This is further exaggerated by a large proportion of people who were previously on furlough deciding to not return to jobs they didn’t like previously.
• The short- to medium-term impact of this is the rise in nominal wage levels, which in turn leads to inflation, which could become a permanent problem if the shortages cannot be effectively addressed in a reasonable amount of time. One way to solve this is via immigration, which is where governments are focusing today. However, immigration brings a multitude of challenges, least of which is the resistance from the common man (i.e. the voters) making immigration a very sensitive topic. Furthermore, immigration takes time and is not a short- to medium-term fix. Additionally, because immigrants are absorbed into the same economy with the same wage levels, living standards, and inflation, immigration doesn’t necessarily result in the deflation of wage levels.

For businesses, this makes Business Process Outsourcing all the more attractive where labour and skill shortages can be addressed by a combination of increased automation, artificial intelligence, and outsourcing to offshore/nearshore centres.    

3. Inflation and Margin Pressures

With increasing commodity shortages across the globe, there’s hardly any economy that isn’t suffering from high inflation. This is extremely pronounced in the UK and across Europe, where acute food and energy shortages are making government policymakers extremely nervous about the potential crisis looming ahead. Central banks across the globe have already apologetically started to restate inflation estimates for higher and most — including the U.S. Fed and the Bank of England — think they will miss their inflation targets for both 2021 and 2022. Interest rates are at their all-time lows at nearly zero percent in the U.S. and UK (negative in Europe), which is significantly below what the U.S. Fed believes would be a neutral interest rate at 2.25%.

However, the two tools available to the central banks to control inflation and unemployment (i.e. the two variables on the Phillips curve), have proved entirely ineffective. These two tools are the money supply (i.e. either printing more or buying back currency) and interest rates. Any further economic stimulus in the form of lowering interest rates and/or printing more money will only increase inflation but is unlikely to provide any boost to the economy. Most economic pundits have hesitantly started to talk about a possibility of the dreaded Stagflation. Thus, Fed Chairman Jerome Powell has already announced that the Fed will make no such further stimulus attempts and will actually do the reverse by rolling back its huge pandemic stimulus program by tapering its monthly asset purchases. Most governments are in their worst liquidity positions since 1945, with the U.S. Senate reluctantly having to approve the increase in the debt ceiling to avoid a U.S. government default. The situation in the UK is no better in the aftermath of bad decision making during the COVID crisis leading to an increase of £2trn of debt for the UK. What does all of this mean? It means a prolonged period of high inflation, rising cost of doing business, increase in taxes, and significant margin pressures on both EBITDAs and post tax earnings for most businesses. Business Process Outsourcing can help businesses achieve savings and efficiencies across processes, resulting in alleviating said margin pressures by use of automation, artificial intelligence, and process outsourcing.

Valenta is a leading global provider of Business Process Outsourcing, including process consulting, robotic process automation, and staff augmentation. If you would like to learn more about how Valenta can help your business achieve greater cost efficiency, higher top-line revenues, and increased margins by employing Business Process Outsourcing in your business, please get in touch today for a free consultation at

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Central Factors of ESG

There are specific criteria associated with each part of ESG, which companies should be aware of if they want to fall within the appropriate grounds to be considered by certain investors.

For instance, environmental criteria mostly look at how well a company acts as a steward to the natural environment. Thus, an investor might focus on climate change, waste and pollution, deforestation, resource depletion, and greenhouse gas emissions.

The social criteria revolve around the way a company treats other people. This includes things like health and safety, conflict, diversity, employee relations, and working conditions. It might also delve into how a company helps out in the local community by serving underserved populations and funding important projects.

The final criteria fall under governance and are based on how the organization is governed. The criteria under this level include the structure and diversity of the board, tax strategy, corruption and bribery, executive remuneration, and political lobbying and donations.

The Recent Urgency of ESG Compliance

Meeting ESG compliance is something that many companies are working on. It goes beyond offering great public relations. Many organizations are in a position where they can’t afford to get it wrong. Oversight of ESG by the United States Securities and Exchange Commission and the European Union are steadily increasing.

In addition, shareholders are putting pressure on corporate boards to focus on sustainability and ESG. Right now, the stakes are high and compliance can be challenging.

For example, let’s say a company wants to become more efficient and track its energy consumption. It sounds simple, but the process involves major data collection and analysis across many locations and sub-entities.

On the other hand, a financial institution focusing on green financing will need to track supply chain activities, clients’ field operations, carbon emissions, and hundreds of other variables. Just the process of acquiring and analyzing vast amounts of data is a huge job.

This kind of work can be hard to do and errors are common. However, the process of automation can make it simple.

Automation Use For ESG

People in banking and financial institutions can fulfill their responsibility toward ESG and create a reality. Software bots can often handle a large part of the workload associated with complying with ESG. What makes it even better is that many of these financial institutions already use some of those software robots.

For example, one bank might use automation to manage customer processes and digitize loan documents to cut down on the need to use paper. Another could automate their process requests associated with postponing the repayment of loans for those impacted by COVID-19. Others use automation to cut down on time needed to onboard new clients from over 10 minutes to less than one.

These are only a few examples that show how financial institutions like banks are skilled at finding innovative ways to use automation for the good of everyone, to reducing cloud computing infrastructure by 65% and creating carbon footprint calculators.

And when it comes to ESG, automation is also an excellent way to ensure compliance.

ESG Crosses All Industry Lines

While banking is the first thing that comes to mind with ESG compliance, companies in every industry are making commitments to do better. These companies are also discovering that automation is the best way to create compliance, especially in terms of auditing and reporting.

Automation can help a company monitor and then report any ESG risks related to their investment and lending portfolios. In addition, robots can see how a company performs using key performance indicators (KPIs) for ESG.

This means tracking progress toward environmental targets like carbon emissions and social KPIs such as diversity in the workplace. In addition, automation makes it easier to report metrics related to cybersecurity, risk and control management, and employee conduct.

On the auditing side of things, workers have a lot on their plates. Adding in ESG compliance can make a packed list of duties burst at the seams. Automation can help in this area, too. It assists with many monitoring, sampling, and assessment requirements driving an ESG auditing program.

Many auditing teams have already chosen to use automation to help with data monitoring and collection. These same software robots can simplify and streamline ESG auditing, too.

How Automation Can Help in Banking and Finance Applications

Companies related to finances and banking have special challenges in terms of ESG. Thankfully, automation can make a huge difference in hitting compliance requirements.

With green finance, there are two primary questions to ask. Which organizations are in the ESG space for people to invest in and how well are these candidates for investment doing in meeting their ESG commitments?

In both situations, a lot of data must be considered for everything from supply chain relationships and carbon emissions to sustainability scores and other things. Automation makes this much simpler in terms of locating the information and then pulling it all together.

In terms of green mortgages, many banks offer lower interest rates or additional principal on loans for resource-efficient and environmentally responsible properties. However, extra documentation and checks are required for these properties to ensure they meet the lender’s requirements.

With automation, a lender can more easily verify data and ensure that a property meets all the requirements to be considered green.

ESG is also a part of shaping current investment strategies. Automation can help here too. A robot can pull information like annual reports and prospectuses to see if an investment complies with the ESG targets. They can also look at ESG scores, media reports, and sustainability analysis from third parties.

Artificial intelligence models can summarize all the information to give portfolio managers the information needed to make responsible decisions. ESG policies can help organizations do the right thing for the earth and automation can assist them in getting there.

The post Using Automation to Drive ESG and Sustainability in Banking and Financial Services appeared first on ValentaBPO NZ.

When you break down the numbers, that 306,000 hours might be larger than you think. It’s the equivalent of moving forward 12,500 days into the future. Automation through robots is a great way to create sustainable growth.

With a fully automated company, all automatable work is handled by robots, which gives employees the ability to focus on only strategic, fulfilling, and valuable work. It also democratizes automation to create citizen developers and offers tons of opportunities through building artificial intelligence (AI) across all types of verticals.

The History of Robotics in the Workplace

The very first robot for use in the workplace was built in 1956 by an inventor named George C. Devol and an engineer named Joseph F. Engelberger. The robot was called the Unimate and was used to extract die casting from various machines as well as handling vehicle spot welding at General Motors.

The unprecedented success of this robot led to further developments into robots for labor. As a result, it wasn’t long before companies started to buy robots to incorporate them into various workplaces.

Today, robots can do many demanding and repetitive tasks reliably and quickly. For instance, robots can move huge items from one location to another, paint products, and put together components on an assembly line.

Robots are also useful for increasing workplace safety since they can handle tasks that would be hazardous to humans. For example, a robot can work with extremely hot materials or handle corrosive acids.

In addition, robots rarely cause workplace accidents. When the accidents do occur, it’s typically during maintenance and programming processes. Most accidents are a result of workers not being privy to their movements.

So, how does it work? Read on to learn how the process is implemented and could work for you.

Assign Any Work That Can Be Automated To Robots

Whether your company regularly takes on automation projects or not, you can choose to do so and work toward scaling global automation to benefit the company, workers, and even your clients or customers.

One of the most critical things to take back hours is assigning robots any work they can do. This involves identifying the best processes for automation in every department, considering robot options, and then tracking the impacts of automation.

Having scaled automation can work in one of two ways: federated or centralized. With a federated structure, the automation strategy is delegated to specific business units. They will, in turn, decide which goals they want to work toward.

In the centralized model, digital transformation is united under a single team that makes strategic decisions for the entire company.

These approaches can also be blended, depending on the needs of the company. For instance, there might be automation experts and developers across each team who help departments assign the right work to robots.

Allow Employees To Focus on Valuable and Fulfilling Assignments

Saving 306,000 hours might not be possible for everyone, but saving any time lets employees focus on the things that are important to them. For instance, these employees could have various apps and automations available on their computers to use as they see fit.

This allows anyone to deploy a robot through their work computer. The automations available can range from controlling a voice presentation to building sales quotes or taking text from an image using optical character recognition.

When there are prebuilt robots available, employees can take their attention and move it toward things like building better relationships with customers rather than filling out time-consuming forms.

Communicate Regularly and Democratize Automation

The company we mentioned earlier that managed to save 306,000 hours uses what are known as citizen developers. They are useful for automation efforts and can be found on product teams, customer success teams, pre-sales teams, and more.

These individuals can save hours and increase the value of the company. Citizen developers can also offer benefits in less obvious departments like procurements, marketing, and sales, as well.

The developers need to be given the tools needed to succeed to see the results a company wants.

In this situation, the employees have access to an automation assistant program and hub, a studio software that lets them create low-code automations, a program to create special interfaces for the automations, and a final program that determines who can use these tools.

Communication is essential when it comes to having developers who work within the company. In addition, all automation attempts require transparent communication because otherwise, teams will operate as small groups, and automation opportunities that span departments might be missed.

Some of the communication options include:

• A hub for all automation – This is an asset that works well for exploring and sharing automation ideas.
• Slack or other business communication applications – Employees can be added to a special channel where announcements can be posted.
• An intranet page – Built into the home page, employees can see information about automation, look at testimonials, and submit ideas.

This type of system creates good two-way communication between developers and the business as a whole. The inclusion of several channels lets people submit ideas, see what robots are doing, and get updates on coming changes.

Introduce AI Across All Forms of Work

AI capabilities can and should be introduced across the company, from software that can help determine where AI can be used to programs that let robots see the same computer screens that human workers do.

While testing these items, the developers can create and use AI-based automations. Depending on a company’s needs, these could be used to optimize help desk services, discover new business processes, or speed up the processing of paperwork like invoices.

The post How Our Own Robots Gave Us Back 306,000 Hours appeared first on ValentaBPO NZ.

A look at the stock markets right before COVID-19 hit is an example of why this year is the pivot year. All it takes is searching through the price movements of 5,000 huge global companies over the last year. Examining this information has shown more than anything else that this year is the year of the pivot.

It’s the year for people and organizations to make huge moves and appreciate huge benefits for doing so.

The last year or so has been challenging; nobody is going to deny that. However, if it creates needed change, it’s not all bad. Change challenges us to do better, become more, and make better choices. But it takes a little bit of courage to jump in and make huge changes, too.

The Four Acts of Capital Markets

Browsing and examining all of these companies and their markets makes it clear that capital markets have moved through four unique acts. Each of them is important and plays into the pivot year we’re currently moving through.

The first act is defined as the initial month after the pandemic started. Unfortunately, this was not the best time for most companies. All of the major stocks substantially dropped in every single sector. At this time, all of the news that came out was bad. It seemed as if there was no end to the downsides. Everyone was uncertain and worried.

However, as we moved from mid-March through the beginning of June, there started to be major differences depending on business sectors. For instance, industries like banking and energy, which had already been struggling, continued to see things get worse. However, some consumer and tech sectors managed recoveries since the pandemic created a huge demand for certain services and products.

The third act of the markets started in August and was the beginning of lockdowns being lifted around the country. This created a better market recovery across the board. While the market hit rock bottom less than eight months before, nearly half of industries had come back from their lows in February. So, things were starting to look up.

Now, we have the final act to consider. This occurred as industries that were still struggling started to bring up new ground. It happened as the upcoming vaccines started to create optimism and confidence in consumers. However, there was still a significant gap between struggling sectors and leading industries that would only get larger.

Consequences of Market Variation

Throughout all of these acts, two different things occurred. The first is that average returns began to go up from negative 30% to plus 20% at the conclusion of act four. In addition, through every act, the gap between industries continued to expand. This went from 27% in March all the way to 80% today, a gap that is completely unique in recent history.

Without naming names, one particular group outperformed to an extent where it stands out from everyone else. The companies included in the group were inclusive of 40% of the market gains. Each added on about $230 million of market cap.

This group is largely composed of four things: Asian technology, North American technology, semiconductors, and electric vehicles. Each of these sectors has benefitted from huge demand throughout COVID-19.

What’s even more interesting is that many of these trends were already in place before the pandemic, from telemedicine to ecommerce and geopolitical tensions. Moreover, the trends showed even broader performance in the associated sectors. As a result, the industries that zoomed ahead over the last year were already doing great over the last five years.

Each of these sectors was already doing well but managed to become more robust. However, the sectors that were left behind started to escalate at even higher rates.

In addition, within all sectors, performance gaps exploded. Regardless of the past year’s performance, every industry had companies that moved far ahead and those that fell a bit beyond. This is a result of the differences between the sectors, such as asset-light and tech-forward business models, influenced the performance of each individual company.

There’s another way to think about this. If two people are running away from an apex predator, even the smallest differences in energy, speed, and strength make a huge difference in whether they survive or not.

Strategies Come Back Into Play

The crisis of the pandemic changed the course of business, regardless of company size, sector, or industry. As a result, many companies put their strategies on the backburner while focusing on the pandemic. However, the growing number of deals and increasing capital investments show that this may be a break that is nearing completion.

The current capital markets show that things are moving at a quicker pace and a time to innovate while moving back into the market. The companies that aren’t prepared to jump in and make changes with a boost of momentum are likely to be those that fall behind and never make it into recovery.

Looking at past financial crises indicates that those who are stronger when leaving a downturn are more likely than their competitors to retain that advantage for 10 years or even longer.

Where To Go From Here

At this point, what every business needs to ask is what they’re going to do in 2021 to stand out. Just as important is considering what should be left behind to ensure the best results as the year goes on.

This is a year for a pivot away from the things that are standard but not working and toward strategies that are new and innovative but capable of propelling you to stronger heights.

It’s all about reimagining the world after the pandemic and creating the needed change. If you can outperform and coexist with the largest companies, this is the time to seize the moment. Make changes, get out there, and do what you do best.

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With RPA in the workplace, human employees can focus on the things they enjoy and do best, such as collaborating on creative business projects or interacting with customers. RPA offers a ton of benefits for any company, but one of the most important would be the ability to free up time for employees to do important things in the workplace.

What Robotic Process Automation Is About

RPA is a term used for software that either fully or partially automates activities typically done by humans. These activities tend to be repetitive, manual, and based on specific rules. The software replicates the actions a human would take by interacting with applications to respond to customer service questions, handle data entry, process transactions, and more.

The chatbot, which nearly everyone has experienced on websites, is almost always an RPA tool rather than a human. Therefore, it is ideal for answering simple questions like “where do I find this product on the website” or “how can I reset my password.”

A robotic process automation tool doesn’t replace the underlying applications. Instead, it automates many of the manual tasks that humans would traditionally do. For example, they can essentially see the same thing as a human worker and then update and fill in fields and boxes by pulling the right data from the appropriate location.

There are several benefits to this, including:

• It assists with ensuring tasks are done more quickly since the RPA tool can locate and retrieve all needed data in the background.
• It can ensure that any outputs are correct, complete, and consistent between tasks and various human workers.
• It gives humans a break from low-value monotonous tasks such as data entry so they can use their time on high-value work that needs human decision-making, creativity, and ingenuity.

One of the major benefits of RPA is that the tools used for it don’t change any of the existing infrastructure or systems. Other process automation tools can work with other systems using application programming interfaces (APIs), which require writing code. This can lead to quality assurance issues, the need to maintain the code, and the requirement to respond to changes from underlying applications.

While there are complications to using RPAs, many organizations find them to offer concrete and tangible benefits. Moreover, as the tools become more nuanced, they even take on characteristics of artificial intelligence tools and business process management tools.

This makes them more efficient and could lead to a situation where the tools could even analyze the sentiment in a message and make a recommendation based on that information.

RPA Time Saving Benefits

Regardless of industry, RPA can be used to allow employees to work on important things. The idea is to free up as much time as possible for items that can only be done using humans. For instance, those in customer service positions will have extra time to focus on customers and build a relationship with them.

Some companies find that the use of RPA can free up between 20 and 40 hours a day. The huge amounts of time savings available can transform an organization. In addition, these robots can often do things much more quickly than humans and, in some cases, might free up departments of people to handle more pressing matters.

One leader at a major manufacturing company noted that there was a high-visibility data entry project that was taking up the time of all the managers. The data was shuttled to the vendor, and hours a week were spent on it at each franchise.

In this case, a bot was used to take those data feeds, enter the data, and create reports for every location. This freed up the managers to do more important things throughout the company.

Another automation consultant relayed many of the same things. At another company, there were many cases where unattended automation could be implemented to save time. This offered the employees a way to work on more important and fulfilling activities.

Increasing Employee Happiness

Freeing up time to handle more important tasks is an excellent thing for any organization. However, that’s not the only benefit possible with RPA. Many of the companies now utilizing this kind of technology also find that their employees are happier and more positive regularly.

One developer explained that this is because the workers who were on tasks alongside bots were happier to have fewer low-value tasks to focus on. The robots let people feel more like people rather than robots who are just there to do the same thing repeatedly. The truth is that most employees don’t derive satisfaction from that.

Robots can remove that feeling and let people find enjoyment in relevant, creative, and challenging work. It gives them the chance to spend more time with customers or clients to build strong relationships with them. It also frees up time for additional work projects that the employee might have had to push to the side before RPA was implemented.

When employees are happy, they also are often more productive. This means the employees, the company, and the customers are experiencing benefits when this technology is in place.

