Discussions around digital transformation are universal today, be it in boardroom meetings, seminars, or social media. Organizations today not only understand the importance of digital channels but are working hard to accelerate their digital initiatives by investing in cutting-edge technologies. While enterprises are considering several technologies, hyperautomation is gaining a lot of traction.
Hyperautomation is the Top Trend
Hyperautomation is one of the most significant trends in the digital transformation space today. It was listed at the top of Gartner’s Top 10 Strategic Technology Trends in 2020. Hyperautomation can be defined as a combination of disruptive technologies for creating agile and end-to-end automated solutions for organizations in real-time. It is a holistic approach that enables organizations to drive digital transformation by simultaneously implementing multiple initiatives. It brings together a range of intelligent solutions for augmenting the efforts of IT teams much more effectively than isolated automation tools. Furthermore, hyperautomation can help organizations address various bottlenecks related to governance, security, and management with a unified approach.
Organizations across sectors are embracing hyperautomation to eliminate operational silos and accelerate workflows by leveraging new-age technologies like artificial intelligence (AI), machine learning (ML), low code, robotic process automation (RPA), and data analytics. These technologies allow organizations to augment their resources and ensure productive collaboration among stakeholders to improve customer experience, enhance operational excellence, and enable continuous innovation.
Let’s understand further how hyperautomation can enable organizations to gain a competitive advantage by:
- Improving Customer Experience
Today, most organizations undertake digital initiatives to transform their customer experience and improve customer satisfaction levels. Hyperautomation helps organizations facilitate a seamless and consistent experience throughout the customer journey. New-age technologies like AI, ML, and low code allow IT teams to focus on key customer touchpoints rather than recurring operational tasks. Furthermore, low code facilitates rapid development and deployment of smart portals and mobile applications to allow a multi-channel experience.
With hyperautomation, organizations across sectors can streamline their customers’ journeys by modernizing the core touchpoints. For instance, insurance companies can enable faster and more accurate claims settlement by leveraging AI-based capabilities and a rules-based decisioning system. Similarly, shared services organizations can rely on AI-powered, self-service bots for handling vendor query management.
- Enhancing Operational Excellence
In a cut-throat business environment, organizations need to modernize their processes to decrease costs, improve employee productivity, and drive better outcomes. But automating isolated processes is not enough as it leads to disjointed and siloed processes. Hyperautomation can help organizations streamline enterprise-wide processes and workflows while eliminating such operational silos.
Moreover, organizations can deploy systems backed with AI and data analytics capabilities for identifying persisting bottlenecks and eliminating them to improve operational efficiency. For instance, government organizations can utilize trainable bots for streamlining functions like schemes management, record archival, and content migration. Similarly, banks can streamline functions like customer risk profiling by leveraging the insights captured by bots from various sources.
- Enabling Continuous Innovation
Ensuring continuous innovation and process improvements bring two crucial advantages for organizations. First, it helps them adapt to the dynamic market conditions and hold their positions in the market in times of adversity. Second, it facilitates new solutions and allows them to capture emerging business opportunities. Hyperautomation enables organizations to develop new ways of serving customers using modern technologies and insights. It also facilitates the launch of new products, services, and business models and the rejuvenation of existing ones.
By leveraging hyperautomation, banks can streamline the back-office processes for upscaling operations or focus more on customer-facing journeys. Another example of innovation would be how insurance companies deploy predictive models like automated damage assessment systems, image analytics, etc., on user workbenches with the help of low code.
Hyperautomation is vital for organizations to accelerate digital by consolidating disjointed processes, enabling agility, and optimizing costs. It is time for organizations to reap the benefits that hyperautomation stands to offer and become truly digital.
(The author Mr.Ritesh Varma, Global Head and Vice President, Business Solutions Group at Newgen Software and the views expressed in this article are his own)