Hyperautomation as the New Enabler of Digital Transformation
Sep 17, 2021
Hyperautomation is an approach that enables organisations to rapidly identify and automate business processes using a combination of complementary technologies including Robotic Process Automation (RPA), Artificial Intelligence (AI), Machine Learning (ML) and advanced analytics. Gartner forecasts that the market for technology that enables end-to-end automation will reach USD$600 billion by 2022, up by 24% from USD$482 billion in 2020.i
Gartner expects that by 2024, organisations will lower operational costs by 30% by combining hyperautomation technologies with redesigned operational processes. Expanding the value proposition beyond productivity and efficiency, hyperautomation serves as the key enabler of business agility, operational excellence and digital transformation.
How Hyperautomation can Transform Processes across Industries
Communications and High-Tech
Hyperautomation can enable IT and telecom services providers to transform operational processes, simplify network management, significantly enhance the quality of customer service and achieve high levels of growth.
Through hyperautomation capabilities, customer agents can be augmented with human abilities to provide intelligent automated interactions, efficiently reducing response time and improving customer satisfaction.
Network Fault Management
An automated system for straight through tasks using AI, ML, and RPA applications can generate network health reports, monitor the network in real-time and automatically conduct fault diagnostics, minimising network disruptions and ensuring continuous operation.
Retail and Manufacturing
With the prevalence of predictable and repetitive tasks in manufacturing and retail supply chains, nearly 60% of the activities could be automated.ii
Warehousing and Inventory Control
Integration of business process management systems, data automation and RPA enable manufacturers to have full transparency into stock movement in real-time and achieve automated inventory replenishment and order fulfillment, from sales order creation to receipt confirmation.
Shipment Process Automation
Logistics services providers can apply blockchain, AI and RPA to automate the complete order-to-cash process from shipment scheduling, logistics management, to invoicing. The software bot can handle rule-based requests, such as automatically extract shipment details from incoming emails, log jobs in the scheduling systems, and check delivery status across multiple systems, etc.
Banking and Finance
The banking and financial services industry is at the forefront of advanced technologies adoption, with 40% of financial institutions expect that increases in investment spend on automation capabilities will reap the efficiency gains.iii
Banks can integrate RPA, AI and advanced analytics to automate the entire regulatory reporting workflow. Not only will it enhance data quality, overall reporting accuracy, and optimise workflow management, but also improve employee productivity and resource allocation on strategic initiatives.
RPA, in combination with advanced technologies like AI, IoT, and chatbots, can help drive end-to-end automation, eliminating errors and discrepancies from manual processes, and improving turnaround time, ultimately enhancing customer satisfaction.
Businesses can reap the rewards from modernised operational processes to gain exponential productivity improvements and cost optimisation through hyperautomation initiatives. Choosing the right partner to scale adoption and drive continuous innovation will help you harness the full value of automation.
i Gartner Forecasts Worldwide Hyperautomation-Enabling Software Market to Reach Nearly $600 Billion by 2022, Apr 2021, https://www.gartner.com/en/newsroom/press-releases/2021-04-28-gartner-forecasts-worldwide-hyperautomation-enabling-software-market-to-reach-nearly-600-billion-by-2022
ii Where machines could replace humans—and where they can’t (yet), Jul 2016, https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/where-machines-could-replace-humans-and-where-they-cant-yet
iii 2021 banking and capital markets outlook, Dec 2020, https://www2.deloitte.com/us/en/insights/industry/financial-services/financial-services-industry-outlooks/banking-industry-outlook.html
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