An End to Workplace Monotony

Having the same tasks to do every day can be challenging for many workers. Freeing them up to be more focused on strategy is an excellent effect of RPA. Several leaders who have implemented automation for tasks have seen workers move on to doing more important work.

Employees who are bored at work doing repetitive tasks can now use their minds to create solutions and feel more like an important part of an organization. Of course, when manual work is removed from the equation, the extra time is a boon, but so is the ability to use it on exciting and challenging projects.

The post RPA Means More Spare Time For Your Employees appeared first on ValentaBPO NZ.

Nine out of 10 businesses are now on the cloud. As more data is moved to it, much of the process involves replicating traditional services to work in a digital format. However, authentic digital transformation goes beyond that. It acts as a framework for technology that transforms data and services into important data that can improve all parts of an organization.

Instead of simply migrating information to the cloud, it’s possible to reimagine processes and systems that work together for better business intelligence. Digital transformation is essential today and offers a wide variety of benefits.

The Importance of Digital Transformation

Digital transformation is a method for changing the way an organization in any industry operates. Culture, systems, workflows, and processes are all evaluated throughout the process. The actual transformation affects all levels and departments of the business. It also compiles data from all areas to build an organization where people can work together more effectively.

Implementing advanced processing and workflow automation, such as machine learning and artificial intelligence, can let companies understand the full customer journey in a way that wasn’t possible in the past.

Lots of companies choose to go through digital transformation for cost-related reasons. For example, the process of moving data to a private, public, or hybrid cloud environment can lower overall operational costs. In addition, it frees up software and hardware costs while giving workers the chance to spend time on other projects.

Better Data Collection

Any business that is looking to succeed will be collecting all sorts of information about its customers. However, the largest benefit is the ability to optimize this data for analysis that can guide the direction of the business. Digital transformation builds a system that can gather the appropriate data and incorporate it for a higher level of business intelligence.

This means that all the units across a business can use raw data to create insights used at various touchpoints. When this is done, it creates a single view of the customer journey, finance, operations, production, and business opportunities.

Increased Productivity

When the top technology tools are working together, it’s possible to streamline the workflow. This process can improve productivity across the board. When manual tasks are automated and data is integrated across an organization, each worker is empowered to work more efficiently.

Improved Management of Resources

Digital transformation helps consolidate resources and information into many tools for business. Instead of using several separate databases and software solutions, all of the resources can be combined in a single place. This is huge when you consider that the average number of applications used in enterprise businesses is 900. This makes it challenging to get a consistent experience.

The use of digital transformation can integrate software, applications, and databases into one spot for all business intelligence needs. It isn’t a unit or a department; digital transformation encompasses all parts of a business and can offer better efficiency and innovation.

Increased Agility

Digital transformation can create more agile organizations. Using the same techniques as software development, a business can optimize agility with digital transformation as a way to adopt continuous improvement strategies and improve speed-to-market. This creates an environment for quicker innovation and adaptation while creating a pathway towards improvement.

Improved Customer Insights

Having lots of information about customers isn’t very helpful if you aren’t sure how to unlock the insights it holds. When you know who your customers are and what they need, it frees you to create a customer-centric business strategy. The use of unstructured data, like social media metrics, and structured data, such as personal customer information, can create insights that help a business grow.

Data offers a way to enable strategies that include more agile, personalized, and relevant content.

Better Profits

Choosing to undergo digital transformation can offer better profitability and efficiency. The SAP Center for Business Insights and Oxford Economics offers data that show how these things work together in an organization:

• Leaders at companies that have finished digital transformation can expect 23% higher revenue growth than others.
• Of those same organizations, 85% indicate that they have increased their market share.
• 80% of these organizations have seen an increase in profits after digital transformation.

Improved Customer Experience

Nowadays, customers expect nothing but the best. If you can’t provide that, they tend to move on to a competitor. This is especially true when it comes to customer experience. A world of low prices, nearly endless choices, and quick delivery has made people expect all of those things. It’s a new situation for most businesses to focus on, but it’s extremely important.

Gartner reports that more than two-thirds of companies are competing largely on customer experience, which is likely to increase. Accenture notes that customer experience has become the primary driver of sustainable business growth and that even a point of increase in scores can create millions in annual growth.

Encourages Digital Culture

When every member of the team has the appropriate tools created for their specific environment, digital transformation can encourage a digital culture.

These tools can be used for an easy method of collaboration but also move the organization forward digitally. Having a digital culture is something that will become increasingly important in the future. It creates digital learning and upskilling of employees to take advantage of every benefit of digital transformation.

All in all, digital transformation changes the way companies today operate. It offers better data collection, an improved customer experience, and much more. These benefits offer businesses increase profits and better cost savings.

As time goes on, digital transformation will continue to happen at rapid speeds. When your company goes through digital transformation, it lets you better control your data, improve existing security, and collaborate within an environment of control and visibility.

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The World Health Organization details that there are about 2.5 healthcare practitioners per 1,000 patients in the United States, but by 2030, there could be a shortage of up to 120,000 physicians. Therefore, having technology that can help alleviate this problem has become a necessity.

Companies will be looking to capitalize on technologies like RPA as a way to ensure employees are engaged and productive, especially as we move into the second year of the COVID-19 pandemic.

RPA has experienced widespread adoption over the last couple of years, something that is expected to continue. As a result, it may not be long before it’s used as a solution for every department in organizations that span industries.

Research and advisory company Gartner has indicated that RPA software solutions will likely grow by almost $1.5 billion before 2022. The simplicity and speed with which RPA can automate otherwise manual processes have been a huge factor in why this technology has experienced such high levels of adoption.

Small and medium businesses, as well as huge corporations, can benefit from RPA. This is because it offers faster data processing speeds and requires less time spent on repetitive tasks by workers.

This is a boon to physicians, many of whom are frustrated by all the data entry and tedious tasks they need to do each day. Unfortunately, without RPA solutions, the technology options available to alleviate this issue are often subpar and frustrating for those who use them.

Based on current levels of adoption, the global market size for robotic process automation would reach more than $23 billion by the time 2026 reaches an end.

RPA and the COVID-19 Vaccine Distribution Process

The COVID-19 pandemic has created widespread disruption worldwide, which has clued in healthcare organizations about how important automation can be to ensuring business continuity.

Since RPA can make it easier to get through time-consuming and tedious tasks, it can streamline many aspects of healthcare operations. This gives medical professionals the ability to spend more time on patients and less on paperwork.

RPA solutions have also provided better support to healthcare organizations. This permits them to cut down on the potential for employee burnout while frontline workers are pushed to the limit.

Based on KPMG’s AI survey, about 37% of healthcare AI investments will relate to robotic process automation over the next few years. This data comes from approximately 100 respondents associated with life-science and healthcare firms.

As we continue to fight through a pandemic, leaders in these industries rely on RPA and its potential to monitor how the virus spreads and assist with the distribution and development of vaccines.

In March 2021, Notable Health, known as a top provider of quality automation solutions for healthcare, moved into a partnership with North Kansas City Hospital (NKCH) to speed up COVID-19 vaccine distribution for residents of Missouri.

NKCH and Notable Health have created a coalition named Operation Safe. It’s being used to scale vaccination efforts and vaccinate several thousand residents per day.

RPA is being used in tandem with fast healthcare interoperability resources (FHIR) to train bots or digital assistants to search electronic medical records (EMRs) for all available appointment options for patients who meet specific eligibility requirements, such as pre-existing health conditions or age.

NKCH uses the RPA tools provided by Notable Health to digitize and automate the identification, outreach, scheduling, and pre-visit intake workflows to ensure patients are vaccinated more quickly.

Major Tech Companies Focused on the Innovation of RPA

A wide array of business organizations are currently looking at ways to increase productivity using innovative and strategic thinking to find success in a highly competitive world.

Part of this process is accelerating how quickly RPA technologies are deployed across small and mid-size enterprises (SMEs), as well as large organizations.

Many of the world’s top tech firms are innovating and using new strategies while anticipating the potential for similar trends in future years. For example, Microsoft India announced plans to offer its Power Automate Desktop solution for Windows 10 users for no fee in March.

Power Automate Desktop is an RPA application that gives businesses an easier way to automate repetitive manual tasks while emphasizing high-value processes as a way to create better performance and efficiency.

This platform is tailored to be simple to use and lets users reduce worker errors, increase scalability without sacrificing security, streamline workflows, and cut down on maintenance efforts and costs.

During the same time as the preceding announcement, Google Cloud was building a multi-year strategic alliance with Automation Anywhere, an RPA leader globally. The purpose of the alliance is to meet many businesses’ needs for intelligent automation.

The conditions of the deal state that Automation Anywhere will relocate its cloud-native Automation 360 automation platform over to Google Cloud as its main cloud provider. It’s largely expected that the company will be Google Cloud’s chosen partner in RPA efforts.

As a duo, these companies are hoping to create new products and services powered by automation. The new solutions will be created for applications in specific industries, especially in the life-science, retail, healthcare, supply chain, telecommunication, and financial services sectors.

The Future of the RPA Industry and Evolution of RPAaaS

RPA is making waves in all sorts of industries, but this is especially apt when thinking about healthcare. Moreover, robotic process automation is also expected to become one of the most important IT solutions as years go on.

When deployed effectively, this unique technology can offer huge advancements in strategy making and business efficiency.

Within the next few years, it’s expected that robotic process automation as a service (RPAaaS) will go mainstream and be accessible for all companies who need it. This could help businesses cut down on the costs associated with deployment and development by using only the most impactful and reusable components.

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You may be familiar with FreightTech, but you might not realize that the traditional players in logistics have been slow to adapt to it. This has created an easy way for new companies to jump in and see success simply by being willing to take risks.

This article will look at FreightTech and what is holding companies back from its adoption. We’ll also delve into how those longstanding organizations can take back their dominance over the market.

The Rise of FreightTech

One of the reasons that many logistics companies are wary of working with new technology may come down to the fact that the logistics value chain has been the same for several decades.

The basic process is that a freight forwarder will receive an order. Next, the package has to be picked up. Next, it’s placed in a warehouse before being transported to a new location, where it goes into another warehouse. Eventually, the package is delivered to the person who ordered it.

However, the last few years have been excellent for innovative ideas and technologies in logistics, something that has become known as FreightTech. This has completely changed the logistics path that established companies were comfortable with.

Not only that but it’s expected that in the next two to five years, FreightTech applications will have disrupted every single step in the traditional logistics value chain.

The Dilemma for Traditional Logistics Organizations

The companies who have spent years or decades relying on things being the same are now in a position where that simply isn’t true. The only option is to adapt. Otherwise, these organizations could see their prime spots taken over by new companies.

The new logistics companies aren’t focusing on the way things used to be done. Instead, they’re happy to jump into the new world of logistics and have access to the major funding needed to invest in new technologies. One look at Amazon gives you an idea of what we’re talking about.

On the other hand, FreightTech isn’t so established and these companies aren’t so ingrained in the landscape that traditional organizations can’t take action.

Understanding the developers of FreightTech, the challenges traditional companies face implementing it, and how an ecosystem-based approach works can move logistics companies over the hurdles.

The Top Developments in FreightTech

When we’re looking at FreightTech applications, they typically fall into one of three categories. These include automation, intelligence, and integration.

• Automation – The use of robotics systems in logistics is a part of FreightTech. This is done to increase productivity levels since robots now have longer lives and are dropping in price. However, most automation applications are largely concerned with reducing manual tasks that traditional workers currently have to do.
• Intelligence – The network-based and complex nature of logistics has created a bevy of opportunities for making data-driven decisions and optimization. Because of that, FreightTech applications based on intelligence include tools that transfer, create, and analyze data in a better way.
• Integration – The platform model is becoming increasingly popular in the logistics world. However, there is an issue when it comes to integrating several stakeholders. The FreightTech applications at this level focus on increasing communication and transparency between different players by utilizing digital processes.

The Status of Automation, Integration, and Intelligence on Logistics Markets

In most cases, companies across the logistics industry are focusing on the use of FreightTech options that involve platform models. However, it’s also a priority for them to support service providers who provide solutions that aid digitization.
However, most of the funding coming from investors is being used on intelligence applications, such as artificial intelligence tools.

Challenges When Implementing FreightTech

There are many challenges related to implementing FreightTech. For instance, the European market is more fragmented than other locations. It also is more international and less standardized than other places.

Logistics companies that have been in the game for a long time also have their own set of challenges, many of which can prevent the scaling of FreightTech solutions. However, at the same time, the new and innovative companies see increasingly lowered entry barriers.

As an example, there is a huge investment in digitization, while there may be a lack of trust between stakeholders concerning data sharing.

This leads to a situation where e-commerce businesses and start-ups are currently changing the face of logistics. We mentioned Amazon earlier, which is known for transforming itself into a full-service logistics company that competes with traditional businesses.

Options To Adapt

The value chain that has been in place for decades will eventually be gone. Instead, ecosystems, including the organizational networks involved in transporting goods through the full supply chain, will become the heart of logistics.

To fully benefit from the opportunities associated with FreightTech, those who haven’t made changes will need to have knowledge of the ecosystem and be willing to change business models to handle the challenges and hurdles associated with fluctuating market dynamics.

Everything from developing data ownership to leveraging ecosystem options and identifying the most relevant technology can create better value from instituting FreightTech solutions.

The idea is to help traditional logistics companies maximize their market share and price level while supporting growth opportunities and raising cost efficiencies using innovative technology.

Where Logistics Can Go From Here

FreightTech is here and it’s likely going to stay. All three of the categories are creating a shift toward an integrated logistics ecosystem where containers and parcels can optimize routing all on their own.

The new ecosystem will also need new players to work now and in the future. These are likely to include network specialists, aggregating meta-platforms, next-generation asset operators, and integrating logistics platforms.

What logistics companies need to decide is what their role will be in this new world. Only the companies that can rise and handle the changes are likely to be names that we know about in the future.

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1. Technological Expertise

It’s not surprising that as digital transformation spreads across a wide variety of industries, tech skills are some of the most basic tools in any successful worker’s toolkit. Whether it’s learning some simple coding or taking a computer class, there are lots of ways to expand your technological expertise – and you can acquire these skills from the comfort of your own home. 

Specific skills that are in demand right now include abilities with app development, computer graphics, software engineering, and software testing. If you run a business, artificial intelligence is one of the most rapidly growing advancements, and it’s proving to be a game-changer. 

From the simplest bots that handle repetitive, mundane tasks (Robotic Process Automation) to conversational AI solutions that interact directly with your customers and employees, expertise with these technologies — or at least a basic understanding of them — is one of the most crucial skills today. And if you’re an employee, experience working with these emerging technologies gives you an advantage over competitors with little or no experience.

2. Mastery of Digital Marketing 

In its simplest form, digital marketing is any marketing venture that uses some digital method. While you don’t need high-level certification to become a digital marketer, tech fluency and an understanding of the internet is a must. 

A business owner with tech fluency can easily purchase banner ads on a popular website or advertise products and services via email. But there are many newer avenues for digital marketing you can explore, like social media influencing, search engine optimization (SEO), and affiliate marketing. 

Deploying intelligent software robots within your business is a great way to optimize marketing and sales. BOTS on your sales team improves the efficiency of cross- and up-selling by triggering suggestions of recommended products. AI learns from context and user interaction and tailors suggestions to each customer specifically. 

As an employee, your tech fluency and ability to work alongside these intelligent BOTS make you highly marketable in the future – no matter what industry you find yourself in.

3. Adaptability in Journalism

As a journalist, your job will always be important no matter what radical changes occur in the world. Skills in journalism never fall out of demand, because the world’s thirst for factual news remains constant over time. But in the ever-changing digital age, journalists have to adapt to new methods of distributing information.

In the current revolution of work, this requires skills in communication, media production — and of course, writing. And since most people access the news electronically today, journalists with an understanding of SEO and even AI have a leg up over the competition. 

In the world of news today, organizations are already implementing AI functions like natural language processing (NLP), machine learning, and document understanding to automate the journalistic process. Knowledge of these new technological advancements — along with your skills as a journalist — ensures you’ll remain relevant in your field moving into the future.

4. Proficiency in People Management

People management isn’t a set of skills you should only care about if you’re looking for a managerial position. In fact, knowing how to work with others in a positive, efficient manner is one of the most important skills in the workplace, now and into the future – and it’s a skill that’s valued in all industries.

Good communication and problem-solving skills help build rapport with your coworkers and superiors. If you have people working under you, these skills are the foundation of motivating your team through constructive criticism and giving credit where it’s due. 

In today’s work ecosystem, some of the coworkers you interact with might just be robots! Conversational AI has a wide range of use cases in HR and Customer Support, providing intelligent automation that streamlines interactions and maxes productivity and customer satisfaction. 

As a new hire, you might be aided by an intelligent chatbot – something more business owners are looking into as an investment for the future. The changing landscape of work leans toward increased digitization of people management. Since these tools are useful in any industry, knowledge of them is key for maximizing your people management skills.

Don’t Just Survive — Thrive in the Future of Work

In today’s ever-evolving job market, knowing what skills will stay relevant into the future — and mastering them to the extent you can — helps you succeed in any industry. Maintaining up-to-date skills in people management, journalism, digital marketing, and tech keeps you adaptable in a changing world — and that’s what every employer needs in the coming revolution of work.

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When you look at these situations together, it brings up a crucial question. Should systems have been connected and open to abuse to begin with? No matter what your opinion is, it’s clear that cybersecurity is a huge priority right now and that should remain the same as we move forward.

The Benefits and Risks of External Connections

Nobody is denying that businesses can see benefits from external network connections. However, it’s also important to consider what can go wrong when these connections are available. Simply by having an external connection, these systems are easier to attack.

If these had been internal connections, would the same problems have occurred? Unfortunately, there’s no way to know for sure. However, external systems are certainly much more accessible to hackers who want to create problems around things that aren’t theirs.

The next question you might want to ask is where the benefits of this kind of connection are capable of outweighing the risks. With all of these hacks occurring lately, finding an answer is more difficult than you might expect. This is especially the case when the external connections are added simply to offer remote control and monitoring over certain functions.

Flexibility is important but is it so important that there should be gaps in cybersecurity just to ensure a human doesn’t have to visit a building to handle their tasks? Some people will say the answer is yes, but it is a bit more complicated than that. The reality is that just because something can be connected, that doesn’t mean it’s the right choice to do so.

Connection Considerations

If you have a business and decide that you need to connect some of the most crucial systems to an outside network, you can’t just stop there. Security and safety have to be considered and should take priority over just making sure the system is available and online.

When creating and deploying a connected platform, the underlying architecture should be constructed to do several things:

• Constantly improve the system’s immunity to attacks through supported system updates.
• Understand when the system has been compromised and can bring the system back to a former state before any issues were caused.
• Partition the system so that any attack can be easily contained to prevent damage to the system’s security, safety, and functionality while ensuring that important assets cannot be modified or accessed.

Information Technology vs. Operational Technology

One of the major challenges that have no clear solution at this time is the different perspectives between operational technology (OT) and information technology (IT). In general, those in IT are most interested in ensuring that data is kept private and confidential, while OT is focused on providing the best level of functionality.

