How Digital Transformation is Powered By Hyperautomation

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Enterprises are recovering from the pandemic-induced global economic crisis. As a result, businesses across industries prioritize productivity and profitability while future-proofing operations from uncertainties add resiliency and ensure business continuity.

Enterprises are embracing the new normal, embarking on digital transformation journeys to capitalize on the benefits like simplified work processes, reduced operational costs, fewer errors, improved performance, team collaboration, and better decision-making. Hyperautomation is critical for digital transformation and uses a combination of technologies like artificial intelligence (AI), machine learning (ML), natural language processing (NLP), optical character recognition (OCR), robotic process automation (RPA), business process management (BPM), low-code, and more to automate work processes more quickly and efficiently, in a streamlined manner.

Organizations can leverage hyperautomation to develop reliable and highly scalable solutions with minimal investments compared to traditional alternatives that depend on expanding infrastructure. In fact, automation is predicted to reach US$ 355.44 billion by 2028.

Benefits of Hyperautomation

Ensuring Resilience

Hyperautomation helps with business continuity and resilience to overcome crises similar to the pandemic. With support from the digital workforce and limited human intervention, technologies can help enterprises stay agile while addressing any critical situation.

For instance, when the pandemic hit, one of the departments that was much affected was customer care. With unexpected spikes in ticket volumes, and delays in turnaround/resolution times, companies started to re-imagine customer experience through front-office innovation.

In one of the cases, an airline company was inundated with over 4,000 refund requests per day. Managing such a volume of tickets by hiring new employees in such a short time frame was beyond one’s imagination. Implementing an RPA solution was a quick workaround! And it was cost-effective, too.

When businesses went remote overnight, it was challenging for organizations to manage disparate teams spread across the world, and security remained a chief concern. Hyperautomation tools can significantly reduce the workloads of IT teams by automating repetitive tasks and help proactively identify and solve recurring issues through machine learning and predictive analytics. Plus, IT desks can get insights into behavioral patterns of malicious emails and threats.

Cost-Effective and Scalable Solutions

Let’s agree that cost and ROI are vital while evaluating and implementing technologies. And hyperautomation wins here. A Deloitte report states, “Intelligent automation has been a godsend for businesses. By streamlining business processes and improving productivity, automation savings were between 25% and 40% on average for those implementing the technology.”

Businesses find it cost-effective to adopt hyperautomation technologies compared to other infrastructural upgrades as it requires minimal investment while integrating legacy systems to deliver higher returns. The technologies allow businesses to identify areas of improvement, detect possible errors, and gain a complete overview of the operations in real-time.

Further, processes could be improved to adapt to changing market conditions with the help of ML, RPA, and AI, offering scalable solutions that could support diverse business requirements.         

Improving Managerial Efficiency

In the digital transformation journey of a business, hyperautomation combines technologies that can work together, seamlessly integrating various functions in an organization to save time and add transparency to operations, ensuring clarity and managerial efficiency. Implementing hyperautomation solutions improves organizational effectiveness by freeing top management from devoting time to the day-to-day running of the business, allowing them to focus on more qualitative tasks. The technologies enable a real-time overview of all the functions in the organization and give management the advantage of acting ahead of time to address critical

challenges. Management also can explore alternatives to improve efficiency guided by the data and explore room for innovation or collaborations.

Flexibility to Maintain a Hybrid Workforce

The unprecedented global pandemic has upended professional work patterns. In the new working reality, companies have already started adopting a hybrid working model. Hybrid work strategies can fast-track their digital transformation, pushing automation to the forefront. Leveraging hyperautomation can reduce the burden on employees performing repetitive and mundane tasks. It can also ensure a seamless transition between remote and in-house working modes by facilitating rich resiliency, security, and optimization so that they can concentrate on innovation, learning and development of new products and services, and other value-added activities.

A sector that was too quick to react to the pandemic’s impact and adopt these next-gen technologies was BFSI. Until then, the progress in the tech space for BFSI was at a snail’s pace. Banks and financial institutions started streamlining their operations for fraud detection in a better, secured environment. Hyperautomation prepares financial institutions to be well-equipped to detect and prevent digital frauds. Companies can now prioritize the security concern and combat the ever-increasing threat of breaches. For instance, processes like document verification, customer onboarding, KYC, compliance regulation, etc., were performed at higher speeds.     

Similarly, organizations in the healthcare sector leveraged the benefits of automation to stay resilient, minimizing the necessity of human intervention during the outbreak of COVID-19, overcoming human resources limitations, and implementing social distancing, which is crucial for saving lives. Also, complex procedures, including documentation, compliance, and maintaining records, were automated and handled by the digital workforce freeing up the human potential to focus on tasks that eventually saved human lives.

Access to Data for Decision-Making

Along with its capability to free human workers from repetitive tasks, hyperautomation is incredibly efficient in helping business data move between separate applications. As a result, businesses can benefit from increased team collaboration and get smoother and quicker access to data access across the enterprise. Hyperautomation technologies have brought together departments and previously unrelated business units or disparate systems to develop innovative solutions to meet the changing market demands and boost efficiency and accuracy. Leveraging hyperautomation in digital business transformation has also resulted in enterprises attaining a high level of flexibility and reducing turnaround time to come up with timely solutions.

Also, having a complete overview of business and operations supports management in making critical decisions and informed judgments, eliminating risks, scaling the business, optimizing resources, and improving job satisfaction. The technology allows organizations to identify what is happening in real-time, identify areas of improvement, explore insights, and generate periodic reports for decision-making. In addition to minimizing the workload, hyperautomation leverages cognitive technologies to detect anomalies and fraud.

In other words, hyperautomation simplifies problem-solving and significantly improves the speed at which organizations can make critical decisions.

Flexibility to Adapt to Market Requirements

The necessity to quickly develop business solutions has never been greater. Organizations need efficient, robust toolsets to handle the incoming demand for digital solutions. The disruptions in the recent past are increasing the pace of digital transformation efforts, and it is imperative to accelerate the development of new applications and solutions rapidly.

In the race to digital transformation, organizations are increasingly looking for low-code platforms to develop solutions faster and outperform their rivals. Leading industry analysts predict that by 2025, almost 70% of new applications developed by enterprises will use low-code or no-code technologies.

For the uninitiated, low-code is a software development process that empowers citizen developers or developers with minimal technical knowledge to build applications using drag-and-drop components. Through low-code platforms, organizations can launch applications rapidly, adapt to changing environments and address risks in time, all without breaking a sweat or writing several lines of code.

However, digital transformation is a continuous process and requires building a more connected and holistic automation strategy to meet the evolving market conditions. Hyperautomation empowers organizations to adapt at a pace that ensures resilience, adaptability, and growth. Combining automation with modern technologies, the solutions guide businesses to develop themselves to address business-critical challenges and evolve into the future.