Hyperautomation has been steadily gaining popularity in today’s business world. This is because many companies have started prioritizing increased ROI above all else. As per Gartner’s top 10 strategic technology trends for 2020, Hyperautomation is one of the most trending technologies. Such solutions can help enterprises and companies ensure safety, effectiveness, better productivity, and also high profitability.
Evolving technology has enabled automation to take a central role in today’s business world. The integration of automation with intelligence, resulting in hyperautomation is predicted to have substantial consequences on how businesses will function in the future. According to Coherent Market Insights, the international hyperautomation market is expected to develop at a CAGR of 18.9 % during 2020-27 with widespread digitalization of outdated manufacturing plants being the key contributor to the numbers.
So now let’s discuss about the possibilities of hyperautomation and how to implement it in your business in the below sections –
Ever-evolving technologies such as Data & Analytics, AI, Big Data Analytics, Artiﬁcial Neural Networks, Deep Learning-powered Image Recognition, Statistical ML, and Natural Language Processing are combined with automation technologies to assist enterprises in performing various tasks. Essentially, hyper automation is a combination of automation tools to increase AI decision making. These technologies are empowering the delivery of tasks with effectiveness, proficiency, and exactness, which results in greater ROI and enhanced customer engagement and experience. This process of combining various automation efforts under a single umbrella is called hyperautomation.
For example; we developed a computer vision based signature forgery detection system for a prominent bank in Indonesia. Using computer vision, the solution is able to learn textual patterns in scanned images or in actual document visuals. This hyperautomation solution was able to reduced the cheque signature verification time by 70%.
Case Study : Bank Process Automation
Hyperautomation helps companies to amplify their digital journey. It also lays down a strong foundation for the production of crucial innovations and enhancements in business growth. The ability to boost the effectiveness of employee engagement, customer experience, and the requirement for expanding operations and services are some of the most prominent drivers of hyperautomation.
The basic idea of hyperautomation is to include numerous technologies like Robotic Process Automation (RPA), Intelligent Business Management software, Artificial Intelligence, and other cutting-edge tools, with the prime aim of improved AI-powered decision making. It can be considered as a level above RPA, further substituting the involvement of humans in both physical and digital tasks. Hyperautomation mostly results in the making of a digital twin of an enterprise/organization (DTO), letting them envisage its functions, procedures and key performance indicators to drive value.
Hyperautomation can help companies in the following ways:
Connected with the power of the hyperautomation solutions, workforces are capable of automating the various processes within their role and getting more done, quicker, with the accessible and available resources. This reduces the amount of manual tasks and allows human resources to concentrate on impactful tasks like preparing and planning strategies.
With automation no longer dependent completely on IT skills, an enterprise user has the potential and ability to become an automation thinker, influencer, and leader. A highly skilled workforce base can always attain better ROI and subsequently boost their business growth.
Hyperautomation helps dissimilar data systems of a company or organization communicate flawlessly with the power of integrations.
With countless automation technologies working meticulously together, an enterprise can move past the unique benefits of a single technology to a state of true digital liveliness and flexibility at scale.
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The benefits of hyper-automation will let employees of every company stay relevant with the up-to-date business and marketplace statistics so that they can fulfill their roles in the most favorable way.
The benefits that hyperautomation delivers to your business include:
RPA can help your business automate repetitive processes. This can help boost productivity to a large extent. On the other hand, hyperautomation allows you to achieve much more. It combines various elements, tools and technologies to enhance the extent of automation you can apply to your enterprise. This allows you to boost operational efficiency. It also allows you to automate a large number of processes and minimize manual effort. This means that your human resources can participate in more critical, innovative work.
Hyperautomation can connect various departments in your workspace. Such tools can help in connecting data, processes, and operations from various areas. The combination of RPA, intelligent tools, and software robots with users across all organizational core processes makes it easier for users to collaborate.
With hyperautomation, you can provide your human resources with a more specialized tool-set that incorporates cutting-edge technologies and brings in a greater degree of automation. This empowers them to do more, for much less. Hyperautomation eradicates bottlenecks across the chain of operations, optimizes processes, and reduces the number of time-consuming manual tasks. This ensures that your employees are more productive, driven, and motivated to take on more work.
Businesses often fail to understand where the inefficiencies lie, what needs to be improved, and constantly optimize their processes for better returns. But to do so, business leaders need deep insights from their data that’s only possible by setting up advanced analytics capabilities. Hyperautomation can transform enterprises by helping them unleash the potential of data and help them derive insights that allow them to not only understand current business trends but also make predictions on future outcomes to make course corrections and refinements accordingly.
Hyperautomation promotes limitless scalability in your business. By combining various intelligent automation tools, you can make it easier for your business to quickly adapt to the changing dynamics, uncover new opportunities, and evolve as required.
Hyperautomation can enhance the quality of work by using cutting-edge technologies to smoothen manual work and ensure employee satisfaction. It also enables everyone to contribute to digital transformation, right from program developers to business analysts. This considerably improves workforce engagement and builds a more collaborative environment.
Hyperautomation was introduced with the prime aim of integrating software and processes, allowing seamless interaction between data storage and on-premise infrastructure. With multi-cloud/hybrid cloud becoming more popular, integration of systems is considered a crucial part of the transformation. This allows various systems to communicate with ease, thereby ensuring that all core systems are able to access data from the same centralized storage. Further, the addition of AI and machine learning in hyperautomation allows the creation of “digital twins” which are essentially virtual models of physical assets or processes.
Hyperautomation can help businesses improve ROI considerably. For instance, consider the automation of invoice processing. Instead of getting a bot to read and extract information, hyperautomation takes it a step further and automates the end-to-end multi-layered processes involved in invoice processing, which translates into better outcomes and delivers successful returns.
Hyperautomation is comparatively new, while the idea of intelligent automation has been everywhere for a while now. With its phenomenal development and adoption, the growth of hyperautomation and market insights is exciting and very promising. If you would like more information on how to implement hyperautomation, contact us today.