Hyperautomation is gaining widespread acceptance in the business community since Gartner coined it in its Top Strategic Technology Trends for 2021 report. As a digital transformation and automation initiative, this approach seeks to automate everything that can be automated. Hyperautomation takes automation to the next level by bringing together various digital transformation technologies including AI, ML, NLP, and Process Mining to automate and streamline processes to increase efficiency and cut down costs. Here we discuss hyperautomation use cases in different industries.
According to Gartner, “the worldwide market for technology that enables hyperautomation will reach $596.6 billion in 2022.”
Hyperautomation Use Cases
Technologies such as Robotic Process Automation (RPA), Artificial Intelligence (AI) and Low Code Application Platforms (LCAP) which are often part of hyperautomation initiatives, are considered process-agnostic as they can be implemented across sectors and used in various business use cases.
Banking and Finance
Banks, financial services, and the insurance sector deal with large amounts of data and have numerous processes which have traditionally required lots of resources and time to manage effectively. Apart from their core operations, these services also must run regulatory compliances, back-office operations, sales and marketing operations, enterprise support and fraud detection among others. Most of these operations, including 24/7 customer support, needs to be functional and online 24/7. Hyperautomation streamlines these tasks and makes them faster, smarter with less room for error. With AI and RPA, fraudulent activities can be prevented through continuous monitoring.
Healthcare
The Healthcare industry faces many challenges from patient care, staff scheduling and consultations to billing, and settlements. Healthcare organizations also collect sensitive data in the form of patient data which when properly collated can be immensely helpful in providing the right treatment plans to patients. Hyperautomation can benefit the healthcare industry as it seeks to seamlessly automate all these processes intelligently improving efficiency, reducing cost, and freeing up staff to provide better care to patients. Hyperautomation can also help in inventory management, drug procurement and management of resources. The healthcare industry also happens to be one of the most regulated industries and hyperautomation can ensure that rules are being complied with.
Construction
Construction sites have hundreds of workers operating in hazardous environments with their safety being ensured largely by their own adherence to safety rules and inspections. Faulty machinery can pose further safety risks to workers as well as financial impacts to businesses. With cutting-edge hyperautomation technologies, construction businesses can transform the way they work, ensuring the safety of workers as well as increase speed and reduce errors.
Retail and E-commerce
Retail and E-commerce is a thriving industry with both front-end and a back-end challenges that can solved with hyperautomation initiatives. Hyperautomation tools such as RPA can automate backend processes such as billing, inventory management, procurement, and shipping. For front-end processes, AI components of hyperautomation can create precise marketing campaigns including targeted emails, social media ads and loyalty programs. Ai can further help analyze customer data, customer feedback and competitive pricing to increase sales and profits.
Brick-and-mortar stores are also shifting towards digital transformation, partly in response to the competition of E-commerce sites. Hyperautomation can help businesses navigate the challenges of digital transformation by automating various processes such as warehouse and inventory management, order management, payments, supplier management, and data management. Advanced technologies such as facial recognition can provide the customer with custom options and/or loyalty points when they enter the store.
Conclusion
Many businesses and organizations are discovering the benefits of hyperautomation and industry leaders predict that increased efficiency, accuracy and lower operational costs will see that hyperautomation gains more adoption in the next few years.
