What are the challenges of manual processing?
By 2021, we will all be familiar with the drawbacks associated with manual processing. These include increased errors, longer processing times, and bottlenecks. Automation was born not too long ago when a guy in a laboratory put on his thinking cap to solve these problems. Automation is the use of technology to reduce human involvement to a minimum. Automation is usually performed by a script, program, or batch process when we speak of computing. This optimizes processes, reduces errors, and increases productivity.
You may now think that automation encompasses everything. I want to use this blog to introduce you to the cutting-edge technology of Hyper automation.
Hyper Automation is not new, but Gartner only coined it last year in their Strategic Technology Trends for 2020.
Hyper automation involves using advanced technologies, such as Artificial Intelligence, Machine Learning, Advanced Analytics, etc. Hyper automation uses advanced technologies such as artificial intelligence, machine learning, advanced analytics, and similar technologies. Imagine automation on steroids.
You may be wondering what you can do with hyper-automation. Hyper automation allows you to create a digital replica of your company. You can make this concoction using a secret sauce of three ingredients.
AI and RPA: a solid combination
Robotic Process Automation (RPA). It is an automation technology for business processes that automate repetitive, complex tasks with advanced technologies, such as NLP and deep learning. Making it easier to minimize human interference in the business processes.
I will go on a limb and say that hyper-automation is a combination of RPA (robots) and AI, where the RPA mimics the actions of humans through bots, and the AI simulates the intelligence. Both work together to create stellar end-to-end processes.
RPA+AI is quickly making its way into a wide range of industries. I will elaborate on a specific use case in the Banking, Financial Services, and Insurance Industry. Hyper automation is a boon to the BFSI sector. RPA and AI are not just for back office, reporting, or marketing. But also to identify fraud and proactively monitor transactions. They can also be used in claims processing, one of the most important aspects of insurance.
Business Process Management: A Pinch of Business Process Management
Business Process Management is essential for successfully implementing any hyper-automation process. We all know that introducing digital tools to a business, especially new ones, can be challenging. To avoid breakdowns, companies must create and test seamless workflows.
BPM can be used to manage strategies and initiatives for hyper-automation. This is especially true in industries like Health, which are highly regulated. Process automation can be the difference between success and failure.
Finish with Advanced Analytics
RPA, in its original form, is only able to handle structured data. Hyper automation allows for the efficient handling of both structured and unstructured information. You can also convert unstructured information into structured data for RPA use. These advanced analytics allow businesses to access essential insights that would otherwise be inaccessible. They also enable disparate digital tools to work together seamlessly.
When considering digitalization in retail, handling massive amounts of data is essential. Hyper automation powered by advanced analytics is a great way to help retailers automate business processes like order processing, payment, logistics, warehousing, and risk management.
You’re done! Now you know how to use Hyper automation, a revolutionary tool that can transform your business processes.
In layperson’s terms, hyper-automation means beating eggs with an electric whisk instead of a regular one. This reduces effort and time while ensuring better results. You can’t go back once you automate something. For a business, this means:
Final thoughts: I believe it’s important to note that hyper-automation for businesses is not just a potential opportunity but a paradigm shift that augments human abilities without replacing them. Before you villainize robots, I want to assure you that they are not here to steal your job but to promote you.