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In the previous blog, we discussed what is hyperautomation and looked at its broad categories, including intelligent process automation. In this part, we will explore how these tools can help companies to capitalize on their existing digital investments and create a robust platform that supports new business models.
We have already established that hyperautomation is a technological paradigm in which organizations can optimize returns on their existing investments and accelerate innovation in a digital world. Therefore, it becomes vital for companies to have access to intelligent tools that will automate important but repetitive tasks so they can focus on more strategic work. In this way, hyperautomation helps companies achieve business success through the following ways:
- Enhanced revenue generation — Hyperautomation augments human capabilities to perform more tasks. Intelligent tools are able to monitor transactions on a real-time basis, enhance interactions with customers, monitor compliance policies and transfer knowledge between team members. They can also help companies make better decisions while also reducing lead times and increasing the accuracy of such decisions. The ultimate result is better revenue generation.
- Maximized operational efficiencies — Hyperautomation technology helps companies to unearth cost savings and also provides them with a deeper understanding of overall business operations through faster insights. For example, Real Impact Digital's hyperautomation platform analyzes performance data in real time and spots patterns that reveal inefficiencies that can be fixed.
- Accelerated innovation — Intelligent automation technology helps companies to access a wide range of data from both internal and external sources. In doing so, this technology provides them with valuable insights into changing market conditions and customer needs, which is essential for forging ahead of competitors. For instance, Real Impact Digital's solutions enable customers to track customer sentiment and preferences on social media platforms such as Twitter and Facebook. This helps them find out what their customers want and unlock new revenue streams based on emerging opportunities.
Hyperautomation in Different Industries
A number of industries can benefit from hyperautomation, including:
- Financial Services — Tasks such as trade reconciliations, reporting and regulatory compliance can be automated with a high degree of accuracy. For example, Belfast-based financial services company C& C Alpha Group has implemented a hyperautomation platform that helps it to reconcile trades, identify mistakes and risks as well as solve problems.
- Healthcare — The healthcare industry benefits from hyperautomation in a number of ways. For example, it can facilitate patient care by ensuring hospitals receive the necessary paperwork for patients to receive critical drugs and other medical treatment quickly. In addition, many manual tasks in hospitals can also be automated.
- Oil and Gas — Hyperautomation has the potential to help reduce costs in this sector, particularly in pipeline monitoring. For example, Chevron recently used hyperautomation to monitor the Ormen Lange gas pipeline in Norway, thus improving operational efficiency and reducing costs at a critical time when many companies in this sector are looking to cut costs in response to lower oil prices.
- Media and Entertainment — Hyperautomation can help companies keep track of content licensing deals, deliver relevant information using advanced analytics, provide recommendations for viewers and detect when online videos have been appropriated illegally by third parties. In addition, the software used in the media and entertainment sector can often be easily updated.
- Retail — The retail industry benefits from hyperautomation in terms of optimising stock levels, monitoring cash flow and processing payments. For example, British supermarket retailer Tesco is using hyperautomation to determine where it makes most sense to open new supermarkets. It has also used the technology in its distribution centres to optimise storage space. The company's goal is to use hyperautomation across all aspects of its business, both online and offline.
Enterprises Must Have the Right Approach for the Best Use
Hyperautomation is a new business imperative that can help companies achieve growth and success, but companies cannot simply implement any tool and expect it to work. They need to determine the right approach based on their specific needs and depending on their existing digital investments.
Hyperautomation requires a combination of both technology and a human element. When implemented correctly, this can create a sustainable model that will enable organisations to balance between hyperautomation and human intervention.
The best approach to achieve hyperautomation is to start small and build momentum over time. The following steps will help companies take the right first steps:
- Automate a single process — This can be anything from processing purchase orders or invoices, sending out bills or handling customer requests.
- Build an execution engine — This is the technology component that activates processes behind the scenes, making it easy for users to complete their tasks.
- Map processes — Determining which processes can be automated and mapping them in detail enables companies to assess how many improvements can be made
- Iterate and scale — Once the first process has been automated, companies can now focus on other manual processes to test their strategy. They should also perform benchmarking exercises to determine how long it takes to complete such tasks and whether any issues arise as a result of such automation (if they do, then there is room for improvement).
Once companies have sufficient data, they can then determine how hyperautomation is affecting their overall business.
These are the first steps towards achieving success through hyperautomation. However, human intervention remains essential to ensure that the right decisions are made at the right time and for avoiding operational risks. When implemented correctly, hyperautomation can enable companies to achieve business success and compete more effectively with their rivals.