The power of hyperautomation: Digitally transforming industries globally

Initially, hyperautomation was more of a dictum; however, several businesses have now begun to understand the actual benefits of this concept over the past few years. To put this in layman’s terms, hyperautomation is a combination of various automation technologies like artificial intelligence, RPA, ML. When combined and integrated with source systems, helps to expedite the business’s processes more efficiently and effectively minimizing errors, saving time and duplicity of work.

The next level of automation

Unlike automation, hyperautomation is an amalgamation of advanced technologies that push businesses to automate their end-to-end operations and augmented humans. According to a report by Gartner, hyperautomation constitutes the broadest range of technologies and tools that can be automated but also refers to the sophistication of the automation (i.e., discover, analyze, design, automate, measure, monitor, reassess)

This primarily results in forming a digital twin of the firm, enabling a 360-degree view of operations, processes, and key performance indicators networking to drive value and provide real-time & continuous intelligence. It includes eliminating legacy systems and integration issues, human errors thatcan often be expensive, leading to time inefficiencies due to manual reporting, cause absenteeism of structured automation, increasing operational costs, and much more.

Hyperautomation is transforming industries globally

Hyperautomation helps accelerate complex business processes to a great extent and supports various industries to benefit with the help of this innovative technology. Organizations can capitalize on profits only when it holds significance to their domain. Here is a list of industries and domains ready to make the most of hyperautomation.

Finance

The finance workforce spends most of their time performing manual and repetitive tasks with slowcoach systems leading to expensive manual errors. For example, the tax teams indulge in an extensive and exhaustive process of creating and updating reports. Hyperautomation and data analytics can help digitize the tax functions and interpret taxation trends, extract meaningful data, and predict future collections. It gets easier to perform tasks such as data collation, alterations, sorting, processing, and e-filing, computations, filing refund claims, and so much more.

Apart from these operations, banks and insurance firms envisage a greater potential with hyperautomation in other back-office operations, application screening, regulatory reporting, payment operations, identifying fraudulent activities, and much more with the power of AI, machine learning along with advanced analytics.

Healthcare

Covid-19 has brought about major noticeable changes to how healthcare services are functioning. The pandemic has transformed the healthcare system to a large extent, and therefore, healthcare providers are getting more inclined towards adopting fast and efficient solutions to streamline the following mundane activities:

• Back-office operations for optimized operational efficiencies.
• Billing operations to collect and consolidate bill details from each department without any manual intrusion.
• Insurance and claims settlements using AI and RPA.
• Medical transcription to convert speech requests into the text

Business Processing Outsourcing - BPO

Apart from healthcare and finance, hyperautomation will also open new avenues and opportunities in BPO. It specializes in handling customer queries on diverse subjects through emails, calls, messages, social media, and other channels. Plagued with human intervention challenges, hyperautomation can be advantageous in the following ways:

• Employees retrieve and upload customer-related details into multiple systems, diverting them from customer problems and wasting their time in repetitive tasks.
• To further improve the quality of interactions and offer custom services to the customers, AI can examine people, their needs, and behavior to achieve critical operations such as claim settlements, reducing problem resolution.
• Advanced analytics technologies can help build improved customer relationships, reduce attrition rates, and enhance customer retention.

Logistics and Supply Chain

Multiple MNCs claim that COVID-19 poses the most significant risk to their supply chains. Hyperautomation has the potential to be a powerful trend extenuating such risks in the supply chain and transforming unanticipated as mentioned below:

• AI, Machine learning, and RPA can enhance the visibility of systems involved and allow businesses to make real-time data-driven decisions.
• These unceasing learning systems fetch the details from the supply chain processes and update the automated systems round the clock. Thereby, building and deploying brand new process models and strategies takes less time to strengthen process management.
• Automating labor-intensive data entry, generating status alerts, performing system-to-system audit operations, optimizing transportation, and warehouse management systems can be other operations.

Retail

RPA has done wonders in the retail sector by improving productivity, fulfilling customer expectations, delivering precise outcomes, cutting costs, and ultimately boosting revenue. Retail is now prepared to move one step closer towards hyperautomation by optimizing order management, payment operations, transport management, warehousing, and inventory monitoring, risk mitigation, and data monitoring.

Pricing analytics is another dire area. For example, tracking the competitiveness of the sites and reporting fluctuation in the market prices daily becomes easier when the right technologies are put to action. This ultimately helps in analyzing the customer behavior and hence, enables marketers to improve their decision-making process.

Apart from the industries mentioned, domains such as human resources, construction, automobile, etc., are likely to be disrupted. As businesses seek to reinvent their strategies through the challenges caused by the COVID-19 pandemic, tightening the technology supply chain is a win-win situation for all parties involved.

Hyperautomation is a means for fundamental digital transformation as it works in harmony with a range of tools like Robotic Process Automation (RPA), machine learning (ML), and artificial intelligence (AI), to automate complex business processes even in places and industries where subject matter experts were once needed to intervene.

Hyperautomation is a boon that will continue to positively impact businesses to a great extent. By understanding these areas of impact, leaders can better prioritize decisions around digital transformation and increase their efforts to attain maximum benefits. There is no doubt that the pandemic has increased digital demands, and technology leaders are forced to move their roadmap forward towards robotic process automation (RPA) and hyper-automation. Businesses should conduct proper research to find the right RPA service provider which can offer them suitable implementation solutions as per their business processes across multiple functions. Undoubtedly, hyperautomation is the future of digitisation and will transform businesses across industries, thereby moving the country towards becoming truly digital.

By Niraj Hutheesing, founder and managing director, Cygnet Infotech