With connected systems like the ones dealing with recent attacks, it’s clear that there’s a need to bridge the gap between the old and the new. For instance, the frameworks and commands used in IT should be designed to work with the reliable, safe, and extremely available OT world.

While there is some argument about the fact that no software can be fully safe when run on unsecured hardware, most people agree that more secure hardware needs to be available.

Thankfully, there are several efforts right now to improve the security of connected systems, such as the Platform Security Architecture initiative from Arm. If a system is running on badly written software and is compromised, many aspects of the system will be impossible to access. However, other things need to be considered, such as:

• The design cycles associated with embedded systems
• The timeline of silicon availability
• How long it takes for the PSA to be rolled out
• What amount of time the embedded systems are available before being traded out

Software architecture is needed to provide an isolated environment so threats cannot reach private information even when the endpoint is compromised. The best option is for secure systems to be created as distributed items where security is partially realized through separating physical components and the mediation of the functions done by the components.

How To Create Separation For Better Cybersecurity

Creating virtual areas through the use of virtualization can be an effective way to allow applications, operating systems, and security functions to carry out duties. The basic idea is that the resources of the machine are secured and allocated apart from the actual operating system. Thus, rather than letting the endpoint create vulnerability, it can be a source of extra protection.

Like an operating system will enforce protected memory context between various processes, a separation kernel hypervisor will do the exact same thing but between an array of different virtual machines. Thus, even though the virtual machine processes can interact with each other, they can’t interact with other virtual machines without clear authorization.

Choosing the right hypervisor technology is also essential. For instance, if an embedded option is located on the underlying operating system, failure can cause the entire system to crash. There are also variations that allow root log-ins. A hypervisor that is only minimally configured can assign resources to virtual machines but can’t make changes once the system has booted. The solution then moves out of the way, which may be the best option as we move forward.

The reality is that cyberattacks are likely to continue to rise over this year, the next, and even beyond. Everyone should be working on designing and employing solutions that keep systems secure and safe, no matter what kind of connection they utilize. Designing systems with the right infrastructure is the most important priority. This ensures that the most important networks are as impossible to break into as possible.

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For business owners who operate online, you might not have the option of storing your stock in a physical company-owned location. This means having a grasp on the logistics of how e-commerce orders are packed, picked, and shipped to whoever buys them.

When you’re working with modern consumers, everything about your experience needs to be seamless and quick. One out of three of your customers will consider moving to a competitor if they have a single bad experience.

This leaves you to determine how to offer the best experience as your brand grows. One of the best options you have is supply chain diversification.

What Supply Chain Diversification Means

Supply chain diversification is a modern strategy where a retailer or manufacturing business broadens the number of suppliers they work with. This creates more choices for the customers and a better supply for your brand.

When you have access to additional suppliers, you can be more flexible and ready to take on a changing market.

The most common variables used to decide on the right suppliers are cost and time. You’ll likely find that one is more important to you than the other.

For example, if one supplier offers you a paperweight that costs $2 and has a two-week delivery time and another offers them for $5 but can get them to you in five days, you’ll make a choice based on speed versus cost.

At the same time, while you might value speed over time or vice versa at one time, this can change based on external and internal reasons.

This might mean that the materials costs associated with the paperweight rise or you take on a new business strategy that changes the way you do business.

So, you might have chosen the first supplier initially but then find that the second supplier is a better choice down the road. You could choose to work with both of them to have the ability to quickly adapt whenever needed.

Why Supply Chain Diversification Is Essential

There are a variety of reasons to choose supply chain diversification on both an economic and organizational level. However, these largely connect to four reasons listed below:

• Potential for cost savings – Research shows that having several suppliers can cut down on costs. One survey from 2015 shows that supplier diversity can add over $3.6 million to the bottom line for every $1 million in procurement operation costs. However, it also doesn’t hold that the biggest suppliers will be the most inexpensive. Sometimes another company does better due to specialization.
• Access to creative thinking and innovation – Working with a supplier isn’t a simple equation where a business makes an order and the supplier provides it. However, working with several suppliers gives you access to smart people outside your own business who can create innovation and share creative ideas.
• Diverse cultures drive better approaches – When you have a diverse base of suppliers, you’ll often be a better reflection of the customers you have. For instance, broadening your geographical suppliers might let you offer better prices at a local level. In addition, small and medium-sized suppliers may be flexible and better attuned to customers.
• Quality and commitment to service – A diverse supply chain lets you be more flexible, which you saw when looking at speed versus cost. However, there are other choices that a larger supply chain can assist with. Being flexible lets you respond to changes in the market and nuances in customer demand while providing a high level of service.

How to Diversify Your Supply Chain

The process of diversifying your supply chain can be challenging, but there aren’t many tricks to it. The main thing that needs to occur is a mindset change. If you start thinking about your suppliers as customers, that can help. Make sure you ask them tons of questions and make it simple for them to work with you.

Next, build a strategy that you can manage well. It should have specific processes related to educating and assisting suppliers throughout the process. You’ll also have suppliers you’ve worked with in the past and want to continue to work with who need to be included in the plan. This is especially important if they will remain important suppliers down the line.

Creating and improving your supplier base can be challenging, but there are several ways you can help yourself. Network with trade bodies and organizations representing certain sectors in the industry, such as small businesses or women-owned business groups.

You can also add information about your supplier diversification efforts on your website. Create a web form so people and organizations can easily get in touch with you.

No matter how you handle the sourcing of suppliers, you need to be sure you standardize your paperwork and processes. Having an excellent paper trail is a legal need for any company that seeks out diversification.

Even without the reputational and social benefits provided by diversification and the potential for an increased ROI, cost savings, and efficiency, having a diverse supply chain just makes good sense. It can offer a lot to your business, no matter what you offer to your customers.

It’s a good idea to diversify your supply chain in any instance where it is possible. Things like issues with your major supply chain provider or employees striking at a logistics provider can create issues faster than you might expect.

When you can’t get your orders out, the results can be devastating. You need options so you never end up in a situation like that.

When you have a large number of suppliers available, you can save money, enhance your reputation, open up to greater innovation, and offer better service. It’s a resilient and adaptable business model that will inevitably benefit both you and your customers.

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The First Step – Robotic Process Automation

Implementing RPA increases your organization’s profitability and efficiency by relegating mundane tasks to software robots (BOTS), leaving your human workers to make better use of their time. This improves internal workflow and the experience of the end customer. Your business will be able to focus on growth, utilizing your workforce to its full capacity with high level tasks rather than spending excess time training and maintaining human resources to perform low-level actions. 

BOTS get the job done. Human workers always have the potential for human error, especially with repetitive, mundane tasks. Deploying BOTS across your organization ensures accuracy, completely eliminating the unnecessary costs resulting from human mistakes. 

Rather than costing you millions of dollars per year through errors, Automation is an investment that allows you to expand and increase profitability while saving you from those losses incurred by businesses that are slower to catch up. Finance and Accounting, HR, administration, IT, and contact centers are just some of the areas you can streamline to save money, allowing you to deploy your resources on other core business functions.

The Next Level – Intelligent Process Automation

When we combine RPA with Artificial Intelligence, the BOTS become Super BOTS capable of mimicking human interactions – taking their performance beyond the simplest tasks. But what components make up AI?

Machine Learning allows a system to learn on its own from data, eliminating the need for programmers to explicitly code all of its logic. This results in much more efficient BOTS that are ready to address your real world situations. 

Natural Language Processing (NLP) focuses on helping the BOTS understand, interpret, and manipulate human language – chatbots already use this component in order to interact with your employees and customers. 

Computer Vision aims to allow computers to process images just like human vision does. Document Understanding gives you easy access to data stored in documents, interpreting information not only from typed text but even checkboxes, stamps, and handwritten items. Combined with the fields of Speech and Voice Recognition, AI takes RPA to the next level, giving you the power to transform your industry.

Who Can Use Conversational AI?

Since connectivity and interactions are key to any industry, it’s easy to see why Conversational AI is a revolution worth investing in. Its applications include the healthcare industry, retail, BFSI, and FMCG. Within a business, Intelligent Process Automation improves efficiency in a number of functions like HR, IT, marketing, and customer support. Conversational AI improves the experience of the employee and the customer, offering smooth interactions that more closely resemble human conversations while providing you with the reliability and speed that only a BOT could. 

The use cases of Conversational AI are already far-reaching. In sales, it can handle order management and up-sell, while in marketing it can power your landing pages and much more. The HR applications are wide, allowing automated management of the payroll, or creating a hassle-free onboarding experience for your new hires. 

BOTS can also streamline the process of delegating shifts and assignments. For example, this could be applied to home care, hospitals, restaurants, hotels, or any industry that employs hourly wage workers. Every minute is important, and deploying AI in your organization helps ensure that no time is wasted.

Since BOTS never sleep, they’re on call 24/7 to staff your customer support, and thanks to advancements like NLP and Voice Recognition, they seamlessly operate in multiple languages – allowing you to service markets all over the globe. 

The Benefits of Conversational AI

Investing in Conversational AI saves your organization money and increases profitability over time. Chatbots revolutionize contact centers by offering unparalleled reliability. There’s also the simple fact that they take up no physical room in your office spaces – nor do they need to be paid a salary after being deployed. Intelligent chatbots in call centers will help you solve staffing issues, slash training costs, and improve both customer and employee satisfaction.

Consumers expect to get real-time information, usually on mobile devices, and companies who can’t deliver may lose out on buyers. By implementing AI, you can make sure that your business always matches customer expectations. Waiting in long queues to speak with human agents will be a thing of the past, and positive customer experiences will increase loyalty to your brand. 

Including BOTS in your sales team aids in cross- and up-selling by triggering suggestions of recommended products. Since AI learns from contexts and user interactions, these suggestions are tailored to each customer specifically. 

Although customers have long become used to interacting with AI apps, they still prefer the most human-like experience – especially when they’re required to provide sensitive data. Advancements in Conversational AI will close the gap between the stiff, unrealistic chatbots of the past and the ideal Super BOTS of the future, giving you and your customers the best of human familiarity and robot efficiency in one package. 

The Future is Conversational AI

Right now, Conversational AI is still a new and emerging technology, but its development is moving fast. As its use-cases are expanding across industries and revolutionizing the way organizations conduct their business, companies need to consider their options in order to be prepared for this shift. Privacy, Security, and User Experience (for your customers and employees) should be high priorities, ensuring positive interactions that will help you grow brand awareness and keep your business on an upward trajectory.

If you’re thinking about how Conversational AI could benefit you, your employees, and your customers, right now is the time to check out what’s available. If you implement it in the right way, AI will put you right into the future of your industry.   

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What is Robotic Process Automation?

RPA is a type of software technology that helps to make it possible to build, deploy, and manage software robots. These robots will perform actions like a human, and can interact with software and a range of digital systems. Quality RPA software can understand what’s happening on a screen, navigate through systems, find and gather data, complete keystrokes, and more. It can do the same sorts of things that humans can do. However, it does it faster and with unerring accuracy.

How Can RPA Benefit Finance?

Adding RPA in the finance department can help to reduce the need for humans to handle many of the common, mundane tasks. The RPA can handle these types of tasks, reducing the need to hire more people and allowing your current employees to focus on other areas of their job. Check out some of the processes that could benefit from the use of robotic process automation.

• Customer On-Boarding – Typically, bringing a new customer on board will require going through a lot of documents and checking them manually. With RPA, the data can be taken from the KYC documents to automatically fill out the information.
• Opening Accounts – The RPA system can help to reduce the potential errors that might occur when someone is opening an account.
• KYC Documentation – This type of documentation tends to take a long time to complete, and it is a tedious job. RPA can automate the process by filling out the information.
• Generating Reports – Your team will no longer need to worry about generating reports for various accounts or activities. The RPA can read the reports automatically and provide them to you in a simple, structured format.
• Detecting Fraud – Fraud is often a problem in the finance industry, and it could be missed with a manual check. It might also be purposefully overlooked with a manual check. The RPA software can find fraud and even let you know before fraud happens.
• Loans – Another great way to use RPA in finance is for processing loans. The RPA can verify records automatically and can then provide the proper amount for the loan. It has the potential to help speed up the process, which is good for your business and your customers.

These are just some of the ways that RPA could help various types of financial institutions. It could also help with things like approval for credit cards, helping people to close their accounts, and even improving customer service.

When Should Your Company Consider RPA?

All businesses, even relatively small companies, have the potential to benefit from the use of RPA. However, you will want to be sure that it makes sense for your company currently. Whether you are running a business in the finance field, or another kind of business, it’s important to weigh the benefits of choosing RPA at this time. Do you have enough processes in your company that could make use of the tool? Will it help you to save money and time, so you can make up for the cost of implementation? Make sure it will make good financial sense for you.

Additionally, you should try to get a better sense of what your competitors are automating currently. Have they started to scale up their automation? Are they larger than you? Are they smaller? Take your time to ensure that using RPA is the right solution for your business now.

You also need to consider whether the tasks that you are considering having automated can truly be done without the human touch. For many of the repetitive, relatively simple tasks, this is possible. It’s also a good idea to use the system for any processes that could be tainted by human error. However, there could be other processes where human interaction is still a better solution. Choose RPA software that can help with the specific processes you require.

How to Implement RPA

Once you have identified the processes that you want the RPA to handle, you will need to make sure that management and the rest of the team buy into the idea of implementing the system. Look at the options and opportunities available through the various vendors offering these tools today. Make sure that you are choosing a company that has a good reputation and a great product. Check the price of implementation to ensure that it’s in line with what your company can afford.

The vendor can then provide the RPA and implement it into your business. Make sure that everyone who has to use the system knows and understands how to use it properly. In some cases, the vendor might offer training.

Robotic process automation is changing the world, and in the coming years, more and more businesses will get on board. Whether you are in finance or another field, you will likely start using these systems more frequently before long. It may be a good idea to learn more about how you can implement a good solution for your business right now.

The post When and How to Use RPA in Finance: It Is Changing the Way Your Business Operates appeared first on ValentaBPO NZ.

The use of this type of technology can lighten their workload, provide more accuracy, and provide a wide range of benefits, as seen below.

Benefit #1: Scalability

This is one of the biggest benefits. The technology is easily scalable, which means that it’s possible to use the technology even with a smaller bank or in a smaller capacity when you are getting started. The technology is instantly scalable, so it can be increased when there is a greater volume that needs to be handled. This helps to ensure that your customers and employees will not have to wait as long.

Benefit #2: Better Overall Efficiency

After the system has been set up and fully implemented, you will find that it can make operations at the bank faster and more efficient. Your employees will no longer have to worry about all of the tedious and mundane tasks, as they will not be handled by the bots. They can instead focus on other aspects of their job, which might include improving customer relations, for example. They can work on tasks that could help to grow your business rather than taking care of things like data entry from loan applications.

Benefit #3: Reports – Risk and Compliance

You want to be sure that your bank is operating without undue risk, and that you are in compliance with regulations. Generating and researching these reports manually can be time-consuming. However, with RPA, it can happen instantly. It will help you to develop reports and audits for all of the processes you handle. This will help you to reduce the risk in your bank, and it will ensure that you are complying with the processes.

Benefit #4: Available Around the Clock

Your human employees have lives outside of work and they can’t operate 24/7. However, when you have bots that are handling many of these mundane and repetitive tasks, you don’t have to worry about the bots clocking out at the end of the day. They are available and are working around the clock for your financial institution.

Benefit #5: A Cost-Effective Option

Naturally, you want your business to save money and cut costs whenever it is possible. Banks and financial institutions will find that using robotic process automation can be a wonderful way to save a substantial amount of money since their employees won’t be spending their days with mundane tasks. It is estimated that finance businesses could end up saving between 25% and 50% of processing time and costs. Even with the cost of the software implementation, this makes it a good way to save money and time at your financial institution.

When it comes to the cost, you will also be happy to know that there is no added infrastructure cost with implementing the bots. If you were to hire more human employees to handle these tasks, you would need to have more room in your building. Since the bots are in the computer software, you don’t have to worry about any infrastructure changes.

Benefit #6: Fast and Easy Implementation

Another reason that you will want to consider RPA is that the tools are fast and easy to implement. It’s often a matter of installing the bots. You can then use them to automate the various processes quickly and easily in your business. Of course, you will need to be sure that you and anyone who has to use the software knows and understands how to use it properly. Additionally, implementation is non-disruptive, so there will not be any downtime.

These are some of the most prominent benefits of using RPA in finance today. You’ll find that even though finance companies are making good use of RPA, other types of businesses might be able to benefit, as well. Some of the other industries that are using RPA today include healthcare, telecom, manufacturing, technology, hospitality, and retail.

The RPA Technology Is Used in a Variety of Ways in Finance

RPA is used for a wide range of business processes in finance. It’s possible to automatically generate reports for things like fraudulent activity and compliance. The technology is also used for better customer onboarding, as it’s much faster than manual verification of documents. In addition to the know your customer (KYC) data, it can help with anti-money laundering, which is also data intensive. Banks are using RPA to help with account opening, mortgage lending, loan processing, and more.

As you can see, it can provide help for a wide range of processes and it could be a good solution for your financial institution. If you are considering using robotic process automation, the first thing you need to do is check to see which processes you have that will be most suitable for RPA.

You will then want to compare the metrics to ensure that adding the bots will make sense in terms of the cost vs. time, effort, resource utilization, and efficiency. You can then determine which vendor you want to use for the service and begin implementing and using the robotic process automation tools.

With all of the benefits that come from RPA, along with the variety of uses, it is easy to understand why so many financial institutions are using it today. If you are on the fence, check out what some of the vendors have to offer to see how it could benefit you.

The post Benefits of Implementing Robotic Process Automation in Banking and Finance appeared first on ValentaBPO NZ.

What Is CX All About?

Customer experience has become absolutely crucial. According to PwC, 32% of customers will leave a company if they have a single negative experience. However, on a positive note, Forbes points out that 86% of customers will happily pay a higher price for a better customer experience.

But what is CX all about, at its heart? Is it just delivering on expectations? Not so much. Many, many things play into the overall customer experience, and some of the most important factors include the following:

• Customer service is the foundation of a positive customer experience, including face-to-face, but increasingly it means providing digital solutions that allow customers to ask questions, gain insight, educate themselves, or report problems, such as digital knowledgebases, automated chatbots, and online support services.

• Making the customer happy is perhaps the core tenet here, although it can be hard to quantify for some companies. Creating content that delights, providing positive support at all touchpoints, and ensuring the brand is supportive to customer needs all tie in here.

• Feeling valued and recognised are also huge parts of customer experience today. Consumers want to be recognised for their efforts and valued for their loyalty.

How does digital transformation tie into delivering the best possible customer experience, though?

The Customer-First Model

The immediate impact of the shift toward focusing on customer experience is that more and more companies are developing what can only be called a customer-first model of business. And, because consumers have high expectations for companies they patronise in terms of digital connectivity, that ties in with digital-first initiatives.

There’s something of a misunderstanding when it comes to “digital-first”, though. Too often, businesses focus on technology, but that is a secondary consideration. The first consideration is the strategy itself.

Only with a robust strategy can you accurately launch a digital transformation. And, your strategy must be based on measurable, actionable insights into what drives an improved customer experience. With an understanding of those digital trends, businesses can begin developing and executing their own digital-first approaches.

