Exela Technologies (XELA) Stock Continues Skyward

Exela Technologies Inc (NASDAQ: XELA) is heading up in the market this morning, following up on the recent gains we’ve seen. The gains have to do with a new product offering surrounding AI-enabled robotic process automation. 

Here’s what’s happening:

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XELA Announces Product Expansion

In the press release, Exela Technologies said it expanded its offering of AI-enabled automation in the business process automation (BPA) space with Intelligent Document Processing (IDP) combined with its robotic process automation platform known as EON. 

XELA went on to say that the automation solution is deployed in the healthcare and public sector and further cements it as one of the leaders in the industry. 

Importantly, IDP enables the automation of document classification, data extraction, and data routing into a cloud or on-premise hosting service portal that provides a containerized, dynamically scaling solution that can be accessed from anywhere in the world on-demand. 

Through the use of the IDP system, the company said that it has begun leveraging an extensive and growing library of machine learning based classifiers that significantly augment the automation of document processing in the healthcare and public sector and has plans to ramp up projects in the finance and legal sectors soon. 

Exela Technologies went on to explain that the solution includes a modernized data entry solution that delivers rule-based, character-level data correction capabilities that dramatically reduces the keystrokes needed to meet customer service targets. 

Moreover, EON can automate simple or complex workflows to achieve efficiency and accuracy gains, as well as free up human capital for higher-value uses, providing automation for both attended and unattended deployments. 

Management Commentary

In a statement, Suresh Yannamani, President at XELA, had the following to offer:

Exela continues to iterate and advance solutions to meet our customers’ changing needs. The latest IDP and EON combination embraces the evolving work from anywhere environment that customers and their employees are embracing.

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Final Thoughts

All told, this is great news for Exela and its investors. The new product offers technology that will streamline business processes and is unavailable elsewhere, offering an opportunity for significant revenue growth. All in all XELA stock is one to watch closely. 

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