So, what is all this hype about hyperautomation?
According to Wikipedia, hyperautomation is the application of advanced technologies like Robotic Process Automation (RPA), artificial intelligence (AI), machine learning, and process mining to augment human workers and automate processes in ways that are significantly more impactful than traditional automation capabilities.
This emerging concept has different names: While Gartner coined the term “hyperautomation”, Forrester refers to the concept as digital process automation (DPA), and IDC calls it intelligent process automation (IPA).
Hyperautomation is the number one trend on Gartner’s list of Top Ten Strategic Technology Trends for 2020. Have you considered it part of your business strategy yet?
Rather than referring to one single, out of the box technology or tool, hyperautomation focuses on adding more intelligence and applying a broader set of tools than traditionally established automation solutions. Hyperautomation seeks to combine many tools in order to enable organizations to discover strategic approaches to derive the maximum benefits from the technologies they use in their businesses and to automate, simplify, measure, and manage workflows across the enterprise.
A hyperautomation or digital process automation platform can sit directly on top of a company’s existing technologies. The gateway to hyperautomation is RPA, another emerging concept which applies software with AI and machine learning functions to handle high volume, repeatable tasks that previously required humans to perform.
According to Gartner “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.”
Hyperautomation is thus an expansion of RPA; it adds a layer of advanced technology to automation, which makes it possible to do more with the technology.
Hyperautomation allows enterprises to unlock more automation opportunities, such as:
- Rapidly identifying and automating all possible tasks and business processes by combining a set of AI technologies.
- Empowering everyone in the organization – business and IT – to automate and contribute to the process of digital transformation to achieve a more significant impact.
- Effectively orchestrating work between humans and bots using hyperautomation technologies to automate basic tasks to more complex processes.
- Managing the full cycle of automation, from discovering automation opportunities to measuring the ROI.
Which sectors will benefit the most from hyperautomation? Undoubtedly, all sectors that are in the process of digital transformation can accelerate the effort and improve their business processes with hyperautomation, be it banking, healthcare, insurance, manufacturing, or retail. If you haven’t considered hyperautomation in your 2021 business strategy yet, you’re already falling behind.
Companies that manually process large volumes of vendor invoices can reduce costs, save time, and improve efficiency by using hyperautomation technologies like HighIQ’s Oscar – Accounts Payable (AP)Intelligent Automation.
Bumi is now available on the AWS Marketplace with a 7-day free trial.
John has over 20 years of global experience in the financial services industry. He has led, planned, developed, and implemented cutting edge information systems to address business needs. He formerly led the global financial systems groups for both Invesco and Equifax, where he was responsible for technology strategy, program execution, implementation, operations, and the support of key application platforms supporting finance functions.