Adding an extra layer of intelligence to your business processes
What are the challenges with manual processing?
In 2021, most of us are familiar with the common drawbacks of manual processing- increased errors, greater time consumption, plentiful bottlenecks, to name a few. Not too long ago, some guy in a lab put on his thinking cap and his drive to overcome these challenges led to the evolution of automation. Simply put, automation entails the use of technology to bring human interference to a minimum. When we talk about computing, automation is generally performed by a program, script or batch processing that optimizes processes by reducing errors and increasing productivity.
Now you may think that automation is all-encompassing. However, allow me to use this blog to introduce you to a cutting-edge phenomenon that is Hyper automation.
While the idea of Hyper automation is not new as such, the term was coined only last year in Gartner’s Strategic Technology Trends for 2020.
Essentially, hyper automation is making use of advanced technologies such as artificial intelligence, machine learning, advanced analytics, etc. and inculcating them within your preexisting automation infrastructure to further accelerate processes and augment humans. Think of it as automation on steroids!
And what can one do with this hyper automation, you may ask. The answer is simple- with hyper automation, you can essentially create a digital twin for your organization. Not only that, but you can also whip up this powerful concoction with the help of a three-ingredient secret sauce that goes like this:
1. A solid mix of RPA and AI
Robotic Process Automation (RPA) is a business process automation technology that partially or fully automates complex, repetitive processes with the help of advanced technologies such as NLP, deep learning, speech, vision, predictive analysis, etc. making it easier to minimize human interference in business processes.
I think I can go out on a limb here and say that at its core, hyper automation is the amalgamation of RPA and AI wherein the RPA mimics human actions through bots and AI simulates human intelligence, and together they facilitate stellar end-to-end processes.
We see the RPA+AI marriage swiftly making its way through a plethora of industries. Let me elaborate with a use case from the Banking, Financial Services, and Insurance Industry. The BFSI industry benefits amply from hyper automation. RPA and AI can be deployed not only for reporting, marketing, back office operations, etc. but also to proactively monitor transactions and identify fraudulent activities. Additionally, they can also be utilized in claims processing which is possibly one of the most critical aspects of insurance.
2. A pinch of Business Process Management
No hyper automation process can be successfully implemented without Business Process Management (BPM). As we all know, introducing new digital tools into a business can often be difficult, especially when the business is new to automation. It is therefore supremely important for businesses to create seamless workflows and test them in advance to avoid any breakdowns.
BPM as a tool can be used to effectively manage strategies and initiatives in hyper automation. It carries additional weightage when it comes to industries such as Healthcare which is extremely regulated and effective process automation can make or break operational success.
3. Finish off with a dash of Advanced Analytics
One of the drawbacks of using RPA in its vanilla format is that it is limited to structured data only. With hyper automation, it is possible to handle both- structured and unstructured data efficiently. It is also possible to convert unstructured data into structured data for use as aid to RPA technologies. With the help of these advance analytics, businesses can access important insights that were otherwise inaccessible and allow disparate digital tools to work together seamlessly.
Handling massive amounts of data is crucial while considering digitization in sectors such as retail. Hyper automation fueled by advanced analytics can help retailers by effectively automating business processes such as order processing, payments, logistics, warehousing, risk management, etc.
And there you have it! You are now acquainted with the revolutionary tool of Hyper automation that you can implement to transform your business processes.
To summarize in layman terms, hyper automation is the difference between beating eggs with a regular whisk as opposed to an electric whisk- reduced effort, time, and guaranteed better results. Once you automate it, there’s no going back. And for a business that means benefits such as:
- Improved productivity
- Seamless Integration
- Increased ROI