Understanding Digital Transformation Trends that Impact CX

You’ll find an incredibly wide range of digital transformation trends today, but only some of those have a positive impact on CX that you need to compete on even footing.

Recognised and Valued

Perhaps the most critical digital transformation trend, and one that applies to virtually all businesses in all industries, is the shift toward personalising a customer’s experience. This applies to B2C businesses, certainly, but B2B organisations must also consider personalisation and how it affects their ability to reach, engage, convert, and retain customers.

What does “personalisation” really mean today, though? Is it just adding a customer’s name to an email message? Actually, it goes so much deeper than that, and it is powered by advanced digital technology.

Today, personalisation means that more and more customers (B2B and B2C audiences) expect the businesses they patronise to remember them. That means more than just storing their name so it can be used in marketing. It means that they expect companies to remember the steps they’ve taken in their journey, the products they considered, the purchases they’ve made, and what occurred at each touchpoint along the way.

Let’s take customer service as an example. In the past, customers might have called a customer service phone number and then be required to provide their name and other personal information, as well as the nature of their problem, even if they were experiencing a repeat issue. Today, businesses are using digital technology to recognise customers as they contact the customer, allowing customer service representatives to call them by name, but also delve into past interactions. This allows them to understand the customer’s overall journey, their pain points and challenges, what previous customer service specialists might have done, and anticipate needs and solutions to deliver a better overall customer experience.

Automation Streamlines Processes

Automation is a buzzword today, but it’s so much more than yet another digital fad. Automation is here to stay, and not just because it helps businesses save time and money. It also helps improve the customer experience in critical ways.

More and more, consumers prefer digital touchpoints and they’re not picky about whether those interactions are with human beings or with robots. Witness the rise of chatbots as a prime example of this, whether we’re talking about within Facebook Messenger or on a business’s website.

Automated systems are available at any time of the day or night. They have no internal biases and engage with consumers faster than human service specialists. Automated systems bolster efficiency, improving the customer experience while simultaneously accelerating business success.

Seamless Interaction

From a customer perspective, each interaction with your company is an extension of the one before that. Therefore, the experience should be seamless. For instance, suppose the first touchpoint was on their lunch break through the Facebook app on their smartphone. The next touchpoint might be from a web browser on their laptop while in the office. The third could be through a browser on their PC at home that evening.

In all of these situations, the customer expects to resume their previous session with few or no hurdles. Delivering on those expectations is critical to overall CX, but it is only possible with digital technology.

Building a Futureproof Business

The future is a seamless blend of digital technology and analog life. By analysing your customers’ expectations and developing a digital-first strategy, you can embark on a digital transformation that ensures you’re able to deliver the best possible customer experience and earn better conversion, retention, and loyalty.

The post Digital Transformation and Its Influence on the Customer Journey appeared first on ValentaBPO NZ.

Actually, that’s not correct. An interesting study conducted by Stanford University found that those who put in 70 hours of work produced no more results than those who worked 55 hours and that those who worked fewer than 50 hours had higher quality results. So, there’s a converse correlation between hours worked, results, and the quality of those results. In a nutshell, working harder and longer doesn’t do anything but waste time, money, and energy.

So, what’s the solution? Working more efficiently is the answer. With improved efficiency, you waste fewer resources, get more done, and dramatically increase quality at the same time. We’ve included 10 key tips here to help you maximise efficiencies in your day.

Prioritise

When presented with a massive to-do list, most of us freeze mentally. Then we take stock, figure out what we need to get the job done, and plunge in. The problem here is that each of the tasks on that list has different values. One is not necessarily as important as another. One might be more urgent, while another might require more time to complete. Completing them in the wrong priority can lead to serious problems, such as missing critical deadlines because you focused on the big job rather than the urgent task. The solution here is learning how to prioritise.

Results Matter

When we focus on how long a task takes us, we’re saying that the time spent is the only thing that matters. So, if you just spent four hours organising your files, you’re probably not feeling all that great about yourself. Chances are good you’re feeling anxious and uneasy. However, what if that organisation task saves you untold hours in the future? What if it allows you to deliver a better customer experience or improve company profitability? Measure the results of tasks, not the time spent accomplishing them.

Look on the Bright Side

People with a positive attitude get more done. It’s as simple as that. There is a direct correlation between negative outlooks and poor efficiency. Having a positive attitude allows you to stay upbeat and productive even when you’re facing an increasing list of tasks while also helping you give every one of those your best efforts.

Learn the Art of Collaboration

Humans are social creatures and we work better in groups than alone. However, that doesn’t mean that we’re all natural collaborators. Learning how to collaborate with others (including task delegation and group working) can help improve efficiency, workflow, and productivity. Interestingly, it also helps increase your sense of belonging and connection with those around you, which creates a more positive work environment.

Outsource

Converse to collaboration, outsourcing offers the means to delegate tasks to someone better at doing something than you are. Know your strengths and weaknesses, and develop the ability to let go and not micromanage things. Then, find people who can do things better. In many instances, you’ll find that outsourcing is more affordable than hiring employees and can add time back to your day while ensuring those tasks are being handled by skilled experts.

Go on Autopilot

While there’s a lot of advice out there that says being mindful of every moment is vital, the truth is that routines and habits can save you time and effort in some instances. Creating routines allows you to essentially put your body on autopilot and stop thinking, which takes time and uses energy.

Automate

Automation is more than just a buzzword. It’s an essential strategy to helping ensure that mundane but essential tasks are completed while simultaneously saving yourself time and energy and allowing you to do what you do best. There are several ways that you can automate things, including building routines and systems.

However, you should also focus on tools that allow you to streamline processes. One good example here is Smartsheet, which offers project management capability collaboration of resources, easier management of workflows, and other benefits. Ultimately, automation is about reducing the number of decisions you must make each day, reserving will power and mental energy for things that matter more.

Realise the Lie of Multitasking

We’ve been taught as a society that multitasking is the only way to deliver value to our employers. However, that’s a lie. Human beings are incapable of consciously multitasking. Yes, our brains do multitask – your heartbeats while your lungs work and your muscles contract. However, those are involuntary, for the most part. You have no direct control over them.

Real multitasking would be something like ironing a shirt while simultaneously typing out that blog post that’s been weighing on your mind or interviewing a new hire while simultaneously going over your P&L sheet. Understand that multitasking is a lie and that attempting to do more than one thing at a time simply means you’re spending more time for lower-quality results. Do one thing at a time, and do it well. Then move on to the next task.

Shorten Deadlines

Many of us tend to put things on the back burner when they’re not particularly pressing. That project that’s due in three weeks? Chances are good you’re going to wait until the last week to start it – and you’ll get it done.

Use that to your advantage. Set shorter deadlines for projects. That will speed up your processes and improve your efficiency in each project. Of course, you still need to build in downtime – being “always-on” leads inexorably to burnout, which leads us to our final tip.

Time Out

Take time out. Take a long lunch, or use that PTO you’ve been accruing but never seem to be able to take. Everyone needs a little downtime to recharge our mental and physical batteries. When you return to work, you’ll be more efficient and more productive.

When you’re able to achieve more, work more efficiently, and be more effective in your role, you’ll feel more rewarded and more fulfilled.

The post Improve Your Efficiencies with 10 Top Tips appeared first on ValentaBPO NZ.

Whether you’re just starting to research telemedicine solutions, or you’re in the process of implementing a telemedicine program, you’re probably wondering – what can I do to ensure my virtual patient visits are successful? How can I prepare myself, my staff, and my patients to get the most out of an online doctor’s appointment?

Our Valenta team has put together this checklist to ensure your telemedicine video visits are a positive experience for both you and your patients – free of technical glitches and communication issues. These suggestions come from our client success team and our physician leaders, Dr Glen McCracken and CMO Dr Scott Orava, who know from experience what works and what doesn’t.

Before your next telemedicine visit, go through these points like a checklist. Then sit back and focus on getting your patient the best treatment possible, instead of worrying about your technical prowess.

You’ll also find a helpful handout for your patients with similar tips on how to get ready and make the most of a virtual visit.

Note that for the most part, if you’re using a well-designed telemedicine platform, a virtual visit should follow the same clinical guidelines as an in-person visit. If you’d like more information on establishing clinical protocols and guidelines for a telemedicine program, check out ATA’s helpful guides here.

Getting Started

1. Use a High-Quality Webcam. If you really want to replicate the feeling of an in-person interaction, you need to use a good camera. Patients who can clearly see your face will feel more comfortable with the interaction and respond more positively to the visit. Luckily, a high-quality webcam doesn’t need to be expensive. Here’s a list of a few top-rated webcams. Of course, you’ll need to make sure your patient is using a webcam that’s sufficient as well. While most laptops and computers now have integrated webcams that can suffice, make sure to remind patients to test the visual quality of their webcams before a visit and recommend alternatives if they need one. Check out page X for guidelines you can give your patients. 
2. Set-Up the Camera at Eye-Level. Whether you’re using an integrated or external camera, try to set things up so that the camera is approximately eye-level. This will make it easier to make eye contact with the patient and ensure they feel that you’re engaging with them.
3. Use Quality Sound Equipment. Most computers and high-quality cameras have a decent built-in microphone and speakers. Test yours out using a sound recording program on your computer or by doing a call or video chat with a friend. Can the other person clearly hear you? Do you need to talk more loudly or get closer to the mic? Can you hear them ok? Consider also if the audio is good enough for any virtual visits which may have multiple staff (like a PA or NP) on the line. Can the other staff in the room clearly hear the other person, and be picked up on the microphone? If you’re having audio issues, you may want to purchase an external mic or headset. Here’s a list of top-reviewed desktop microphones and headsets that won’t break the bank.
4. Set-Up a Dedicated Space for Virtual Visits. While the advantage of virtual visits is that you can do them from just about anywhere, it’s best to have a dedicated space set-up for doing them. This might be in your office at work, a specific exam room, or a home study. Set-up the necessary equipment, check the lighting and noise level and get the space all ready to go so that you know right where to go when you have a virtual visit with a patient. Keep in mind that this should be somewhere free from distractions and private so that patients feel their health information is being protected.
5. Set Your Notifications. Most platforms for virtual visits have a notifications system that let you know when a patient is ready to see you. At Valenta, for instance, we offer the option to get notifications via email, phone, and text. Decide which communication methods work best for you and your office workflow, and make sure to set them up.

Preparing for the Virtual Visit

1. Test Out Your Webcam. Before you start your first virtual visit of the day, make sure your webcam is working. Open up the webcam via your control panel or a video app like skype to test it out.
2. Make Sure Your Volume’s On. Yes, we know it’s simple, but we’ve all made this mistake! Check your sound to make sure it isn’t muted. You can also quickly open up a video online, or a song on a music player to test out you’re audio.
3. Test Your Microphone. Try out your microphone. Open a recording program to test, or look for the microphone device in your control panel.
4. Plug-In Your Computer Or Mobile Device. The last thing you want is for your power to die in the middle of the visit. Make sure your computer or mobile device is either fully charged or plugged in before the remote visit starts.
5. Use A Wired Internet Connection. It’s fine to do a virtual visit over a wifi connection, but your computer is less likely to lose connection if it’s plugged directly into the internet with a wired an ethernet cable. (If you’re on a phone and you are experiencing bandwidth issues, try connecting to your home’s wifi.)
6. Close Unnecessary Programs. Having too many other things running on your computer or device can strain its memory and reduce the quality of your video chat. Before starting a virtual visit, close as many unnecessary programs as possible.
7. Use the Right Browser. If you’re using an online web app, it might have certain requirements for what browser it runs best on. For instance, we recommend running the Valenta web app on Chrome or Firefox. Find the software’s help or technical support sections to check what browsers you should use.
8. Dress Appropriately. If you’re doing a virtual visit from the office, this one’s a no-brainer. But if you’re doing a virtual visit from home or after-hours, make sure you’re dressed professionally. Presenting a professional appearance will reinforce that the virtual visit is just as professional and interaction as if the patient had come into your office.
9. Find a quiet space. Whether you’re set-up in your office, an exam room, or a study at home, make sure the space is quiet and you’re not likely to get interrupted. Eliminating distractions and ensuring patient privacy is crucial to your patient’s satisfaction with the visit.
10. Adjust the lighting. Before you start a virtual visit, test out the lighting. Is your image clear? Is the picture too fuzzy and dark? Try turning on overhead lights and blocking light from windows, which can lead to too much background light in the video.
11. Read the patient complaint beforehand, if possible. Take a minute or two before starting the virtual visit to read the patient complaint, as you might with an in-person visit. You’ll be more prepared for the visit and will likely make the appointment more efficient.

During the Virtual Visit

1. Share your screen when prompted. Some telemedicine web apps may prompt you to share your screen to start the video chat. Here’s how this looks in the Valenta platform.
2. Have the support team’s number easily accessible. In most cases, you shouldn’t need to contact the support team about issues. But technical problems do come up sometimes. A good telemedicine solution always has a support team on hand to help you. Write down the support team’s number and place it somewhere easily accessible in your workspace. You may also want to add the number to your phone contacts so that you always have it on you. Share the number with your other staff as well, so that they can help you coordinate problems or questions as they come up.
3. Have the patient history on hand. Have the patient’s medical history on-hand, whether that means having the EHR pulled up, or the paper records in front of you.
4. Follow the same clinical guidelines you would with an in-person visit. You know the drill. Even if you can’t do a physical exam, you can ask good questions and take a thorough history of present illness. While technology and interaction is different, the key clinical guidelines apply to a virtual visit the same way as a physical appointment.
5. Stay Engaged. Show you’re engaged in the visit, making eye contact with the patient and maybe nodding along to show you are listening. If you need to take notes as the patient is talking, let them know that you’re doing so and ensure them you want to make sure you’re documenting the visit adequately. This tip is crucial since you’re not physically in the room with the patient.
6. Explain Next Steps. Once the visit’s over, thank the patient for doing a virtual visit and explain what they need to do next (this could be picking up their electronically prescribed medication from their nearest pharmacy, or scheduling a follow-up appointment in the next month). This is also a good opportunity to ask the patient what they thought of the virtual visit process if this was their first one. With that feedback in hand, you’ll continue to make your virtual visits more successful!

Patient Checklist

How to Have a Successful Video Visit with Your Doctor

Doing your next doctor’s appointment via video chat is a great way to see your doctor and get quick treatment, without the wait or the commute to the doctor’s office.  With that huge bonus inconvenience, more and more patients are trying out virtual doctor’s visits and reporting they love doing them.

Ready to do your first video visit with your doctor? Here’s a quick checklist to make sure your appointment is a truly positive, and free of technical glitches.

Getting Started

1. Use a High-Quality Webcam. Virtual visits work best when your doctor can clearly see you. That means you need to use a quality webcam. The good news is that many devices and computers now come with high-quality integrated webcams. If you already have a webcam, test out the picture quality by doing a video call with a friend. If you think you need to purchase a webcam, check out this list of a few top-rated webcams.
2. Set-Up the Camera at Eye-Level. Whether you’re using an integrated or external camera, try to set things up so that the camera is approximately eye-level. This will make it easier for your doctor to see and engage with you.
3. Use Quality Sound Equipment. Most computers and high-quality cameras have a decent built-in microphone and speakers. Test yours out using a sound recording program on your computer or by doing a call or video chat with a friend. Can the other person clearly hear you? Do you need to talk more loudly or get closer to the mic? Can you hear them ok? If you’re having audio issues, you may want to purchase an external mic or headset. Here’s a list of top-reviewed desktop microphones and headsets that won’t break the bank.

4. Set Your Notifications. Most platforms for virtual visits have a notifications system that will let you know when your doctor is ready to see you. At Valenta, we offer the option to get notifications via email, phone, and text. Decide which option works best for you and make sure to set them up.

Preparing for the Virtual Visit

1. Test Out Your Webcam. Before you start your online doctor’s appointment, make sure your webcam is working. Open up the webcam via your control panel or a video app like Skype to test it out.
2. Make Sure Your Volume’s On. Yes, we know it’s simple, but we’ve all made this mistake! Check your sound to make sure it isn’t muted. You can also quickly open up a video online, or a song on a music player to test out you’re audio.
3. Test Your Microphone. Try out your microphone. Open a recording program to test, or look for the microphone device in your control panel.
4. Plug-In Your Computer Or Mobile Device. The last thing you want is for your power to die in the middle of the visit. Make sure your computer or mobile device is either fully charged or plugged in before the visit starts.
5. Use A Wired Internet Connection. It’s fine to do a virtual visit over a wifi connection, but your computer is less likely to lose connection if it’s plugged directly into the internet with a wired an ethernet cable. (If you’re on a phone and you are experiencing bandwidth issues, try connecting to your home’s wifi.)
6. Close Unnecessary Programs. Having too many other things running on your computer or device can strain its memory and reduce the quality of your video chat. Before starting a virtual visit, close as many unnecessary programs as possible.
7. Use the Right Browser. If you’re using an online web app, it might have certain requirements for what browser it runs best on. For instance, we recommend running the Valenta web app on Chrome or Firefox. Find the software’s help or technical support sections to check what browsers you should use.
8. Dress Appropriately. Your doctor will be able to see you, so make sure you’ve dressed appropriately.
9. Find a quiet space. Whether you’re at home, at work, or travelling, try to find a quiet space where you’re not likely to get interrupted. You’ll feel more comfortable with a little privacy and you’re less likely to be distracted during the visit.
10. Adjust the lighting. Before you start a virtual visit, test out the lighting. Is your image clear? Is the picture too fuzzy and dark? Try turning on overhead lights and blocking light from windows, which can lead to too much background light in the video.
11. Note Anything You’d Like To Ask Or Discuss With The Doctor. Take a minute or two before starting the virtual visit to jot down any questions you may have for the doctor.
12. Have Your Doctor’s, Number Handy. Just in case you have technical issues or other problem come up, have your doctor’s number on hand. Give the practice a call to keep them updated on any problems.

During the Virtual Visit

1. Share Your Screen When Prompted. Some telemedicine web apps may prompt you to share your screen to start the video chat. You might see a little pop-up appear in your browser window asking you to allow screen sharing. Here’s how this looks in the Valenta platform.

2. Stay Engaged. Act as you would during an in-person doctor’s visit: ask any questions, give the doctor a thorough explanation of your medical issue and symptoms, and listen closely. Make sure you’re looking into the camera and staying close to your device so your doctor can see and hear you.

3. Pat yourself on the back. You just did your first virtual visit! Make sure to follow any instructions your doctor gave you and share any feedback so we can improve the virtual visit experience.

The post How to Do a Telemedicine Visit the Right Way: A Checklist appeared first on ValentaBPO NZ.

In Asendium’s first step towards creating a holistic network of resources for financial planners, Asendium is proud to partner with international business process outsourcing company, ValentaBPO, who have proven to save up to 60% in costs for financial planners.

Who are Asendium?

Founded in 2019, Asendium is an automated compliance document generation system for financial planners that reduces the time to complete documents. By automating the non-impactful parts of compliance documents, whilst still leaving the client conversations and rationale free for a financial planner to input.

