In 2020, we have noticed the adoption of automation across various industrial verticals. Tools and technologies like RPA and AI have made intelligent automation a reality, where bots are now able to carry out their tasks with ease without any hardcoding.
In early 2020 technological trends, Gartner list’s Hyperautomation on the number one spot. After that, Hyperautomation has become the talk of the town, hence, it will significantly disrupt the industry bringing a lot of opportunities on the technology stack in the next 5-10 years. Hyperautomation is a step ahead of automation. Let us find out what exactly is Hyperautomation.
What is Hyperautomation?
According to Gartner, Hyperautomation is the utilization or the combination of several advanced technological tools like Robotic Process Automation (RPA), Artificial Intelligence (AI), and Intelligent Business Management Software (iBPS) implementing tools and technologies that enhance the ability to automate work. The aim is to increasingly automate business processes so that better-educated and agile organizations can leverage data and insights to enhance and optimize decision-making, process, reduce cost & time, focus on more critical tasks and avoid human errors.
When we think of automation, RPA comes in our mind. However, Hyperautomation is an ecosystem of high-tech tools (RPA, AI, NLP, Analytics, iBPS etc.) that blends it to create a modern way of doing business. Hyperautomation also refers to the steps, of automation (i.e., discover, analyze, design, automate, measure, monitor, reassess.)
Automation vs. hyperautomation
The difference between automation and hyperautomation is often unclear. Automation refers to the achievement of a repetitive task without manual intervention. It typically occurs on a smaller scale, creating solutions designed to address individual tasks. In contrast, hyperautomation refers to the use of multiple automation tools that enable intelligent automation, including machine learning and robotic process automation to scale automation initiatives.
Benefits of Hyperautomation
With automation, we have done a lot of things much faster, easier, and with good accuracy. But with Hyperautomation we can unlock much more potential, leveraging advanced technologies that can carry out more tasks, in a better way.
Let us discuss some of the beneficial effects Hyperautomation can bring and how it will become increasingly important in a complex and continuously changing market environment.
- In a business environment, Hyperautomation will build a much superior and intelligent workforce that can handle various tasks, from simple to complex.
- It will also allow in offloading the repetitive, physically intense, and time-consuming tasks, so humans can focus more on key strategies. Automation is not here to take our jobs, but it will create more than 2Million jobs in 2020 says, Gartner.
- Analytics alone will yield excellent results in a corporate ecosystem that unravels key insights and valuable knowledge from raw data to drive the company’s development but leveraging Hyperautomation it will manifold the capabilities. With the help of AI, RPA & Analytics business can tap into influential data from different sources and that will help enterprises gain a better picture of current performance.
- Hyperautomation not only replicate the tasks with Robotic Process Automation (RPA) but it encourages humans to work along with the technology. That can include developers, engineers to business consultants, and analysts who can be programmed and be a part of this transition. That will also boost employee satisfaction and motivate them to achieve more
- Enable people and bots to leverage automation from basic to more complex level and end-to-end business processes. It will reduce the risk of working under hazardous conditions, sites like performing maintenance, fire breakout, chemical leaks, etc.
- Manage the entire automation loop on a wide scale, from automation to ROI calculation with the help of advanced analytics. Through using advanced analytics, companies can measure the performance of an investment based on automated processes and save a lot of money on daily basis.
Businesses should see Hyperautomation as an inevitable change. According to Gartner, “Hyperautomation is an unavoidable market state in which organizations must rapidly identify and automate all possible business processes.”
Companies that have already invested in robotics will certainly realize the value of robotic operation and task optimization. However, for the businesses who are yet to experience the power of Hyperautomation it might be useful to them and to think about automation and save time consuming and exhaustive tasks and give faster results.
By leveraging Hyperautomation, enterprises reap the benefits of enhanced performance, product quality, greater compliance, valuable insights with advanced analytics, and automated processes.
Getting started with hyperautomation
Several steps and components can help organizations navigate their hyperautomation journey. These steps are as follows:
1. Gather insights on the processes, workflows, and environment. Use process mining to research how existing processes operate, where gaps, latency and bottlenecks exist, and identify opportunities for digital process automation. To generate a clear view of existing processes, some organizations will create a duplicate model of a process, also known as a digital twin. A digital twin uses technology to duplicate an ecosystem to better visualize processes, inputs, and outcomes, identify areas for improvement, and create efficiencies.
2. Identify the structured and unstructured data and other inputs that will be needed to accomplish the processes.
3. Predict outcomes in terms of efficiencies and return on investment (ROI).
4. Determine the automation platform and automation technologies that best serve your needs, possibly leveraging tools and algorithms that already exist. This may include using RPA, optical character recognition (OCR), AI, and machine learning with other strategic technology tools to design purpose-built bots that will perform the automated tasks.
