There is a new buzzword in the operational world. As businesses get hyper-competitive and companies scale at hyper-speeds, organizations need a force to keep their structure reoriented and reshaped to optimize native processes that are complex and take up more resources than necessary. Businesses have resorted to ‘hyper-intelligent automation’ to reduce costs, reduce operational complexities, and drive growth.
Before we wade through the murky waters of intelligent automation and how it can help make organizations more effective and profitable, we must get this straight — at no point, intelligent automation can work on its own; it can only function by depending on other technologies.
Intelligent automation uses Robotic Process Automation (RPA), Artificial Intelligence (AI), Low-Code Application Platforms (LCAP), and process orchestration. These sectors will experience a 54 percent growth. By 2024, companies will adopt at least three out of twenty process-agnostic software such as AI, RPA, and LCAP.
Low-Code demand is high, mainly because bootstrapped and skills-strapped companies want high-return projects with lesser costs incurred. Software automating specific tasks such as Enterprise Financial Planning (ERP), supply chain management, and customer relationship management (CRM) will be significant drivers for the hyperautomation industry.
Industries that are hyperadopting hyperautomation
Today if businesses want to survive, it is no longer about intelligent automation — they need to hyper automate. In a digital-first world resulting from the pandemic, organizations cannot fall short of speed in IT and business process automation towards digital transformation.
Tools that can (or have the potential to) provide business activity mapping, managing and automating content ingestion, orchestrating work across multiple processes and systems, and provide complex engines that provide rules to operate these operations effectively will receive fast growth in the hyperautomation-enabling software.
A expert report has projected that hyperautomation technologies with restructured operational procedures will help organizations save 30 percent of operational costs by 2024.
Hyperautomation is an extension of intelligent automation. With very minimal human interference, hyperautomation can deliver end-to-end process automation. With over ninety percent of organizations struggling to process unstructured data across various media formats, cloud computing and a combination of other intelligent processing technologies help process undefined and unstructured content.
Hyperautomation is already making a huge difference in real estate, hospitality, and logistics. If we were to look at everyday scenarios where hyperautomation is used — we can look at self-driving cars, smart home AI chatbots/appliances, automatic checkouts at grocery stores.
XMPie and Xerox FreeFlow Core — two Xerox companies, offer a simple set-up-and-go solution that reduces preparation and processing time for printing by automating printing tasks and reducing costs.
The companies remove errors and help deliver a quality that is better, faster, and superior. When jobs are similar and require similar set-ups, FreeFlow Core allows the user to set up the tasks at once and automate the process. This automation helps the user/company free up resources and use that saved time on high value jobs.
Enterprise spending on Hyper Intelligent Automation (HIA) is forecast to increase at a CAGR of 55 percent over 2025, reaching a whopping USD 42 billion.
Covid-19, the reason for hyperautomation’s hypergrowth
COVID-19 is acting as a tipping point for digital change across sectors, with RPA playing a key role in flattening the curve.
A stronger reliance on allowing automated operations has emerged through the implementation of imposed lockdowns and the resulting shutdown of activities across sectors. As a result, outsourcing of both customer-facing and labor-intensive back-end processes has become more essential.
RPA has played a vital role in automating all these processes and will continue to play a significant role in maintaining long-term business stability.
Companies will be more flexible to continue to operate in the face of disturbances thanks to RPA. Hyperautomation has no real drawbacks in terms of usage cases. It opens new avenues for end-to-end automation to simplify dynamic business processes.
As a result, IPA solutions empower businesses to be more flexible in their operations, allowing them to capture opportunities and respond quickly to changing market conditions.
When IT, customer support, sourcing, finance, and other operations are improved by intelligent automation or hyperautomation, they will act as an intelligent partner to the company, aligning with business priorities and resulting in better business outcomes.
Organizations that can create long-term value and innovate quickly to respond to changes faster than rivals will be successful in an uncertain future.
However, 44% of CEOs believe their rate of technology change is insufficient to sustain innovation. Another survey reported that more than half of CEOs think their firms lack innovative mechanisms that enable them to adapt and react rapidly to changing circumstances.
Companies will need hyperautomation to survive and succeed
Organizations require the superpower of hyperautomation to boost processes. Hyperautomation improves market outcomes, increases return on investment and reshapes business processes. It puts individuals, systems, and technologies together.
These superpowers will quickly become the new standard for most businesses, thanks to democratized IPA technologies. Should there be any struggles to leverage this technology, companies will risk falling behind and being outpaced by the competition. As a result, using intelligent automation and hyperautomation to bolster the business for a long-term future and growth is critical.