Asendium’s intuitive and customisable system has proven to increase the efficiencies for financial planners and their teams by up to 90%, meaning financial planners can now generate File Notes in under 10 Minutes. Asendium creates micro efficiencies that have a macro impact by turning complex processes in simple solutions.  

Scott Miller, CEO of Asendium believes, “A financial planners’ time is better spent delivering great client experiences. By outsourcing the non-client facing tasks to virtual assistants, in combination with the use of a highly efficient technology solution such as Asendium, you are providing your business and team with the opportunity to help more clients without compromising on your profit margins.”

Who are ValentaBPO?

ValentaBPO offer businesses outsourced staffing solutions, designed to boost efficiencies and improve workflow. Businesses operating in fiercely competitive markets require a competitive advantage, and Valenta is able to provide this through vast knowledge, industry specialists and quickly accessible resources. Valenta BPO prides itself on the ability to understand in detail, the process dynamics of each business, whilst incorporating real-world solutions that boost profitability.

In a recent webinar hosted by Asendium, “Compound Your Efficiency”, File Notes were highlighted as one of the few compliance processes that cannot be outsourced to an offshore team member, which is where Asendium comes in. The remainder of the process can be outsourced to virtual assistants from Valenta which will significantly reduce the costs to a financial planning business – making Asendium and Valenta’s partnership a logical and collaborative solution.

Bill Savellis, Senior Financial Planner at Infocus Sydney Central and Managing Partner for Valenta BPO – Australia Operations explains, “ It is unfortunate, but the new reality for financial planners is the time it takes to provide a quality financial advice to a client, irrespective of whether they are a new or existing, takes as much as 20 hours over a period of several weeks.

The combination of technology, coupled with an offshore solution, is the only way I, as a financial planner and representative of ValentaBPO have identified, can manage those time frames in a way that allows a financial planner to provide a quality service in a cost effective manner.”

What Does This Partnership Entail?

1. For current Asendium users, they will receive a discount of 10% off Valenta BPO outsourcing services.
2. For financial planners who sign up to Valenta BPO, they will receive 10% off Asendium’s annual subscription.

To truly achieve optimal efficiencies for your business, there needs to be a combination of outsourcing and technology with a structured and guided process that connects the two other components – making Asendium and ValentaBPO the perfect solution that helps financial planners in delivering great client experiences along with high quality and compliant advice.

The post Asendium Partners With Valenta BPO to Build an Affordable and Efficient Ecosystem for Financial Planners appeared first on ValentaBPO NZ.

In this series, we’ve explored the history of India in the outsourcing industry, as well as the benefits offered by going this route. We’ve also touched on the differences between the outsourcing model used in India and the most popular one in the Philippines. Out of all that discussion, one fact has become very clear – India remains the preferred location for outsourcing, and the BPO method offers great benefits for growth and success.

However, one thing that might not be clear is how to choose the right BPO provider. It can be pretty confusing. In this final instalment, we’ll walk you through what you need to know.

Finding a Trusted BPO Partner

It makes sense to secure a BPO provider that has in-depth expertise across multiple markets and a broad range of services, from accounting to IT, marketing, and more. The right company can provide you with all the services you need under one roof, alleviating the challenges and problems that stem from having to work with multiple companies. The result? Improved efficiency, cost savings, and the ability to focus on what you do best while an expert team handles your outsourced processes.

At Valenta BPO, we believe that outsourcing is part of your journey – a very important part. However, other considerations across business units for process optimisation and automation should also be major considerations when choosing a partner. When choosing a trusted BPO partner, consider the four factors below and how they play into your ultimate decision.

1. Quality Assurance

Ensure that the BPO provider has systems and processes set up to ensure appropriate workflow and quality assurance. After all, outsourcing business processes to a partner does you little good if those processes aren’t completed to your expectations and need in terms of quality and accuracy. For instance, if you’re outsourcing your accounting needs, then the BPO provider must deliver accurate, timely results. The very success of your business hinges on it.

To ensure quality across all outsourced services, the BPO provider might take a number of steps and implement any of several strategies. For instance, as Valenta BPO, we use a Team Manager model to help assure quality at all times. Managers regularly audit and evaluate service provider output for accuracy, quality, and other important factors that affect the value we deliver to our clients.

Never settle for a BPO partner that does not provide transparent solutions and systems designed to assure you of quality and accuracy in all outsourced business processes.

2. Communications

What communications methods are available to ensure you can remain in contact with your BPO team? Accurate, ongoing communication is absolutely critical. The more hoops you must jump through here, the greater the chance for miscommunication and misunderstanding. At best, that reduces the value of the outsourced services. At worst, it could lead to serious problems, including regulatory issues (if you’re outsourcing processes subject to industry or government regulations).

At Valenta BPO, we believe that communication is essential to success and we go to great lengths to make sure that you’re always able to stay in touch with your team. We use a number of communication tools, including video conferencing. However, we understand that sometimes you just need a way to send a quick note, or ask a brief question, and video calling may not be the ideal way to do that.

We support more agile communication methods for those situations, including chat/messenger applications, smart sheets, and other applications that show workflow and project completion. Our goal is to ensure that everyone is always on the same page, and we tailor our efforts to ensure that we accomplish that.

3. Contracts

On the surface, contracts seem to offer protection for both parties. However, when you look deeper, they can be extremely problematic. Contracts essentially lock you into terms that primarily benefit the BPO provider. They limit your flexibility, exclude your ability to expand services, and short-circuit growth and success. In fact, it’s entirely possible to find yourself stuck in an entirely one-sided contract, benefiting the BPO provider, and costing you time, money, and sanity.

At Valenta BPO, we offer no lock-in contracts as part of our normal operations. That ensures our clients always have access to every service they need, delivers critical flexibility, and ensures that they can scale staff up or down to meet seasonal needs, industry changes, and other factors that affect their staffing demands.

4. Local Presence

There is nothing quite like having a local management team ready to access and assist with your business challenges. Every country has specific requirements for business processes. A lack of local presence could land your business in hot legal waters. Even in a best-case scenario, you might find that your message is muddied, that communication with other entities is compromised, and that gaffes mar your performance.

At Valenta BPO, we have Managing Partners across the USA, Canada, Australia, and the UK, who possess specialist skills and knowledge, both of which are essential to ensuring that you outsource only what’s necessary and that you never pay for outsourced services you do not need. They also ensure that you can benefit from engaging process optimisation and digital transformation, leveraging your competitive edge.

The BPO Partner You Need

As you can see, there are some important considerations to be made when choosing a BPO partner. It’s critical that you make an informed, accurate decision, as all BPO companies are not created equal. While the right partner can foster business growth, stability, and success, the wrong partner could spell disaster.

Ready to learn more about how Valenta BPO can help you achieve more while refocusing on what your business does best? Contact us today to schedule a consultation. There is a better way to build your business and we can help.

The post India vs. the Philippines: BPO or Staff Leasing? (Part 4 of 4) appeared first on ValentaBPO NZ.

While outsourcing has become a critical consideration for businesses of all sizes and across all industries, different models exist. For instance, business process outsourcing, or BPO, is the most popular model in India. In the Philippines, the most popular model is staff leasing.

While they’re both technically “outsourcing” they are very different and do not deliver the same benefits. In this, the third instalment in our four-part series, we’ll explore what each of these outsourcing models offers and help you understand why business process outsourcing in India is the better choice for your firm.

A Brief Overview

First, let’s explore the topic in a bit more depth. What we’re talking about is outsourcing, which is taking a process in your business and hiring a third party to handle it on your behalf. The process dates back to the 1700s, but it came into its own in the 1990s when the airline industry began outsourcing back-office processes to India.

Today, outsourcing has grown to be a global industry that generates an astounding amount of revenue. Below, you’ll find some compelling statistics:*

• In 2019, the global outsourcing industry generated profits of 92.5 billion in USD.

• The business process outsourcing market size is expected to reach 405.6 billion in USD by 2027.

• The most common reason to outsource is to free up time to focus on core business objectives.

• All industries outsource professional services to some degree, but the financial, pharmaceutical, retail, and transportation industries account for the lion’s share.

• Accounting and IT are the two most frequently outsourced services for small businesses.

Those are some eye-opening numbers. They’re also a testament to the tremendous value that businesses find in working with a reputable outsourcing partner. However, there is still considerable confusion when it comes to different outsourcing models in use today.

As mentioned previously, those are business process outsourcing (BPO) and staff leasing. Below, we’ll explore both.

The India Model

In India, the most popular outsourcing model is business process outsourcing. BPO providers offer their clients the ability to handle everything in-house. On engagement, the outsourcer begins handling recruitment and training, taking those burdens off the hirer. The BPO also takes care of all HR, operations, and IT setup, and delivers any necessary ongoing training and support. Essentially, all the details are handled by the outsourcer, who is also responsible for deliverables.

Look at it this way:

You run a small business and need to focus on serving your customers to the best of your ability. Handling the accounting requirements is eating into your ability to do that, so you decide to hire a BPO provider to take care of it for you. The BPO provider will then:

• Take the time needed to get to know your company, its mission, and its audience.

• Meet with you and build an understanding of your company’s needs, requirements, and objectives.

• Develop, refine, and implement a strategy to achieve your objectives.

• Recruit, onboard, and train any personnel needed to handle the accounting tasks you’re outsourcing.

• Provide all HR-related functions for those employees, including benefits like insurance, vacation time, PTO, and all the rest.

• Ensure that the deliverables (accounting-related services) are on point, accurate, and timely.

Think of it as hiring a provider who specialises in the service that you need. We used accounting in the example above, but it could just as easily be digital marketing, IT, or another mission-critical process. The provider handles the day-to-day, delivering just the service and freeing you up to do what you do best.

At Valenta BPO, we provide the expert talent you deserve and the services you demand. Our Team Managers oversee both work quality and outcomes, ensuring that we’re always on point and you never need to worry about quality, timeliness, or anything else. We also have a local presence in your city, enabling us to understand not just the broad strokes of your business, but your position within the local geography and economy.

The Philippines Model

In contrast to the BPO model highlighted above, there is the Philippines model. Here, the most popular option is called staff leasing. It’s worlds apart from business process outsourcing, despite having a similar purpose. How does it work?

Staff leasing is a lot like working with a recruitment agency. It’s more about finding talent for you than handling the processes you need to outsource. It also puts the onus of finding the right talent on you, meaning that they’ll provide you with access to a talent pool, but you have to handle the interviews, the onboarding, training, and everything else.

That’s an incredible amount of time (and money!) that you shouldn’t have to spend. It’s also a burden. While the outsourcing company might do the legwork when it comes to recruitment, that is all they do. Read that again – staff leasing means you have to do almost all the work, which just eliminates the benefits you’re seeking in the first place.

There are some other critical considerations to understand with this outsourcing model, including the following:

• No additional training is provided other than what you offer.
• No policies or standardised procedures are put in place, other than those you mandate.
• No additional training or support is provided by the outsourcing company.

The staff leasing model will also see that the staff have a premise to work from; a local office in the Philippines that is set up with all hardware and ‘office space’ required. So essentially your leasing fee entitles you to recruitment assistance and office space. The office space component has become less important though, especially as we face COVID-19 and most resources are now working from home, at least for the foreseeable future.

It’s a good fit for companies looking for a shortcut in the traditional hiring process. However, understand that you don’t actually outsource anything other than the recruitment process, and securing offshore office space. Staff leasing leaves you on the hook for everything else, from training to supervision.

Making the Choice

The difference between India and the Philippines are stark. Business process outsourcing offers a path forward for businesses seeking to save time and money while working with a trusted partner so they can do what they do best.

In our final instalment, we’ll touch on a few additional reasons that India remains the preferred location for outsourcing, as well as a guide to choosing the right BPO provider.

*Sources:

• Clutch
• Computer Economics
• Deloitte
• European Corporate Governance Institute
• Forbes
• Grand View Research
• Economic Policy Institute
• Research and Markets
• Research and Markets
• Los Angeles Times
• Raconteur
• Statista
• PYMNTS

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Outsourcing is a critical consideration for businesses and large and small. For most companies, it has become an integral part of growth and success. However, not all outsourcing partners are the same, nor are all nations that focus on outsourcing identical.

In the first of our four-part series, we looked at the history of India in outsourcing and touched on some key factors that contribute to India’s continued leadership in the industry. In this article, we will take a closer look at the benefits offered by outsourcing to India over other options, most notably the Philippines.

The Talent Pool

First, let’s touch on the question of the talent pool. It’s one of the most critical considerations you should make when thinking about outsourcing. After all, without access to qualified, trained professionals, you’re just rolling the dice on your business process.

You could end up with someone who knows what they’re doing, but you could also end up with someone with little to no experience, someone who doesn’t speak your language (or that of your clients/customers), and who doesn’t support business success. The latter is an outcome you want to avoid, while the former will support business growth, development, and success.

“Talent pool” is a term that refers to the depth and breadth of the collection of available outsource professionals. The larger the talent pool available to you, the greater the chance that you’ll find a skilled professional who can support your business. However, it also touches on how competitive those professionals are when it comes to price. Let’s dig into both of those considerations briefly.

Availability: Human talent is like any other resource. The scarcer it is, the less there is to go around. So, a nation with 1 million trained professionals offering outsourced services would have less talent to go around than one with 10 million trained professionals. Think of it like diamonds – there are only so many diamonds on the market, which means that buyers must move quickly to purchase the best ones.

In a business process outsourcing scenario, this means that if you choose the wrong country, you could find yourself dealing with scarcity. Other companies will have already snatched up the cream of the crop, leaving you to make do with what remains. That’s not a position in which you want to find yourself.

Competitive: What happens to a resource when demand spikes and availability dwindles? The price goes up. That’s true whether we’re talking about bread or diamonds. Or outsource service providers.

When there is less of something to go around, the price rises. It’s the law of supply and demand. In the BPO industry, this means that a nation with fewer professionals will see higher costs for the few that are around. On the other hand, a nation with more trained professionals will see lower costs due to greater availability.

Both India and the Philippines are populous countries, but you’ll find the talent pool in India is much, much larger. With almost 500 million citizens between the ages of 25 and 54, India surpasses the population in the Philippines (under 40 million) for the same age group.

What this means is that there are far more professionals available for companies. It’s not just about the numbers, though. The nation also boasts more trained professionals than the Philippines can, which means that talent is much more widely available, but also that the outsourcing is more competitive, allowing you to save more money without sacrificing access to professional solutions providers.

Cost Savings

As mentioned in the previous section, outsourcing to India not only provides access to a much wider talent pool, but it also helps reduce your costs. How much could you save, though? To help illustrate why India is the destination of choice, we’ll break things down a bit more in this section.

India’s comparatively low labour rates are very attractive to multinational companies. Even with positions that require significantly more education and training, India beats out the Philippines in terms of cost. Our estimates show that services in India are up to 20% more cost-effective than labour rates in the Philippines. This makes a dramatic difference to both small and large enterprises alike.

Cost Efficiency

Cost efficiency is another metric you must measure. Simply put, this is a measure of how much value you get for the money spent. Two outsource service providers might charge an identical amount, but if you don’t see the same value from each company, then one is less cost-efficient than the other.

For instance, suppose you were torn between cleaning companies for your corporate headquarters. They promised the same services for the same price. You decided to try them both for a month.

At the end of the month, you find that Company A, despite pricing themselves the same and ostensibly offering the same range of services, actually does a better job than Company B. You get more value for your money, which makes hiring that company a smarter decision (because it’s more cost-efficient).

The same concept can (and should) be applied to business process outsourcing. Choosing to outsource to India is a more cost-efficient decision for several reasons that go far beyond the fact that salaries in the Philippines trend higher than in India. Those reasons include the following:

• Access to a wider range of outsourced services for less money
• Access to a larger pool of talent, which drives down cost while increasing positive outcomes
• Access to more qualified professionals who deliver better results
• Access to a nation committed to outsourcing and with decades of technology and infrastructure development to its credit

All the Benefits You Deserve

Outsourcing to India offers access to a wider talent pool, as well as professionals who are at the top of their game (as evidenced by their professional certifications and qualifications). Simply put, it’s the only way to ensure that you see the benefits that you deserve. However, there’s also the question of business process outsourcing versus staff leasing. Superficially, they seem similar, but the truth is they’re very different. We’ll tackle that in our third instalment.

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The choice here has also become embodied in the question of where to outsource – India or the Philippines? Both offer outsourcing solutions, but they’re far from equal. India is actually the best choice, but why might not be completely clear.

We’ll explore what you need to know in this four-part series. In the first part, we’ll explore India’s long history in outsourcing, as well as key reasons it remains the industry leader.

India’s History in Outsourcing

While India might be synonymous with outsourcing today, the truth is that the nation has been providing solutions and services for businesses for a very long time. It all began back in the 1990s when global airlines realised it would be more cost-effective and affordable to outsource back-office services to India, rather than keeping them in their home countries.

Not long after the airline industry found the benefits of outsourcing to India, technology and IT companies followed suit. Then the financial industry realised the advantages here. Some of the world’s most recognisable names are responsible for starting the trend, including:

• Texas Instruments
• British Airways
• American Express
• GE
• Swissair

The 1990s marked the beginning of globalisation, a trend that India’s government was eager to capitalise on. In fact, all successive governments have pursued aggressive policies in terms of privatisation, infrastructure development, and technological adoption designed to keep India at the forefront of the outsourcing industry. By the end of the decade, the government had introduced policies that effectively made India the most powerful player in the telecom industry.

After the 1990s

While India cemented its lead in the outsourcing industry in the 1990s, the nation continued to make strides afterwards. The 2000s were marked by major milestones. Some of the most important of these included the following:

• Critical developments in telephony, fibre optics, and satellite communications
• The rise of affordable, fast, Internet-based communications
• The development and implementation of data transfer technology
• A liberalised stance that welcomed private companies and broke up nationalised monopolies

From that point on, India has continued to make significant investments not just in technology, but in governmental policies that support and encourage growth in all industries. This business-friendly stance, coupled with a deep commitment to becoming a valued partner in the global economy, has helped to cement India’s ongoing role as a leader and innovator.

India Leads the Outsourcing Industry 

India is and has been the leader when it comes to outsourcing. That’s true whether we’re talking about business processes, web design, software development, or something else. The subcontinent’s incredible talent pool, affordable wages, and high level of education and professionalism combine to make it an ideal choice for small and medium businesses looking for the help they need to grow, but also enterprise-level organisations and Fortune 500 businesses, too.

Of course, there’s more to this decision. You need to know why and how India leads the world. You’ll find this is true in many critical areas, including:

• India has dedicated undersea cabling ideal for maximising bandwidth in delivering business processes as a service (BPaS). After all, business today moves much faster than ever before. You need the right technology to enable agility, speed, and accuracy in communications, information sharing, and decision-making.

• India is home to 6 of the top 10 service delivery destinations, including Bangalore, Mumbai, Delhi, Chennai, Hyderabad, and Pune. Each of these areas is like a mini-Silicon Valley, home to high-technology companies small and large, and replete with highly-trained technology professionals.

• India is home to Amazon’s largest software centre outside the US, and more eCommerce companies are migrating to the nation daily. That has spurred yet more growth and development in the eCommerce space, as smaller firms look to larger ones for guidance on outsourcing and growth-related strategies.

