A global technology major recently launched a new retail store that allows customers to complete their in-store shopping journeys without interacting with store staff, cashiers, or even a payment machine. Based on zero-touch automation, this retail outlet features the world’s most advanced shopping technology. But they are not the only ones. There are glowing examples of similarly newfangled self-operating methodologies, applications, and tools. These business game-changers underline the next-gen capabilities of this emerging technology – hyperautomation or hyperintelligent automation.
Hyperautomation is powered by machine learning (ML), artificial intelligence (AI), natural language processing (NLP), and optical character recognition (OCR). In other words, hyperautomation is intelligence-added automation that expands business efficiency, improves decision-making capabilities, and builds a strong bedrock for innovation. Therefore, unsurprisingly, enterprise leaders are gearing up to optimize intelligent automation for their business advantages. Research predicts that the hyperautomation market size is growing steadily and will be worth $29.2 billion by 2028, growing at a CAGR of 22.2%.
Unlocking business value at scale
Today, most businesses operate in volatile market environments. To succeed, they must satisfy discerned customers, survive intense competition, combat rising inflation rates, foster sustainability, adapt to emerging market trends, and constantly stay on top of their game. Enterprises can overcome all these roadblocks by embracing hyperautomation.
It allows them to shift their focus from repetitive, effort-intensive tasks to business-critical functions and larger business goals. Such streamlining of business priorities helps enterprises unlock new growth opportunities and increase operational efficiency. It ensures that decision-makers have access to richer, more accurate, and quicker insights that can give them granular visibility into enterprise-wide operations. This enables them to make more informed choices in real-time and improve resource utilization, data security, compliance adherence, and so much more. A report by Gartner suggests that by the year 2024 hyperautomation will reduce 69% of a manager’s work.
While robotic process automation (RPA) allows organizations to only transform the way they handle rule-based, repetitive processes, hyperautomation goes beyond this. It offers the value delivered by RPA and performs tasks that are outside RPA’s scope and require considerable human intervention, logical thinking, and critical perceptions at different stages.
Cost optimization is another key benefit of hyperautomation. Intelligently automated tasks, disruption-ready operations, and differentiated customer and employee experiences facilitated by hyperautomated processes can help enterprises reduce opex considerably. By turning key business processes into efficient digital workflows, hyperautomation forges a pathway into the future of work and expands revenue streams. The payoff? An innovation opportunity that benefits organizations, their employees, and customers, alike.
Discovering real-world value
It’s not just large-scale enterprises in any specific industry that have recognized and embraced the game-changing hyperautomation capabilities. In fact, according to a recent study by Gartner, 80% of hyperautomation offerings will limit industry specificity by 2024. It indicates that enterprises of all sizes across industries are jumping on the hyperautomation bandwagon with zeal.
For instance, UBM, a global B2B media company has reduced its production expenses by 30% and shortened its time-to-market by using hyperautomated processes. Our previous blog post illustrated how the hospitality and travel industry is utilizing hyperautomation for contactless and easy check-ins and check-outs, quick responses to customer inquiries, and streamlined reservation processes. Likewise, game advertisers and developers have been leveraging hyperautomation to understand their target audience as well as streamline performance evaluation and make necessary creative iterations. Similarly, by using hyperautomated workflows, BFSI enterprises have been enhancing their marketing and sales, regulatory reporting, payment collections, lending operations, back-office processes, customer support, and digital banking offerings.
A study conducted on the US health industry has revealed that nearly $41 billion are annually paid to patients to compensate for the manual errors that occurred during clinical data processing. Fortunately, hyperautomation has started to change this. It irons out back-office operational inefficiencies, which in turn would support medical experts to improve clinical results and offer superior patient experiences. Many clinics have already introduced digital nurse avatars to communicate with patients as the first line of help. These hyperautomated bots ask relevant questions to patients for collecting an accurate account of their well-being and symptoms. It is then from this first-hand information that appropriate and timely medical assistance is directed, further diagnosis is decided, and contacts with medical centers are made.
While the benefits of hyperautomation are quite promising, enterprises need a synergy of incremental, thoughtful approaches and the right tools to optimize the technology. And that’s where IGT Solutions can help. Our Customer 360 solution has enabled global brands with a single-pane, real-time 360-degree view of their customers. Powered by our hyperautomation-first offerings and expertise, enterprises have unlocked unprecedented efficiencies and business value. The aviation sector for example can utilize our AI/ML-powered Fare Note Interpreter to improve their transaction processing times by 80% and reduce refund processing errors by 99%. Enterprise across industries can similarly achieve large-scale transformations smoothly and bring about meaningful, sustainable change with us.
To know more about our services and solutions, and understand how they can help you pave the way to future-ready business operations, get in touch with us now.
Vitesh Kohli is an Intelligent Automation thought & execution leader with a track record of setting up CoE, best practices, robot delivery, managing change and extensive program and project management experience with a strong entrepreneurial background. Have strong expertise in leading Transformation -Intelligent Automation across industries. Strong knowledge of planning big robotics set-ups, cognitive-based chat products, multi-components automation and multi-product Tech solutions. He is a domain Expert and Hands-on Technologist using Artificial Intelligence, Intelligent Automation and Conversational Commerce to solve business problems in large enterprises.