If you work in the IT industry or even have anything to remotely do with it, then you’ve probably heard of the term “hyperautomation”. Hyperautomation is one of the most talked about terms these days and will probably become a more common expression in the year 2021. A research and advisory firm listed hyperautomation on top of its Top 10 Strategic Technology Trends for 2020 report, and rightly so. Hyperautomation, in its true essence, brings together a few segments of automation instruments and advancements to upgrade the capacity to computerize work, and that will be a vital factor in achieving success for companies and organizations in present and the future.
The main objective of hyperautomation, like every other modern piece of tech is to make lives easier and reduce human labour. Hyperautomation does so by automating a large portion of the everyday processes of a business to promote better employee engagement, provide improved proficiency, and a better return on capital invested. By doing so, it shapes an imperative segment of the digital transformation of current organizations while liberating assets and capital for the company that can be utilized in other avenues and hence, helping in saving loads of money.
There is no single automation tool that can cover all aspects of human labour. So, this is where hyperautomation expects to combine multiple technologies such as Business Process Management, Robotic Process Automation, OCR, AI, among others to make that happen. With the assistance of AI-fuelled decision-making capabilities, hyperautomation can facilitate organizations to envision their operational efficiencies, analyse key execution markers, and perceive how their processes coexist to derive anything of value. This, surely, can prompt business process innovation and open new opportunities that currently remain unexplored.
With hyperautomation, problem solving gets simpler, and with a more diverse set of technologies at disposal for building an automated solution for empowering processes, a lot of different industries can reap its benefits.
Related reading: Top 10 benefits of Hyperautomation and how it will help enterprises
Here are a few of the hyperautomation use cases across industries:
Banking and Financial Services
Banking industry has an extraordinary potential of fairing well because of Hyperautomation. Some of the sectors that can take the most advantage from hyperautomation include Regulatory Reporting, Marketing, Sales and Distribution, Bank Servicing, Payment Operations, Lending Operations, Back-Office Operations, Enterprise Support, among others. For example, in eKYC measure, an Intelligent Character Recognition solution allows manually written multipurpose KYC forms to electronic data in suitable fields of KYC portals. This information is additionally populated in other related systems.
Smart Automation systems powered by Al calculations can productively screen the exchanges and proactively recognize the fraudulent and malicious exercises. AI based machine learning model fabricated utilizing advanced modelling techniques can anticipate the likelihood of malicious exchanges, and hence, minimizing or eliminate risks. Numerous Anti Money Laundering (AML) systems today influence hyperautomation innovation stack for forecast and prevention.
Numerous banks and other financial organizations have begun using Advanced Analytics in application screening, for surveying the reimbursement ability of a client by taking a gander at different boundaries which is normally incomprehensible through manual screening. This reduces the likelihood of Non-Performing Assets in future if it is separated in the application stage itself.
The insurance field has a huge labour force doing repetitive, monotonous, and manual intensive chores. For example, processing insurance claims, which is quite an important process for any insurance agency, can profit a great deal from executing hyperautomation technologies like Intelligent Automation. There is an immense number of stakeholders providing data to the insurance agencies physically. This data should be additionally verified and checked against client certifications while processing an insurance claim. The digital work force can approve and arrange data from various sources, without any strain and with better precision and a lot quicker as compared to their human counterparts. Automating consistence checks and information approval provides an extremely quick claims processing system.
Advanced Analytics can be utilized to acquire significant insights from information accumulated from sensors, wearables, topographical and others. Predictive modelling procedures can assist insurance people in calculating risk factors and policy premiums for a specific segment of customers.
AI technology can also be utilized to expertly anticipate probability of claims. ML can handle various factors for making exact forecasts. With all this information available at their fingertips at any instant, the insurers can offer competitive prices and policies to a selected segment of clients.
Medical and healthcare
In the medical and healthcare industry, ironing out back-office tasks can improve operational efficiencies, which further gives more opportunity for medical experts to improve clinical results and give a superior patient experience. A few clinics have begun utilizing Digital Nurse Avatars to talk to patients, as a first line of help. These Digital Nurses pose important inquiries about their wellbeing and symptoms to appropriately help them with further diagnosis and helping them reach the appropriate medical centres.
Automation can empower smart billing, by examining bill specifics from every division and collating them with no manual mediation. This can save a great deal of time with quicker bill generation and payments. Intelligent Automation utilizing AI and RPA can help streamline Insurance and Claims organization in medical clinics. Computer based intelligence can recognize Policy inclusion and terms and a BOT can take up the task of submitting bills with important supporting documentation.
Advanced analytics can be utilized to assemble analytics and simple to use dashboards utilizing real time free flowing data. This enables the delivery of effective treatments based on the best practices and best outcomes.
Retail area is going through a change in outlook with a bunch of e-commerce platforms and new participants in the business sectors. Staying relevant before buyers has become the most essential to make sure the business not only survives but thrives. Hyperautomation can help mechanizing a few things like Order Management, Payments, Transportation, Warehousing and Inventory, Supplier Management, Risk Management, Procurement, Data Monitoring, among others.
With such countless alternatives accessible for clients to browse through, customer loyalty is hard to get. Faithful clients do expect unique treatment and AI-helped loyalty recognition techniques can be valuable here. AI powered cameras could be arranged to consequently tell the staff when the camera catches a regular customer in the store premises, allowing the staff to physically interact with the client.
BPO and Customer Service center Industry
This is a crucial service for most product or service-based organizations or the BPO business. Specialists invest more energy and time in recovering data from different frameworks and physically transferring the information into the order management system, giving them less time to determine client grievances. With hyperautomation, caller data can be consistently transferred and handled.
Artificial intelligence can also be used in observing call quality and assisting CSRs with understanding client assumption in important calls, for example, in insurance. Artificial intelligence can additionally help in separating calls depending on their significance to help cut down the process duration on client issue goals.
Hyperautomation takes mechanization to the next level. It expands the extent of computerization, to a level not yet seen. It is not only the automation of tedious, rule-based and the focus is currently more on information work. We are looking at empowering more dynamic chores. There are more tools and instruments at work here like RPA, Advanced Analytics, AI and others, all coming together to solve a complex problem.
Hyperautomation is clearly making waves across industries. Want to see how you can apply hyperautomation for your industry? Consult our experts. Write to firstname.lastname@example.org