• Best Buy, Telstra, and Aegis have all relocated hundreds of jobs to India in recent months. This is just the tip of the proverbial iceberg, with more companies looking to outsource their business processes to a trusted partner.

• India is perceived as “the quality play” due to the professional, educated, trained individuals available. After all, there’s a huge difference between outsourcing your processes to someone you trust to support your brand and deliver positive outcomes to clients and customers, vs staff leasing.

• Indian professionals are recognised for their ease in adapting to new ideas, learning new technologies, and keeping up with the latest global business trends. That agility and commitment to moving forward ensure that companies outsourcing their processes to India reap those same benefits.

• The Indian government aggressively supports outsourcing, particularly in the world of software development, and continues to invest billions of dollars annually in building networks and establishing the infrastructure necessary to support this industry.

From the information above, it should be clear why India continues to be the world leader when it comes to outsourcing.

A Glimpse of the Bigger Picture

India has been a leader in outsourcing since the 1990s and remains committed to holding the course. This despite the rise of other nations offering outsourcing services. One of the most notable contenders in the Philippines. On the surface, the Philippines seems to offer many of the same advantages you’ll find in India, but the truth is that Indian outsourcing is superior.

In the second article within this series, we will address the key benefits of India over the Philippines to help ensure you’re able to make an informed, accurate decision regarding your business processes, whether that’s customer service, accounting, digital marketing, or something else entirely.

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Top 3 Tips for Social Media Management

1. Quality Over Quantity

There’s a misconception out there that “more is better” when it comes to social media posts. Yes, your audience wants to hear from you. They want to be engaged. However, you need to strike the right balance. Posting too frequently can cause several problems, including:

• Eating up your valuable time
• Overloading your audience
• Running out of genuine things to say or share

So, how do you get around those issues? It’s simple. Go for quality over quantity. Share fewer posts, but make sure that those you do share are as genuine and engaging as possible. Focus on delivering:

• High-quality content that interests your audience
• Content that builds your credibility as a brand
• Posts that establish your authority, incite curiosity, inform, educate, or amuse

2. Use Scheduling Tools

One of the most challenging aspects of social media management for any business is the time required to do it. Creating content and then posting it on all your social networks eats into time that would be better spent doing something else – like running your business and serving your customers.

So, how do you stay active and involved in social media while still balancing your other responsibilities and building a thriving business? The solution here is to use scheduling tools. These allow you to create posts ahead of time, such as when you have free time, schedule those posts, and then not worry about them again until they go live and you need to interact with comments or answer questions.

What tools should you use, though? There are literally hundreds of different options out there, and there’s no one-size-fits-all solution. If you’re using Facebook, you already have access to their built-in scheduling tools. It’s simple, effective, and right there in your business page toolbar.

Hootsuite is one of the best-known, but there are plenty of others out there, such as Buffer and Sprout Social. Whether you want a free option or paid-for tools, you’ll find it. Just be prepared to put in a little time and effort to make sure that you’re using a tool that delivers the capabilities and benefits that you want, and that you’re not overpaying for something you might get free.

Hot Tip: Create a content plan one month in advance. Then just add anything new and compelling – like that raving customer review – when it becomes available!

3. Data Analysis

Finally, you need to review and understand the data surrounding your posts. You should review the timing of your posts, as well as the type of content/posts that you share. There are two primary components to consider here:

• Time of Day – Is there a specific time of day where your audience is more engaged? You might find that rather than posting during the day, you get more traction between 6 PM and 9 PM since people have more free time after work.

• Content Type – Are you seeing more traction from one type of content over another? For instance, do video posts reach farther and engage more? Use that knowledge to your advantage by creating more videos. Consider client video testimonials, or creating a video series within your vertical. You might even be able to use affiliate content to reach your audience, which takes the hassle out of content creation on your side.

In line with tip #2, one of the major benefits of a scheduling tool is the ‘pooled’ analytics it provides. The power of these tools let you drill down into your audience, post performance, and other critical metrics that affect success. You may identify a topic that continually spikes more interest than you would anticipate – use this to your advantage. And not only on social media, but through your business as a whole.

In Conclusion

At the end of the day, social media is an essential tool that allows you to communicate with and engage your audience. However, many business owners find that managing their social media presence is time-consuming and difficult. The good news is that by focusing on quality over quantity, the smart use of analytics and scheduling tools, and learning more about when to post and what types of content work best can help drive positive results.

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Why Consider Outsourcing?

As an attorney, the prospect of outsourcing business processes might sound a little strange. That’s particularly true if you operate a solo or small practice. Chances are good that your payroll and accounting needs are pretty minimal. Does that mean you cannot benefit from BPO providers, though? Not at all! In fact, you can achieve some pretty important advantages with the right outsourcing partner.

The benefits of outsourcing with the right company include:

• Frees your time to focus on mission-critical aspects of your business
• Increases your ability to handle larger caseloads
• Provides you with the services of an experienced paralegal without the need to hire a full-time resource
• Ensures you have access to a broad range of resources that can streamline processes
• Easy offer value-added services for your client without increasing your workload

Of course, there are quite a few things that you’ll need to know about outsourcing for lawyers and we’ll explore those below.

What Processes Can Be Outsourced?

First, let’s take a look at what you can outsource. As mentioned, the list of potential business processes that you can outsource goes well beyond payroll or accounts receivable and directly affects the services that you can offer your clients and the caseload you can carry. Some of the most important outsourced services include the following:

• Contract management
• Digital document creation
• Legal record management
• Litigation support
• Case law research
• Conveyancing
• Research and analysis

How much time do you currently spend personally handling the processes listed above? Chances are that it represents a significant amount of time in your usual week. Outsourcing them to a trusted partner with in-depth experience and understanding of the legal field and required ethics allows you to save that time and put it to use in other areas of your practice.

The Need to Delegate

Of course, outsourcing can be challenging for some attorneys. If you’re not well-versed in delegating, it can be a daunting prospect. The challenging issue here is giving up some degree of control over critical business processes. Finding the right outsourcing partner should provide you with some peace of mind. However, also understand that delegation is a learned skill, and you can build your abilities in this area.

How to Let Go and Delegate More

To be successful, you must release the idea that you need to handle every single detail within your practice. If you’re constantly doing everything, then you won’t have time to serve your clients. Every minute you spend bogged down in mundane minutia is one minute that you’re not building your practice and establishing yourself as a leading legal authority.

The single most challenging thing to learn here is how to let go. For lawyers, this is more complicated than for other business owners because of the question of ethics and responsibility. However, if you’re able to build an outsourced team of experts, you can confidently delegate without those worries.

Another consideration here is knowing what to delegate. We’ve answered that question, too – see the list of potential outsourced services in the previous section. And understand that those are just samples of outsourcing activities. You can outsource almost any process you might need as long as you’re working with an experienced BPO firm with in-depth legal experience.

You’ll need to ensure you have accurate, ongoing communication with your outsourced team. With email, text, phone calls, video conferencing, and online chat programs, there’s no reason that you cannot communicate expectations and responsibilities to a geographically dispersed team.

Why Choose Valenta?

As we’ve touched on, outsourcing some of the processes in your law firm can enable you to achieve major milestones. It becomes possible to increase your caseload and deliver better, more professional service to every single client. It also helps ensure that you’re able to develop a reputation for results.

Why choose Valenta as your business process outsourcing partner? Our paralegal service includes experienced in-house lawyers and legal process professionals with in-depth knowledge. We are ISO certified and can offer tailored solutions that fit your needs, as well. Plus, we offer the scalability that you need for success. Use only the services you need when you need them. Ready to transform your law firm? Contact us today.

Source:
Client Supplied

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What Is Hyper Automation?

Hyper Automation takes the trend of automating processes and accelerates it. It combines robotic process automation, or RPA, with artificial intelligence (AI), as well as other tools that enable advanced results. Think super in-depth analytics, advanced process mining, and more. The result? Expanded automation capabilities that go well beyond what was possible even a short time ago.

The underlying premise of Hyper Automation is simple – automating as much knowledge work as possible helps to engage everyone within the business and fosters deep transformation.

Why Consider Hyper Automation?

Why should enterprise companies and SMBs consider Hyper Automation? There are plenty of benefits to be found here. Some of the most critical include the following:

• Identify and Automate Rapidly – Identifying business processes that can be automated, and then automating those processes, can be time-consuming and challenging, even for large enterprises. Hyper Automation harnesses an evolving set of AI technologies that allows you to do this much more rapidly.

• Automation at All Levels – Often, automation is only applied to IT-related processes. However, with Hyper Automation, you’re able to empower both business and IT teams through automation, which allows them to seamlessly contribute. In fact, any employee in any department within a company can become an automation leader and develop powerful tools that foster success and growth.

• Human-Robot Cooperation – In the past, software robots and humans worked side by side, but separately. With Hyper Automation, you enable them to work cooperatively, even collaboratively. This applies not just to basic processes, but complex, long-term, mission-critical business processes. Imagine what can be accomplished when humans and robots can work not just together, but collaboratively, iterating and building on what each achieves.

• The Tools You Need – Finally, Hyper Automation delivers access to vital tools at all scales. You can do everything from discovering automation opportunities to measuring the return on each automated business process to fine-tune your operation.

With all that being said, understand that Hyper Automation goes well beyond just replicating what you can already achieve with RPA. Think of this as the next step in the evolution of this technology.

Where Can Hyper Automation Be Used?

Unsure of the specific ways that Hyper Automation might be used in your business? Not clear on how this technology applies to your industry? It can be integrated into any business within any industry or vertical where automation can deliver benefits.

For instance, in the finance and accounting industry, Hyper Automation solutions can automate accounts payable, accounts receivable, auditing and compliance, financial planning and budgeting, and payroll.

In HR, Hyper Automation can be used to automate the hiring/recruitment process, employee relations, talent development, compensation and benefits, and more.

In IT operations, Hyper Automation can be used with daily application and system health checkups, auto closure of irrelevant alerts and suppressing false positives, incident reaction and mitigation, and numerous other ways. In contact centres, it can be used to automate customer service, quality control and call monitoring, the creation of chatbots, and call routing.

Any industry that uses RPA can benefit from Hyper Automation, including BPO, BFSI, healthcare, manufacturing, oil and gas, mining, telecom, retail, and FMCG, to name just a few. The applications and potential benefits are virtually limitless as long as you can implement Hyper Automation technology.

Beyond Enterprise Applications of Hyper Automation

Hyper Automation might seem as though it’s primarily a tool for big businesses to use, but the truth is that SMBs can also benefit from this technology. The challenge here is finding a partner to handle the heavy lifting and implementation processes. That’s where Valenta enters the picture.

We’re proud to work with enterprise-level businesses as well as SMBs in need of Hyper Automation and cutting-edge solutions that foster business growth and stability. We offer critical services and solutions at each stage in your Hyper Automation journey, from discovery to building, management, running, engagement, and measuring.

Our key services include in-depth consulting solutions, from helping you conceive and design an automation strategy and vision to assessing the impact and ease of automation and aligning those with desired business outcomes. We deliver implementation solutions and managed services as well, all designed to ensure you can make use of Hyper Automation technology even if you represent a small business.

Moving Forward

Hyper Automation is the next step in technology and delivers critical capabilities. We can help ensure that you’re able to leverage the value of this opportunity. Contact Valenta today to learn more about our Hyper Automation services and solutions

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This presents several challenges for both compliance and financial crime practitioners, as Modern Slavery is an ML predicate crime and a potential source of terrorist financing. Therefore, many of us will have an obligation to report suspicious activity to our respective financial intelligence units if we identify types of human exploitation activities associated with modern slavery.

It is important to note that non-banks and non-financial firms may also have an obligation to report to another law enforcement agency in their respective jurisdiction. For example, in Australia, financial institutions report to their FIU (Austrac) but non-banks should report to the AFP.

The legal process to combat modern slavery is to detect, investigate, and prosecute offenders. As practitioners, our role in the process is to detect and perform a light investigation in order to establish whether a suspicion has been formed so we can submit a suspicious activity or matter report to our FIU.

In order to do this effectively, we must have a robust framework and monitoring tools to identify and detect possible forms of modern slavery. A carefully designed risk assessment should be the foundation of this framework by identifying high-risk factors such as country risk, customer and supplier risk, and product and industry risks. An effective risk assessment will allow practitioners to apply a risk-based approach and channel resources accordingly.

For example, according to the 2018 global slavery index, the top 3 products at risk of Modern Slavery include electronics, garments and fish and some high-risk countries associated with these products are China, Malaysia, and Thailand.  Therefore, financial institutions could focus their attention on corporate customers involved in importing these products from these countries. Clearly, it is much more complicated than just this and domestic risks must also be considered, however a risk assessment taking some of these factors into consideration could assist in building a targeted approach to identifying the flow of money and potential proceeds of crime from modern slavery.

Through understanding the typical profile of businesses that are high risk, the financial institution can adjust its risk appetite to avoid funding or support illicit activity.

Unfortunately, legitimate financial institutions are unknowingly used to launder funds generated from modern slavery. It is important, therefore, that those working in financial institutions at all levels understand how to identify money laundering red flags.

Practitioners must understand the trends and typologies that are present in modern slavery.  This will enhance their ability to assess and mitigate risk within their customer base and identify red flags for better monitoring and reporting of suspicious activity. In addition, a certain transactional activity carried out by individuals or businesses may indicate illegal activity. Financial institutions have a wealth of transactional and personal data at their disposal, but it is important for those assessing this data to understand the patterns that could indicate modern slavery activity.

For example, some typologies that assist with the identification of possible links to modern slavery include forced prostitution, labor trafficking, or forced labor. Financial institutions collect and record customer residential addresses and a potential red flag to look out for would be many individuals residing in the same address. Transactional data is also very valuable and assists with the identification of an unusual flow of money. For example, detection scenarios could be designed in the transaction monitoring system to identify small repeated amounts paid to high-risk jurisdictions to an unrelated beneficiary as this may suggest possible child exploitation. Structured cash deposits at multiple bank branches may also indicate human trafficking.

The Mekong Club has published an online document called “Modern Day Typologies for Financial Service Providers” which provides valuable insights into common traits of modern slavery cases. We highly recommend that you review this document as it can be used as a reference point when considering the risk posed by clients at on-boarding and account review stages.

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Unfortunately, lead pipeline development isn’t something they teach in school. So, many Advisors must learn this essential skill on the job. Some are immediately thrust into a primarily sales-oriented role, where the bulk (or all) of their compensation is tied directly to their ability to bring in new clients. Others are fortunate to experience a more gradual entry into the sales role as they learn and grow into the business.  

But the bottom line is that every Advisor, sooner or later, must learn the skill of finding qualified leads, connecting with them, developing relationships, and eventually converting them into paying clients.
If you want to explore some of the methods to fill your prospect pipeline and grow your business, here are some ideas to get you moving in the right direction.

Take the time to fully understand your target market

Nothing is more important to successful prospecting than defining and understanding your prospects. One wrong assumption about your target market — and you will always struggle to acquire clients as a Financial Advisor.

The first step is to pick your niche or specialty. Don’t attempt to sell to just anyone who needs financial services. As world-renowned entrepreneur, marketer, and author Seth Godin once said, “Everyone is not your customer.” What works to generate leads among retirees won’t work as well among small business owners. Different types of clients require very different value propositions (as well as different prospecting strategies).

Some Advisors have shared with us that they are reluctant to choose just one area of specialty. Our advice is (typically) to focus on one niche in the beginning. As the business gets stable, you can explore the possibility of adding another niche. Remember that each niche will require different attraction strategies, service offerings, and workflows. Advisors who try to cover too many specialties at once risk diluting the value of their offering and miss out on delivering exceptional service.

3 Effective Ways Financial Advisors Are Finding Clients

Once you know who your target audience is and what they need to hear, the next step is actually saying it to them.

This is where a lot of Financial Advisors slip up. They know what they have to say. They just don’t know where they have to say it. As a result, their messages don’t get very far.

So, let’s look at three examples that are a good start on how you could easily get your value proposition in front of three different niches.

1. Retirees and pre-retirees: host an educational seminar

If you want to serve the retiree and pre-retiree marketing, consider hosting educational events for that audience. Financial Advisor seminars are effective vehicles for connecting with these prospects. An education-forward event gives them a chance to meet you face-to-face in a low-pressure, comfortable situation. It also provides you with the perfect opportunity to show the audience how much you understand about important topics that affect them.

Sure, different retirees will have different goals. However, as a demographic, many of them care about similar topics. When should they retire? What about taxes in retirement? Should they move to a continuing care retirement facility, and if so, how can they choose the right one? These are just some of the topics that would be genuinely important and attractive to this audience.

As a bonus point, reconsider offering a meal with your seminar. It’s maybe well-intentioned, but the practice has become a red flag among retirees. An education-forward event that’s positioned as a learning opportunity can look more attractive to serious prospects.

2. Widows or women going through a divorce: network with centres of influence

Divorce and widowhood affect women very differently than their male counterparts. This makes widows and divorcees a demographic that can benefit from the counsel of an experienced Financial Advisor.

Women in transition may not realise that they need a Financial Planner or Advisor — but they do know that they need a Lawyer. Attorneys help widows better understand their estates now that they are without their partners. They assist women in negotiating their divorce agreements. That’s why Attorneys can become powerful centres of influence for Financial Advisors who specialise in helping women during these times of transition.

Network with divorce and estate attorneys in your area. Prove to them that your services will benefit their clients, and most will be eager to put you in touch. If you have a collaborative divorce group in your area, consider offering your expertise as a neutral Financial Planner on their cases. Keep in mind that Attorneys are often busy and very selective of which professionals get introductions and referrals. In order to gain their trust and confidence, you must demonstrate yourself to be an expert who can add measurable value.

3. Tap into podcasting!

More than 50 million households in the U.S. include at least 1 person who listens to a business podcast.

Are they all business owners and entrepreneurs?

No.

However, there’s no shortage of podcasts for business owners out there that are attracting many listeners. Get booked as a guest on any one of those podcasts, and you’re virtually guaranteed to attract business owners and entrepreneurs who are interested in what you had to say.

Or take the next step and start your own podcast! It takes initial planning and investment, but in exchange, you get lasting, valuable collateral that will be delivered straight to your ideal clients. If you genuinely enjoy connecting with business owners and digging into their work and life, podcasting is a win-win proposition.

And more

There are endless ways to promote you and your business with other methods including SEM (search engine marketing), social media, and webinars (similar to podcasts but the video is included).

And this is only the beginning because remember you can also develop loyalty and referral marketing strategies to ensure a steady stream of business from current clients.

Track your progress and adjust your strategy as needed

The most important thing you can do is track your results and course-correct as needed. Prospecting is an iterative process, which means that it will involve some trial and error.

You might not hit a home run on your initial seminar. The first lawyer you speak to may not be interested. Your podcast might struggle to find its audience in the early days. But as long as you learn from what works and keep taking the next step, these early attempts will serve as the foundation for successful efforts in the future.

