Hyper Automation has emerged as the dominant trend in technology today, applicable to a wide range of sectors and organisational needs.
Invoices, waybills, orders, receipts, pay slips, medical records, and prescriptions are just some of the documents that may be processed by enterprises with the use of hyper-automation.
Hyper Automation may be the actual game-changers for more sophisticated corporate activities in addition to these fundamental implementation and process improvisations. Let’s see how it goes!
What Is Hyper Automation?
Hyper Automation is the integration of many automation techniques and technology advances to boost process productivity by having robots do all tedious, error-prone, and repetitive work. Success in business will increasingly depend on this factor in the years to come. With hyper automation in place, the team can devote more time to strategy and growth enablement, two factors that are crucial to the success of any business.
There is no one piece of automation technology that can completely replace human workers. To do this, hyper-automation seeks to combine many existing technologies, such as Business Process Management, Robotic Process Automation, Optical Character Recognition, and Artificial Intelligence. Hyper Automation, with its AI-powered decision-making skills, might help businesses see how efficient their operations are, how their processes interact to create value, and how to improve those interactions. There will be new developments in company processes and unrealized potential as a result of this.
Uses of Hyper Automation Technology
Many different kinds of software and hardware are needed to make hyper automation possible. Each step in the processes and activities you interact with on a daily basis needs a corresponding technological equivalent in order to be replicated and completed without human intervention. In order to automate business processes and judgments, the hyper automation toolset necessitates a wide range of technologies. It’s a strategy for combining previously separate, semi-automated, or manual processes into a single, coherent hyper automated operation.
1. iPaaS and RPA (Robotic Process Automation)
Hyper Automation essentially boils down to robotic procedures. Repetitive, rule-based jobs are well-suited to robots or bots. By automating these routine operations, you may free up your workforce to focus on more strategic initiatives. Applications, the whole procurement and payment cycle, reports, and data transfers are just some of the routine tasks that may be automated using RPA. In a July 2021 webinar conducted by Ephesoft, 42% of participants said that RPA systems were the most helpful hyper automation technology they had used.
With iPaaS, or integration Platform as a Service, RPA is taken to the next level by providing more comprehensive integration capabilities via user-friendly, no-code interfaces.
The emergence of iBPMS, or intelligent business process management suites
In a nutshell, iBPMS allows for the simulation of actual, physical processes online. They facilitate automation strategy management by enabling process development, operation, and monitoring. Using low-code or no-code tools and cloud-based platforms improves workflows from beginning to end.
2. Process Mining
Process mining is cutting-edge software that analyses and summarises the day-to-day operations of a company by analysing its present “processes,” or procedures. Each process’ data, such as its purpose, timeliness, operator, and comparison to the average, is logged and made available for analysis. By using process mining, businesses may determine which human-performed jobs are repetitive and hence amenable to automation.
3. Machine Learning and Artificial Intelligence
Today’s AI is more than simply a data collector; it’s evolved into a data savant in response to pressing business demands. The key distinction between AI and ML is the emphasis placed on automated learning in each. While AI can imitate human actions, machine learning can learn from them and improve its own intelligence. To increase automation to heights that humans could never reach, AI is essential. AI auto bots like Immediate Connect are also a great marvel of artificial intelligence that complete tasks in less than 20 minutes that humans would take hours to work. You can check out this Immediate Connect Review for knowing the ultimate capabilities of this AI robot.
A single person at the customer service desk gets hundreds of emails daily; think about how much time it would require to react to each one individually. Using natural language processing (NLP), emails may be automatically sorted by subject, sent to the correct person, and read.
4. Processing Documents
The manual processing of documents is a problem in every sector. Invoices, buying orders, payments, paychecks, medical information, and prescriptions all have varied processing requirements based on the industry they are used in. Businesses may utilise hyper automation to streamline the handling of such documents. Every kind of document imaginable is used in business, from transmittal sheets to purchase orders to invoices to medical records to receipts. Hyperautomation’s OCR functionality makes it possible to automate the whole lifecycle of document management, from initial scanning through data extraction, validation, and proper categorization.
Large volumes of data are routinely handled by organisations, making data detection a need. Whether it’s aggregating customer information from emails, purchase requests, etc. into a single platform or reviewing the data using machine learning models to identify suspicious accounts, businesses may depend on hyper automation to carry out these tasks correctly.
5. Fraud Detection
The banking industry stands to benefit greatly from hyper automation in the areas of know-your-customer (KYC) checks and fraud detection. There are several factors that might profit greatly from hyper automation, including regulatory reporting, marketing, sales, distribution, banking, payment and lending activities, back-office operations, and corporate assistance. For instance, using intelligent character recognition technology, data from manually created multipurpose KYC forms may be electronically inserted into the relevant areas of KYC websites. This information is also duplicated and put into related systems. Smart automation systems backed by artificial intelligence can efficiently monitor trades and detect suspicious or illegal behaviour in advance. An artificial intelligence (AI) based machine learning model was developed using cutting-edge modelling techniques to anticipate the probability of damaging transactions and so minimise or do away with hazards. The hyper automation innovation stack for prediction and prevention is influenced by the prevalence of anti-money laundering (AML) technologies in use today.
6. Invoice Management
Invoice Management uses RPA robots to gather any incoming paper or electronic invoices. This document or email may include semi-structured or unstructured data. A machine learning model is applied to a document or email to extract machine-readable data. Data that can be read by machines is validated using rules or ML models. For instance, VAT requirements might be checked against invoices to rule out any forgeries. Accounts payable is a time-consuming process that includes receiving, processing, and paying invoices from suppliers of products and services. This is a time-consuming procedure that often results in mistakes. Major AP process processes may be automated by combining RPA with AI and ML technologies like Optical Character Recognition (OCR).
7. Travel Management
Management of travel and expenditures (T&E) may benefit from the use of hyper automation to streamline previously manual tasks. With the help of hyper automation, it is much easier to collect paper travel expense receipts from employees, collect data from the receipts, determine if the receipts comply with the company’s expense standards, make payments, and request clearance for items that aren’t in line with the cost policies.
Claims evaluation includes reading documents and figuring out whether the claims are in line with the customers’ rules. Automating procedures for valid claims is an integral part of the claims settlement process. Human resources (HR) claims are requests and claims made by workers that are filed to the HR department of a company. Vacation requests, cost claims, and other types of grievances and claims are included.
Procedures like gathering emails and relevant attachments to learn about customer preferences are part of order management. A new order may be placed, a current order can be updated or cancelled, internal processes can be adjusted to accommodate the order, and old orders can be modified, and questions from customers can be answered.
The Prospective Future
The globe will see massive digitalization objectives realised as a result of hyper automation. First, firms that were born into the digital age will figure out how to automate whole processes rather than simply little parts of them. Human resources is a fantastic example. To harmonise best practices, boost efficiency, and get rid of bottlenecks, the whole HR process might be digitised. This includes everything from applicant screening to hiring to training and development to mentoring to preventing employee churn and more.
In the future, these benefits will begin to accrue for digital native firms that have their sights set squarely on their hyper automation strategy. However, it is reasonable to declare that the age of hyper automation has arrived. In light of this impending transformation, firms should step up their digital game.