The pandemic acted as a catalyst for digital transformation, pushing businesses towards both improving customer experiences and engagements. Businesses are leveraging hyperautomation to automate their business processes to reduce spends and increase their operational efficiencies and speed to market.
Global Hyperautomation market will grow at a CAGR of 19% by 2027 from 2019 to touch and surpass $23.7 billion. - Coherent Market Insights
What is Hyperautomation?
Hyperautomation can be broadly defined as leveraging a combination of automation technologies including RPA, artificial intelligence, machine learning, data analytics, process mining and intelligent business process management (IBPM) towards a deep level digital autonomy & automating end-to-end business processes for integrating functional and process silos, optimizing efficiency, reducing costs, human augmentation and optimal use of resources.
Hyperautomation is driven by the idea to streamline otherwise not so agile and synchronized business processes, for developing the right agility needed to keep pace with the evolving market and to remain competitive.
Businesses by 2023 will be able to run 25% more fully autonomous tasks- Gartner
From Automation to Hyperautomation - The Need
The need to optimize cost, resources and efficiency can be superficially achieved through robotic process automation (RPA) alone, but for securing deep level automation for critical operations, data processes and infrastructure, businesses will require a higher and deeper level of integrations and functionality.
"RPA may provide quick relief as a non-invasive form of integration. However, processes are not always simple, routine, repetitive, and stable. They may be long running and they often involve intelligent automated decision-making and optimization. The real challenge - to scale beyond the initial few low hanging fruits of routine processes - cannot be solved by a single tool or with siloed strategies." - Gartner Report (Moving Beyond RPA to deliver Hyperautomation)
The task of automating complex systems and processes, hitherto handled by humans, can still not be made possible by one single automation tool, the need is to bring together the different tools and technologies to create a synergy that can help you automate seamlessly, more rapidly and at scale. For this, hyperautomation fits the bill. It takes your automation efforts to an altogether new level and capabilities by adding multiple layers of advance technologies for automating and optimizing business processes by building automation capabilities through AI, machine learning, process mining, data analytics and intelligent business process management with RPA at the core.
Key Business Values of Hyperautomation
- Powered by AI and ML, Hyperautomation provides agility in today's ever evolving market
- End-to-end business process automation provides the ability to scale at will and is more flexible, reliable and adaptable to change
- The noninvasive nature of RPA allows businesses to minimize human efforts
- With Hyperautomation, leveraging data analytics and access to real-time insights will become a reality, helping businesses identify gaps and discrepancies to make informed decisions and deliver superior customer experience
- Brands can empower their entire manpower (business and IT) with automation capability with ease
- Process efficiency, resource optimization and cost reduction associated with hyperautomation will help brands boost their return on investment (ROI)
- Hyperautomation helps manage the entire automation cycle from start (identification of processes) to finish (measuring ROI)
According to Gartner, customers will be the first to touch more than 20% of all products that will be produced and delivered by 2025
With today's digital landscape moving at a breathtaking pace, digital developments materializing in a matter of days and weeks, hyper automation offers brands the right technology spectrum that can help them become digital ready. It will be the next logical step for every organization’s digital goals who want to gain the first mover advantage with their digital transformation strategy to build an agile, scalable and customer centric enterprise. Without automation and human augmentation, businesses will struggle to compete, keep pace or even survive. The year 2021 will certainly be the turning point in the evolution of RPA industry fueled by Hyperautomation. Early adopters stand the opportunity to be the leaders in the years to come!
Are you still confused about implementing intelligent automation systems? Partnership with industry leaders including UiPath, Kofax, Workfusion places Espire in a right position to help our clients set up a sustainable, scalable, cost-effective IPA environment and help them determine the right business process candidate for implementing IPA as well. For any query, get in touch with us at email@example.com