This is a good time to mention that clarity on your audience and its pain points is essential. Prospecting success will come as a by-product of your dedicated and patient efforts to understand your clients and add value, whether by teaching a free financial planning seminar, working closely with attorneys, or providing education and entertainment through a podcast.

This article was originally published on ModelFA.com.

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According to a recent study, as many as 52% of consumers will be more likely to revisit and repurchase from a brand that has a live chat feature. In our fast-paced, virtual, AI-fueled society, the live chat is the only human interaction that customers will get during an online transaction. If you don’t offer that, they’ll find a competitor that does.

Multi-Channel Communication is More Important Than Ever

In light of recent events, a lot of people are starting to understand the importance of having multiple channels of communication that allow them to reach out to people in a way that works for them. Stores and brands that once had a physical presence where they could interact with people may not be open right now. Companies with call centers might not have employees available to take calls. However, people are still going to need to ask questions and get support when they are working with an online retailer or service provider. 

Thus, there had to be a solution. Traditional customer service, auto-generated emails, and the typical 48-hour response time for many generic customer support forms are no longer getting the job done. People need instant answers, and they need them conveniently. That is where the live chat feature comes into play. People don’t want to wait. They won’t even wait five minutes, in most cases. Recent data shows that after five minutes, the likelihood of a conversion is 10 times lower than if they had gotten an instant response.

The live chat feature is changing the game and is where everyone needs to focus right now. Still not convinced? Consider this:

While only 14% of the businesses surveyed had a live chat feature in place, 9 of 10 survey respondents stated that they expected a live chat feature from the online companies.

It’s not just helpful—it’s expected.

What is Live Chat?

The live chat feature is a unique offering that will allow you to talk to your customers in real-time. They can send a simple message, which notifies your employees, who can then respond accordingly. Setting it up is easy, and the backend of these services are set up just like a regular messaging service, so it’s easy for employees to learn. 

The live chat can be set up with “canned” responses or saved messages that you frequently send to save your employees repetitive typing. Another alternative is a bot that if used effectively, can direct your customers to what they are looking for.

Benefits of Live Chat Support

There are several benefits of providing live chat support to customers, aside from the fact that it’s just a necessary part of online business today. Some of the perks that you will find include:

• More Leads: When you can give people answers right away, you’ll bring in more leads on a day-to-day basis. This is partially because you’ll be able to connect with more people and partially because people will appreciate your instant responses through the live chat service.
• Assistance All the Time: With a live chat feature, you can integrate a chat bot that is available after-hours, or if employees are unavailable, ensuring that even if there isn’t a person, there is an interactive way to get answers or leave a message for when a person is available.
• Builds Credibility: People are naturally more inclined to trust a company that is always there for them. After all, if you believe in your brand, you will give your customers the support and assistance that they need on their terms. Offering live chat does precisely that.

These are the biggest perks of live chat services, although there are probably dozens of other benefits that you could come up with, depending on how and how well you integrate this tool. That’s next.

Successful Execution: Tips and Insight

It’s not difficult to execute the live chat feature, so long as you have the right information and tools.

We have setup a chat bot on our website, which is designed to help you get the information and assistance that you need if we’re not available. This is something that any business can do to give people another way to communicate, ask questions, and gather the information that they seek.

Most of the live chat tools available today have an interactive, user-friendly guide that will help you through the process of setting up your live chat service. They will allow you to tailor everything from colors and themes to a welcome message and more. You can also add your contact information, incorporate JavaScript, WordPress, and other tools, and so on.

Installing and setting up the software is a relatively simple process that just about anyone can handle. The process will vary slightly from one chat app to the next, but they’re all designed to set you up for success, so it should be easy to execute your live chat integration.

Get on Board or Get Left Behind

Today’s live chat is a modern, real-time messaging solution that is changing the way customers get information and answers. It’s something that no online brand can afford to forego when setting up their customer communication tools. People expect instant answers. Live chat helps you deliver that, both through real-time contact with your employees and with the addition of a chatbot for further assistance. It needs to be one of the top tools that you implement, and it needs to be implemented now.

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There are a lot of different sources out that are all trying to give people the best advice about advertising during COVID-19, and it’s hard to know what you can and can’t do right now with everything so up in the air. Fortunately, there are some definite communication tips that companies have already started figuring out, which you’ll find listed below for your use.

The Keys to Communication During the COVID-19 Pandemic

Revisit Your Strategies

The uncertainty that came with this pandemic is changing the way that people conduct business almost daily in many cases. That’s why companies need to be agile in their marketing strategies during this time, making sure that customer needs are addressed relevantly. Make sure that ads are professional, well-designed, and that they provide helpful information about what your company is doing to look out for its customers in light of the current pandemic. It should also express how your company is helping or considering the community and world, in light of recent events.

Be Authentic

In a time like the present, people demand authenticity above all else. With all of the misleading news reports and unscrupulous brands that are out to profit from this crisis, customers feel like they don’t know who to trust. Those who remain true to their values and their brand message will be the most likely to survive, and perhaps even thrive, despite the COVID-19 pandemic. Every brand should ensure that their values, brand positioning, and tone of voice are giving customers a strong sense of authenticity and trust. 

Pay Attention to Segmentation

Right now, companies need all the help drawing in business that they can get. Just as customer buying needs and media consumption habits change during a crisis, so do their interests or their roles in the customer buying journey. That’s why now is the perfect time to attune your customer segments and make sure that you are putting the right messages in front of the right audience. As people start spending more time at home, segmentation is changing, and your business needs to keep up.

Reassess Media Consumption

Again, people’s habits are changing in response to the COVID-19 quarantine that is taking place (or has taken place) in many countries around the world. Since live sports, theatre shows, and other events are cancelled; more people are turning to TV and other media for their entertainment. By taking the time to figure out where your audience is spending their time now, you might be surprised to see just how many new ways you can reach them. There’s even automatic content recognition (ACR), which can use viewing history from sports fans and re-target ads to the non-sports-related channels where they are spending their time.

Choose Premium Content and Options, Always

Consumers are struggling with all the uncertainty of today. People are searching desperately for sources that they can trust. Right now, that means they are more likely to trust video ads on premium channels than they might on user-generated content or other media. You need to find the most reputable places to advertise and use those channels to the best of your ability.

Be Choosy About Ad Placement, but Not Restrictive

Right now is a more sensitive time than many have ever seen. As is the case with many serious events, a lot of brands simply avoid marketing on sensitive content entirely. However, since there is so much press and media coverage, and so much other information out there covering the COVID-19 pandemic, it may be nearly impossible to connect with customers if you aren’t using this type of media to reach them. Reports show that as many as 78% of customers wouldn’t change their sentiment regarding ads, regardless of whether they were near COVID-19 content or not.

AVOID Insensitive or Panic-Inducing Content

Finally, and perhaps the biggest takeaway regarding COVID-19 and marketing, is that you need to avoid anything that is going to be offensive, insensitive, or panic-inducing for readers. As many as 70% of consumers don’t want anything to do with brands that are exploiting the current situation for their self-promotion. People want a voice they can trust, and if you publish this kind of content, you immediately burn that bridge. Before publishing or sharing anything, ask:

• Does it promote insensitive topics or content, such as exploiting the cleaning supply shortage?
• Is it panic- or fear-inducing in any way? Right now, fear is the absolute last thing that people need more of in their lives. It’s not just a bad look; it’s bad marketing and bad ethics. 

Wrapping Up

Communication and marketing are very sensitive topics right now. Businesses are all proceeding with caution, which is the best way to go about things. These tips should help you find more ways to put actionable plans into place for your marketing strategies and make sure that you’re not ruining your reputation by taking things the wrong way during this sensitive and uncertain time. 

As the conversation changes and the demands of consumers continue to evolve, having a flexible strategy in place will take your business a lot further. Think about what you would want from a professional business that you work with as a customer, and then go above and beyond to deliver that to your audience. That is where you will find success.

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Now, more than ever, companies are learning just how important it is to have a company that is agile, digital, and operating with the most streamlined processes to reduce waste and increase efficiency in operations. Process improvement and waste elimination in business are always important elements to consider. However, it is now a topic that is necessary and not just beneficial to discuss.

In light of the recent COVID-19 epidemic, many companies are coming to understand just how valuable this agility can be and how much it could actually affect their ability to conduct business. If a company is not able to adapt to the digital age, they are not going to have a strong future in a stable economy, let alone the uncertain economic state that we are currently facing. Read on to find out more about digital agility and how it can save your business during unpredictable times like these.

What is Digital Agility?

Digital agility has many different takes and a few definitions, depending on who you ask. What it basically refers to, however, is the ability of a company to flexibly grow and adapt, using the latest technology to streamline operations and increase efficiency.

The modern business in the digital age has a much different focus, albeit still customer-oriented, and it’s important to understand how that focus shift changes the way that you do business on a day-to-day basis. Ultimately, the focus should be on maximising customer value while also minimising waste.

Although everyone knows it is virtually unattainable, the goal of providing perfect value to every customer through a streamlined, 100% efficient process that optimises flows of products and services is the goal that every business should be striving for. You may never get there, but aiming for perfection will get you much closer than doing whatever is “good enough” to get by.

Most importantly, digital agility is no longer an option. Now is the time to get on board or get left behind.

Proof That Digital Agility is Here to Stay

Although firsthand experience is the best way to prove that being digitally agile is the key to success for your company, it’s going to take some time for you to see those results. Here are some important statistics that can help you understand the value and importance of incorporating this methodology into your everyday business.

• Companies that go agile will save as much as 60% on operational costs for things like overheads, office space, benefits and sick leave, and other employee-related expenses.
• 46% of companies surveyed reported using agile or hybrid agile approaches and strategies over the course of the past 12 months of operation.
• In 2017, 80% of all federal IT projects were listed as “agile”.
• More than one-third of marketers reported using some form of agile technology to manage workflows. That number is only on the rise.
• 84% of companies agree that having agility is a must to succeed in digital transformation.

Embracing Digital Agility: What You Can Do

One of the biggest components of being digitally agile is to embrace the concept and figure out what strategy and which elements of agility are going to be most useful to your company. Here are two of the biggest tasks that should be on your agenda.

Outsource

One of the best ways to cut costs while you streamline your options is to outsource any digital services and business processes that you can. While you won’t be able to rely on outsourcing for all of the tasks in your daily operations, a lot of the more tedious and complex duties can be outsourced. That leaves your team free to handle the elements of your business that truly matter. It also saves you up to 60% or more on operational costs and overhead expenses.

Automate

Embracing technology to automate your business or at least a majority of its activities is another big part of embracing the agility that is being offered to modern businesses today. Investing in user-friendly, digital automation will free up your time to focus on things that deserve more of your attention. With a strong integrated CRM and marketing platform, you can eliminate a lot of tedious tasks for your staff and streamline a number of simple duties.

How Valenta Can Help

Valenta BPO has been paving the way for business process outsourcing and streamlining operations through the incorporation of digitally agile solutions, including integrated CRM solutions with Salesforce and Zoho. This can automate a number of basic tasks and day-to-day activities that don’t need the extra human attention, freeing up your staff to put their focus where it needs to be.

If you’re ready to embrace lean, agile operations and take on the future of streamlined digital business, call Valenta today to find out how we can help.

References:

Pulse of the Profession 2018, Project Management Institute, 2018, Agile by the Numbers, Deloitte Insights, 2017, Achieving Greater Agility, Forbes Insights, 2017

The post Digital Agility in Uncertain Times: Embracing Agile Technology to Soften the Blow of Economic Uncertainty appeared first on ValentaBPO NZ.

In light of the coronavirus outbreak, many more companies are pushing their own boundaries in terms of remote work and outsourcing, going further than they ever thought they might previously out of mere necessity. Not surprisingly, what this is doing is highlighting the fact that most of the world can function remotely, or at least in a much less hands-on way than what most people assume is required. COVID-19 is making a solid case for why ALL businesses should be digitally operational and even providing valuable insight as to how teams could continue to operate remotely for the long-term.

This is essentially the same type of solution as offshore outsourcing without barriers. The difference, of course, is that outsourcing also provides a range of other benefits. Keep reading to find out how digital agility is allowing Valenta BPO to help businesses like yours stay ahead of the game now and into the future.

The Benefits of Outsourcing

Some of the biggest perks to outsourcing with a service like Valenta BPO include:

• Cost savings of up to 60%, thanks to lower overhead costs (or no overheads), fewer employees on the payroll, and so forth. Outsourcing is notorious as a solution to cut business operating costs, and that matters now more than ever with the current state of the economy.
• No hiring and training are required, depending on the outsourcer. This is often reported as one of the biggest headaches for businesses, especially SMEs who often have lower margins.
• No responsibility for sick leave, annual leave, or employee benefit programs. When you outsource the work, you don’t have to worry about these factors.
• 24/7 team capabilities, with international offices around the world. Valenta’s clients often report that they send documents across to their offshore team at the end of the day, to return to the office in the morning with all work complete. That’s working smartly and efficiently.
• Improved customer service, thanks to increased efficiency and better workflows. When your operations and “tasks” are taken care of, you’ll be able to spend more time focusing on your business and your customers, which is exactly how it should be.
• Access to a group of skilled professionals that you may not find in your local area. When you want the best people for the job, searching the entire globe will guarantee that you get exactly that and nothing less.

How Valenta’s Response is Setting the Precedent

Despite being digitally agile already, the COVID-19 has spurned even more agility for Valenta, where 70% of the staff are now working offsite until 31^st March at least. However, it’s business as usual for Valenta, where we are still providing every client with the highest level of service and incorporating our own increased security and safety measures to ensure that our staff and clients are protected, no matter what happens.

Being in the business of process improvement and outsourcing, we understand the true value and the very apparent need for digital agility. Now, more than ever, it’s time to close the gap and get on board with streamlined, digital outsourcing solutions and other agile solutions. Every business will be able to fill in the gaps by taking advantage of outsourced professionals where they may not have been able to afford to hire someone permanently.

Imagine all of the areas of your business that could be complemented by having an outsourced service on hand. Outsourcing has no limits or barriers, which means that you get a lot more for your money, and you won’t have to invest as much of your own time and space because you have others taking care of things. You don’t have to worry about things like employee capacity, training, and other hassles related to hiring staff or trying to handle digital operations and capacity in-house.

How to Make Sure Your Team is Prepared

A digitally agile team will be adaptable, tech-savvy, and ready to hit the ground running, no matter the circumstance. They will be able to handle curveballs like the one thrown by the COVID-19 outbreak, without missing even the slightest of beats. How, though, do you go about getting them there?

For starters, assess where you’re at now, in light of the situation forced upon us all by the COVID-19 pandemic. See just how quickly and easily (or not) your company adapted to the changing nature of work and the remote location. If it was rocky, or if you’re still trying to sort it out, you might want to consider outsourcing to help get things on the right track. Agility isn’t just about using technology. It’s about putting the right jobs in the right hands, no matter whose hands those may be.

To learn more about the outsourcing solutions available from Valenta, or how we can help you improve your digital agility for the long-term, contact us today.

The post A Digital Age Without Barriers: The Real Value of Outsourcing and Remote Work Shines During the COVID-19 Pandemic appeared first on ValentaBPO NZ.

The Bookkeeper

A bookkeeper is someone who handles the day-to-day financial records of your business. They assist with recording and performing transactions, as well as balancing accounts and generating payments, along with other daily financial tasks. They may also be responsible for preparing reconciliation reports, managing accounts payable and receivable, and processing invoices and other financial transactions.

In some small businesses, a bookkeeper may also act as the sole individual responsible for maintaining and processing the payroll for all of the employees. They may handle the creation and management of various accounting and financial review systems in your business, as well, in an attempt to streamline things and make their own efforts simpler. Ultimately, their role is in the ongoing management and maintenance of the finances of your business.

The Accountant

The accountant is the one who takes more of a managerial or overarching role in your business finances. They will monitor and analyse the data that was created by your bookkeeper and generate reports for you. Along with those reports, they will be able to provide advice on your financial matters. In addition to this, accountants are the ones best suited to handle all of the matters related to business taxation. From yearly tax preparation to tax duties and requirements throughout the fiscal year, they are your go-to person to make sure that everything is done by the book.

Your accountant can assist with establishing the business, auditing, corporate compliance, financial management advice and assistance, and other related duties. Ultimately, their role is taking a more analytical approach, offering consulting and advisement services in addition to a host of other financial services.

Which Do You Need?

As mentioned previously, there are benefits to be had from employing the services of both bookkeepers and accountants, and each for their own reasons. Rather than looking at it as an “either/or” situation, consider how you can put each to use to help your business grow and find better financial solutions. Figure out how you can employ a team that will work together for the benefit of your business. Sometimes, one of the best options here is to adopt virtual bookkeeping services that can give you a comprehensive solution to your business finance needs.

The benefits of outsourcing are plentiful. You will be able to find all of the bookkeeping and accounting services that you need in one place so that you can keep everything streamlined. Plus, you will trust that your financial matters are handled and be able to put them out of your mind so that you can focus your efforts elsewhere. Perhaps one of the most attractive benefits, of course, of outsourcing, is the financial benefit. Outsourcing costs a lot less than hiring someone and retaining their services or adding a bookkeeper or accountant to your business payroll.

Wrapping Up

Now that you understand more about accounting and bookkeeping services for your business, you’ll be in a better position to make the best decisions for its financial future. Hire a bookkeeper to manage things on a day-to-day basis and an accountant to oversee everything, offer advice, and handle your taxes. Then, your business will be set.

The post Bookkeeper vs. Accountant: The Real Difference appeared first on ValentaBPO NZ.

• Integrated User Data makes it easy to interact with customers and build relationships, keeping all of their email, phone, social media, and other contact information stored in a single, accessible database. That way, you can reach out to them quickly and easily, and reach out to groups of customers at once with mass actions. Rather than having to track users in different databases for every type of contact, you’ll now have access to all of their details in one place, and be able to reach them from a single point, as well. This streamlines all of your customer communications, from marketing to service and beyond.
• Graphing and Tracking allows a business to speed up their own sales strategies and helps identify priorities by tracking information and organising everything on easy-to-read charts and graphs. You will never have to wonder how things are doing or where you can make improvements, because it’s all laid out right in front of you. Having access to real-time analytics can make a big impact on how successful you are at building your sales and improving your business growth.
• Free Test Use of the Zoho CRM is available for 10 users, which means you can test drive the platform before you fully commit. For some people, it’s imperative to see a program in action before investing the money. Zoho is so committed to their solution that they want to ensure that you know what you’re getting, and that their solution suits your needs. You’ll have full access to the CRM platform so that you can set things up and take it on a trial run to see how much it improves efficiency and helps boost sales in your business. It’s important to note that the setup often isn’t straightforward, so whilst this is a great opportunity to have a ‘play’ it may not seem obvious at first without all of the integrations and of course training.
• Automated Data Archives mean that your staff can focus on new sales and returning customers rather than the paperwork and follow-up of previous transactions. Sales teams aren’t made to do paperwork. They’re designed to generate sales. By putting technology in place to take over the tedious work, you can give your team the time and space to do what they do best: sell. You can set up maintenance routines and automated tasks for the archives, making it even easier to keep things in order.
• Complete Synchronisation ensures that everyone and everything is on the same page. Customer information is streamlined and aggregated, and all departments have access to information and data, including sales, marketing, customer service, and even the tech support team. When everyone is working together, your business becomes a well-oiled machine and sales come on their own.