5. Automate complex business and technology processes and tasks, often even automating the automated to gain greater efficiencies or further cost reductions.
6. Use AI tools to achieve the identified tasks, including technologies such as cognitive learning, OCR, and natural language processing (NLP). Low-code or no-code technologies, which use a graphical user interface for configuration, are incorporated to simplify the automation process, requiring less technical expertise and faster deployment.
challenges of hyperautomation
Hyperautomation transforms businesses by streamlining business processes by eliminating repetitive tasks and automating manual ones. This has a number of key benefits. It allows organizations to complete tasks with consistency, accuracy, and speed. This, in turn, reduces costs, and generally improves the customer experience.
Any new approach to business processes or infrastructure is bound to present challenges, and hyperautomation is no exception. Many companies do not feel ready to tackle automation efforts due to raw or poor-quality data and lack of resources with technical skills to address it. Retraining programs are available which can help organizations address these needs and develop an approach that is well-suited to accomplish their goals.
Other challenges include choosing from the ever-growing and evolving marketplace of products. The decision regarding which products organizations should make available to their clients can be daunting. Given this flooded marketplace, the market expects a series of mergers and acquisitions to narrow redundancies across product offerings, helping clients evaluate potential vendors more effectively.
Hyperautomation use cases
Hyperautomation in healthcare
The healthcare industry can benefit from hyperautomation, providing a better patient experience, stronger bottom line, and more accurate data. Hyperautomation is used to automate billing cycles, customer communication and collection. It can also address patient record management, collecting and collating data, and providing useful output for more accurate treatment plans.
Hyperautomation is also often used to ensure compliance with regulations, which is critical to the viability and success of any healthcare organization. It can also be used to manage drug inventory and procurement, and schedule staff and other resources. The uses for hyperautomation in the healthcare industry are endless, and the benefits can provide improvements for the organization, partners, and patients.
The pandemic has greatly affected the ability to receive materials in a timely fashion, and low staffing levels have resulted in process delay, creating logistical challenge at best.
Using RPA, inventory stock checks can occur 24×7, ensuring that a current view of inventory levels and product availability is accessible at all times. In addition to inventory checks, RPA can be used for procurement, pricing, billing, quote request, follow-up and data input, and system maintenance and repair. Removing the dependency on manual intervention for repetitive processes, hyperautomation can increase speed, efficiency and accuracy.
Banking and finance
Banking and finance industries are under constant pressure to reduce costs, improve efficiencies, and provide a more available and more personal customer experience.
Hyperautomation can provide staff members with higher data quality so they can more effectively use business process management (BPM) to provide customers with information that enables them to make more informed decisions. Hyperautomation also provides the back-end efficiencies that support 24×7 availability of online banking and finance applications, and the regulations and reporting that it requires. Both banking and finance industries involve large volumes of data, which can be cumbersome to manage. Hyperautomation streamlines the tasks involved, making the processes quicker, more consistent, and less prone to error. Some more specific examples from Gartner include:
- Airbus SE used AI-based hyperautomation to read expense receipts and match them against accepted vendors and expenses to spot anomalies and learn over time. This decreased the average time between submission and approval of an expense report from a couple weeks to a few days, and reduced reviewers’ workloads by more than half.
- Equinix, Inc. uses computer vision technology to automate accounts payable processes. The team uses AI-based optical character recognition technology to extract data from PDF-based vendor invoices, leaving the team to handle only exceptions and data extractions with low statistical confidence. This frees up over 14,000 hours per year for the finance team, increasing its focus on higher-value tasks.
Both the banking and finance industries are also subject to many regulations and compliance requirements. Hyperautomation has transformed many of their core processes, which enables them to meet these requirements with greater efficiency and at a lower cost.
The retail industry is ripe with opportunities for automation. E-commerce has a stronghold on order processing with more people than ever ordering online and utilizing loyalty programs. AI-assisted hyperautomation can streamline front-end processes such as targeted marketing through ad placement in social media and targeted email marketing, loyalty recognition online, facial recognition when a customer enters a store, and more.
Hyperautomation can reduce costs and improve the efficiency and accuracy of back-end retail processes affecting procurement, billing, supplier management, inventory, and transportation.
In addition, hyperautomation has been used to track and analyze criteria in the marketplace such as competitive pricing and customer feedback, enabling faster, more accurate decision-making which drives revenue and profitability.
Originally posted 2022-10-26 22:06:42.