These are just a few of the perks that people report as their favourites when they integrate the Zoho CRM as a part of their digital transformation. If you’re ready to get on board and get your business ready for the future of sales, this platform has everything that you need.

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This quickly created several problems in the outsourcing industry and led to a situation where outsourcing costs and related challenges were actually starting to impact the financial perks of the service. Fortunately, more systematic methods have been put into place and now large-scale offshoring efforts are focused just as much on cost reduction as they are on talent sourcing opportunities and improved service quality.

Offshoring Options

Traditional outsourcing relationships involve a vendor providing services and resources to clients based on the contracts set forth. Usually, this is all done at the vendor’s discretion so long as they meet their contractual obligations to the customer. Pure captive centres are a new concept that companies are using to build their own service operations from scratch rather than relying on outsourcing to provide all of the facilities and solutions.

Captive centres require more time and effort invested before they become a savings tool, but the amount of work that you put in can change the game significantly. Collaborative sourcing, a third option, combines these two methods. In this model, a company will hire an outsourced service to assist with setting up the offshore service centre. Companies can choose from three models:

• Build-Operate-Transfer
• Assisted Captive Offshoring
• Joint Ventures

How to Choose the Most Effective Solution

Both captive centre operations and traditional offshoring have their perks and benefits to consider. Therefore, if you are trying to narrow down the options and figure out what is best, here are some things that you will need to consider. Taking these factors into account will make all your decisions much easier.

1. Scalability

One of the biggest things that a business has to pay attention to in their operations, including when it comes to Business Process Outsourcing, is scale. Smaller companies are ideally suited for traditional offshoring solutions, while a larger company may benefit more from the development of a specific captive centre that offers fixed overhead costs and more scalability for growth than a traditional solution.

2. Speed and Cost

Outsourcing is preferred by a lot of people because it is quick and easy to put into place. While some solutions are easier than others to integrate or implement, the traditional offshoring method is generally more affordable for smaller businesses. On the other hand, a captive model may offer a more long-term solution to cost improvements even if it isn’t the speediest process.

3. Ease of Exit

Shutting down a full captive centre can take a lot of time and effort, and leave a company holding more assets than they may be able to manage. On the other hand, shutting down a standard outsourcing relationship is typically just a matter of terminating the contract, leaving no “hard assets” behind and letting companies move forward onto the next solution.

The Bottom Line

The biggest consideration in choosing between captive centres and traditional outsourcing is the size of your business. Traditional outsourcing is effective in many operations but those companies that are large enough to need their own offshore captive centres may find that the cost benefits and other perks outweigh leaving the work to someone else. Talk to a professional BPO consultant to find the best solutions for your company’s outsourcing needs.

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As a law firm, legal outsourcing can be a great way to handle your business’s legal administration with a variety of support services available. Outsourcing functions can include conveyancing, litigation support, case law research and much more. By outsourcing, you are enabling your internal resources to focus on growing your business, whilst outsourcing can assist with day-to-day management of legal services. Of course, there are some services that are better than others, so you’ll have to do your homework to make sure that you’re working with the best. Here’s what you need to know.

Get to Know Providers

You should take the time to review a few options and then create a shortlist of companies that you want to know more about. Then, you should go through their profile completely to determine if they offer services that suit your needs. Check their reputation and see if there are any testimonials available that will allow you to see what others have experienced.

The best way to find out what an outsourcer will actually provide is to ask. There is no reason to assume because the provider should be more than happy to answer all of your questions and explain what they can and can’t do in regard to your specific legal needs.

Case Studies and Samples

Again, much like testimonials, legal case studies and samples will help you make an objective decision about legal outsourcing. Most providers will again be more than willing to provide you with sample work from previous cases or case studies that they have done. This evidence can help you decide whether they’re the right fit for your legal needs or not.

Find Out the Terms of Contract

With some outsourcing firms, once you’re tied into a contract, you are basically stuck there for an extended period of time. That’s why it’s important to check out flexible services and ask about the contract engagement terms. Companies that want your business should be willing to do whatever it takes to provide you with peace of mind.

Other Important Factors

Along with the items listed above, there are a few more things that you’ll want to check out before you choose your legal outsourcing solution. Find out whether the service has actual lawyers and/or a paralegal available. A paralegal helps with research, document management, case preparation, assistance in legal proceedings, and coordinating cases. This can be invaluable to have as it will save you the trouble.

Other things to consider include:

• Confidentiality and Security: Security is critical for a law firm and when legal matters are involved. You should ensure that the company has data security measures in place and is working hard to protect your privacy and that of your clients.
• Track Record: Through customer testimonials and any historical information the company provides, you should be able to get an idea of their track record as an outsourcing firm. That will help you decide whether they are the best fit and see which firms will provide the best result and outcome.
• Service: Customer service is critical in almost every business. Today, it is more invaluable than ever. Look for a company with a strong customer service background and plenty of ways to get in touch. They should communicate regularly and keep you updated on the various daily tasks.

Since you’re comparing outsourcing to hiring local talent, you obviously will want to make sure that the cost is lower. After all, you wouldn’t rely on legal outsourcing when you can hire someone cheaper in your local area. If you’re ready to learn more about outsourcing legal services, contact the team at Valenta to learn how we can help.

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Large companies and corporations around the world are always looking to outsource and find more efficient ways to do business. If you are looking to get involved in starting a new business or franchise, you should really consider outsourcing. There are a number of opportunities and types of services that you can provide, including everything from business process improvements to outsourced accounting and CPA services. All that you have to do is take the time to explore your options and figure out exactly what’s going to be best for you.

Over the past 30 years, outsourcing has become an integral tool for business management with nearly 54% of today’s companies utilising third-party support services for customer contact. In 2018, global outsourcing revenue was over $85 billion and more than 93% of companies are either considering or have already adopted some type of cloud services to improve outsourcing opportunities. Also:

• Financial services outsourcing is worth more than $130 billion
• $75.1 billion was spent on customer experience outsourcing in 2018
• In small business, IT and accounting are the most commonly outsourced services
• As many as 24% of small businesses outsource for the sake of efficiency

The numbers don’t lie. Outsourcing is not just a fad. It’s here to stay, and it’s your turn to cash in on the benefits.

Why an Outsourcing Business

In order to set up your perfect outsourcing operation, you have to cater to your own skills and abilities. There are some business processes and tasks that are almost always outsourced because it’s easier and cheaper to have someone else do the work. This provides you with an opportunity to capitalise on business needs. Popular outsourcing services include:

• Digital transformation
• Bookkeeping – for Businesses
• Bookkeeping – for CPAs
• Paraplanning and legal services – for Lawyers
• Managed IT services
• Digital marketing
• Accounting
• Healthcare Administration – for GPs and Hospitals

This is just a glimpse of what can be outsourced, and what’s popular right now in the industry of outsourcing. The great thing about outsourcing is that you can adopt almost any service offering, meaning no matter what your background there is certainly almost something to suit the vertical that you are a specialist within. Take the time to review your options and make sure that you work with a franchise or outsourcing provider that can give you the best chances of success in your new business.

The Benefits of Digital Franchising

Investing in a franchise is nothing new in the business world. A physical franchise usually has a lot of up-front costs and expenses, as well as things like locating a business space to set up shop and getting all of the necessary licenses and operating permits. This can get quite expensive. When you choose to go with a digital franchise instead, you can cut down on the initial costs and the overheads involved, saving yourself a lot of money in the meantime.

Often, you can get started just by paying the franchise fee. Setting up a Facebook and LinkedIn page and utilising online marketing tools is cheap (if not free, depending on the resources that you use). Setting up shop digitally is also much quicker and easier than building a physical business operation. When you choose the right franchise, you’ll have a strong brand backing you and enjoy more success than you might trying to start a business on your own.

In Summary

Your opportunities in the outsourcing industry are vast. There are a number of ways that you can set up digital operations to assist people with things like digital marketing, bookkeeping, and other services that are generally cheaper to outsource than to perform in-house. Just remember to take the time to consider your options and choose the solution that suits your skills and business savvy. That way, you’ll be on the right track to success from the start.

To learn more about how you can get into the outsourcing industry with a new business or franchise, contact Valenta today. Our team provides an array of outsourcing and franchising solutions, and can help you turn your opportunity into action.

The post The Outsourcing Industry: Your Opportunity appeared first on ValentaBPO NZ.

CPA firms have plenty of things on their plate already. The top things that companies look for when they turn to outsourcing include:

• Bookkeeping Services
• Tax Preparation

Outsourcing can save a small fortune on processes and financial services. In fact, outsourcing tax prep can save as much as 50-60% of the costs for a CPA firm. Plus, they can guarantee that deadlines are met and tax law compliance has been followed to the letter of the law.

The Benefits of Outsourcing

When you outsource any of your accounting or bookkeeping, there are a number of benefits to be had. Really, you can outsource any kind of service, task, or job that you don’t feel like taking on yourself, or that you think will be cheaper to let someone else handle. Here are some of the biggest perks to consider when you’re looking into whether outsourcing is right for you.

1. Delegation: When you outsource, you’re able to delegate tasks to other people so that you can focus on what needs your attention most. They will take care of the work that needs done and, in the meantime, you can carry on with running your business.
2. Increased Capacity and Profits: When you outsource services, you now have more capacity to provide services and solutions to your clients. This means that your business is more productive and can put more cost savings towards the bottom line.
3. Specialisation: In some cases, such as bookkeeping for CPAs in specialty industries, having the right person on the job is crucial. When you outsource, you can hire very specific talent that is professional, experienced, and can provide the high-quality results your business demands.
4. Faster Delivery: Again, you are a busy firm. You have a lot on your plate. Taking care of your own accounting and bookkeeping is just going to add more to the pile. When you outsource, you win in two ways. Firstly, the company focuses exclusively on one specific service. Secondly, you can send off work to your outsourced team and get back to what you were doing, and often get the finished projects back sooner than you’d be able to complete them on your own.
5. More Opportunities: Your business is limited by what it offers. When you choose to outsource, you can provide a wider range of resources, handle larger workloads, and take on more clients and customers.
6. Predictable Expenses and Reduced Costs: When you aren’t using your own team, you are reducing your overhead expenses and the cost of using your own resources. You’ll also be able to budget operational costs better because you know exactly what the outsourcing service costs. This allows you to plan better and take the profits to reinvest them for the growth of the firm.

The Bottom Line

Ultimately, if there is a task that you just don’t have the time or knowledge to handle, you can probably outsource it to someone. Outsourcing accounting and bookkeeping for CPAs is a great way to get back some of your own time and focus your efforts where they are needed. Plus, you’ll trust that all of your accounting is on point because it’s been handled by a team that only provides a single service.

If you’re considering any kind of accounting outsourcing, Contact Valenta to see how our team can help. We have a variety of outsourcing options and other business solutions to help your brand grow and thrive.

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What is Digital Transformation?

Put simply, digital transformation refers to the process of utilising various technologies and digital tools to modify existing customer experiences, business processes, and culture, or to create new processes to improve the customer experience overall. According to the numbers, more than $2 trillion will be spent on digital transformation technology by 2021, and many believe that the investment in digital technology and tools will be the main source of their revenue.

The Process

Businesses that are looking into a digital transformation process can better understand how it works by breaking the process down into parts.

• Identifying inefficient processes and legacy systems and rethinking their methods and digitisation efforts.
• Collaborating among teams to enhance innovation.
• Experimenting with various technologies, AI, social media, analytics and data, and machine learning tools and programs to find the best solutions.
• Increasing business agility to improve customer engagement and satisfaction.

These are the basic building blocks of digital transformation. They will help you create a solid strategy that will be effective for your business. A successful effort will result in a number of technology innovations that improve things across the board.

It’s not just about implementing new technology, though. This process can involve all kinds of improvements and upgrades, including things like:

• Designing a new business model
• Making changes in leadership
• Digitising business assets

Ultimately, anything that you do to improve the experience of stakeholders, customers, partners, employees, and other vested parties can be considered part of the digital transformation process.

The Value of Transformation and Disruption

Customers have different expectations than they have in the past. As such, companies need to take advantage of processes like disrupting and transforming their operations to maximise the benefits and cater to the needs of today’s customers. If services or processes are too complicated or just outdated, it’s going to impact operations, customer satisfaction, and your bottom line. Welcome change because, in the digital age, you really have no choice.

With a digital transformation strategy in place, businesses will be able to rethink their everyday processes and operations to come up with better digital solutions for their customers. It’s a matter of figuring out where to use new technology, how to restructure the business model, and other ways to maximise the value of your services and the benefits of digital transformation for the business as a whole.

Where to Start

Businesses can utilise their analytics and data to examine current processes and operations, find things that are lagging, and identify problems that need to be resolved for the long-term. Disruption can seem daunting, but implementing new technology is crucial to create a more resourceful approach and improve things for both the business and the customers alike.

Wrapping Up

In business, it’s important to keep up with the changing markets and customer experience. Ask yourself what digital transformation looks like for your organisation, or what it should look like. Then, you will be able to identify measurable goals and KPIs, from which you can create and implement a transformation program that will deliver results in all areas.

If you’re ready to get started on your digital transformation journey, contact the experienced team at Valenta. We have all of the resources that you need for a successful digital transformation. Contact us today to learn more and let us help your organisation flourish.

The post What is Digital Transformation and The Benefits? appeared first on ValentaBPO NZ.

Experience and Background

Jeremy has had huge success in the defence of many national banks and consumer finance corporations in legal matters relating to regulatory and compliance issues. He has also assisted in mitigating risks for a number of organisations across the country. he has a full background in and understanding of government regulations and regulatory compliance.

Having a strong corporate background, Jeremy has been able to adopt a Valenta franchise with ease, applying his acumen for business, customer service and relationship management.

Jeremy’s Role at Valenta

Today, Jeremy puts his expertise and skills to work helping businesses identify areas of improvement and boost their efficiency by outsourcing non-critical operations and tasks. Delegating business processes helps companies streamline, save money, and focus on where they need to be, rather than focusing on tedious things like bookkeeping and accounting, digital marketing, and other commonly outsourced tasks and services.

Q: So why Valenta?

A: According to Jeremy, “After a long search for a new role within the law, I began to think outside of the box to give myself a fresh start. The top reasons I chose Valenta were (1) the upfront nature of the conversations about the business in terms of what Valenta was, what if offered and how I could fit with my legal background. All without a hard sell, just a willingness to give information and answer any questions I had; (2) I was drawn to Valenta because it offered services rather than food & beverages or products. I liked that while having no sales background and after years of working behind the scenes within the law, I would be able to take charge and sell not only Valenta and its services but myself. I liked that I would interact with professionals and provide them with solutions; (3) I liked the support that Valenta, specifically Jayesh and Chetan and the team in India that I met, give. I was drawn by Valenta being upfront about expectations to have, both realistic and in a perfect world. I like that they provided realistic benchmarks even before signing on and were upfront about any headwinds or issues that I may face. Jayesh and the team allowed me to make a very informed decision about whether I wanted to come aboard. I really like how everything was laid out to me.”

Q: What is your favourite feature or part of being a Valenta franchisee? Why?

A: Jeremy explains that “Coming from the law, working 60, 70, 80+ hours and then taking vacations but still working, I like the autonomy that I get with Valenta and being my own franchisee. By being my own boss, I am responsible for myself and answerable to me. I like the autonomy but also the fact that there will be benefits and fruits to bare going forward that will all be a result of the work I put in now and going forward. This wasn’t necessarily the case for me in my prior roles. I like that I can see and receive tangible results and benefits as a direct result of the efforts I put in.”

What’s Your Story?

Now that you’ve heard Jeremy’s story, what are you waiting for? With outsourcing franchise opportunities, you can get involved in new business and create a story of your own. Valenta has operations in a number of countries and continents around the world and offers a franchise program that allows owners to work on generating new business to use the various services provided by the organisation.

While you’re building a business, Valenta will take care of providing outsourcing services to the clients that you collect along the way, giving you a true partnership in franchising. All you have to do is find the clients and Valenta will take care of their outsourcing needs.

Valenta handles all the operations of their franchises, and offers a globally proven business model with low start-up costs. If you have been looking for your franchise opportunity, but aren’t able to independently setup your own operation, this may be a good fit. Get to know more about the company and what they can offer so that you can start writing your own story in the realm of outsourcing and business process consulting.

As Jeremy Kim puts it, Valenta’s customised solutions for process improvements, marketing, and outsourcing enable organisational efficiency and business growth on many levels, so if you take on a franchise, you can guarantee that you will have a variety of ways to succeed. Call us today to get started or learn more.

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The Value of Automation: An Example

For the sake of better explaining the value of automation, we’ll use an example of a HR team. Recruiters are generally fairly overwhelmed by all of the tasks involved in the hiring process. After all, there are a lot of tedious steps involved, and many of them could be automated to help increase efficiency:

• Automated applications and online submissions
• Screening and pre-employment testing that can be done digitally
• Automated interview scheduling and reminder programs
• Applicant follow-up

Of course, you’re not going to completely remove the personal touch from the process. At some point, the HR team will be required to make phone calls and have face-to-face interviews with potential employees. However, in the meantime, they can focus their efforts where they are needed while the hiring process mostly takes care of itself.

Features of Automation

Automation solutions provide a number of features and tools that any business can use to get more out of their day-to-day operations. Here’s what most standard automation platforms offer:

• Workflow Management: This is the most crucial part of the optimisation process when it comes to automation. You will be able to set up schedules and tasks based on rules that you input for the system to follow. For example, you can have email notifications sent every time a certain task occurs. This reduces the manual workload and offers a more efficient workflow management process.
• Assignment Rules: You can make rules for assigning sales leads and tasks for your employees, automating the process of lead generation and conversion. This will improve efficiency, but it will also eliminate the debate of who is supposed to be doing what.
• Schedules: You can use schedule automation to notify contacts of new products or services, share upcoming events, alert sales reps to customer interest, and streamline other tasks and daily processes. Automation scheduling tools are invaluable to modern business operations.
• Actions: The ability to configure actions that can occur automatically will again reduce the manual workload for everyone involved. Organisations can decide to create actions that are immediate or that are scheduled based on specific criteria.
• Scoring and Case Escalation Rules: The ability to set rules for scoring leads and escalating tickets will allow you to save time on leads that won’t come through and ensure that all cases/tickets are handled promptly and effectively.

Automation Tips and Reminders

In order to make the most of business automation and boost your efficiency, here are some quick tips to help you develop your strategies:

• Build agile programs and processes
• Choose an effective automation tool or team to assist with the transformation
• Ask employees which automation strategies or elements are going to have the biggest impact or offer the most assistance. Your people know what they need.
• Integrate data and utilise data management platforms for easy analysis of your business data.
• If you’re not sure about going it alone, consider investing in a professional company that can assist with business process automation and other digital improvements.

At Valenta, we have a team of experts that are well-versed in business automation and improving processes for the benefit of the bottom line. Contact us today to discuss how we can help increase your business efficiency and give you the tools to grow your brand through automation.

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