Hyperautomation is a business-driven, disciplined strategy to quickly discover, validate, and automate as many business and IT activities as possible. Automation frees people from monotonous, low-value work so they may concentrate on more important duties.
Experts predict that every business will employ hyperautomation in some capacity within the next two years. While some businesses have embraced it, others are still experimenting with it at the periphery to see how it will best impact their businesses.
Hyperautomation is the rapid rise of digital employees who work alongside humans to deliver superior customer experiences and lower operating expenses. It’s important to keep in mind that this is not a replacement for human workers; rather, it frees people from monotonous, clerical work.
The idea of hyperautomation is to automate everything within an organization that is automatable. Organizations employ hyperautomation, a business-driven, disciplined strategy, to quickly discover, validate, and automate as many business and IT activities as they can.
Hyperautomation entails the coordinated employment of several technologies, tools, or platforms, including robotic process automation (RPA), artificial intelligence (AI), intelligent business process management suites (iBPMS), integration platform as a service (iPaaS), low-code/no-code tools, packaged software, event-driven software architecture, digital twins, etc., to automate as many processes as possible and minimize human intervention between workflows.
With traditional work processes being ranked by business leaders as the #1 workforce issue, hyperautomation is quickly shifting from being an option to a condition to thrive. Gartner lists hyperautomation as one of the top 10 important technology trends. In a recent study, it was found that over 85% of participants planned to “either enhance or sustain their organization’s investments in hyperautomation over the next 12 months, and over 56% already had four or more concurrent hyperautomation activities.”
It’s critical to remember that hyperautomation is not intended to completely replace humans. Instead, automation frees people from monotonous, low-value work so they may concentrate on more important duties. Automation and human participation work together to enable businesses to deliver superior customer experiences while lowering operating expenses and increasing profitability.
An essential element of hyperautomation is the capacity to include people in the digitalization process. Robotic process automation(RPA) was a major component of the initial wave of automation technology. RPA uses bots to simulate repetitive human jobs. These processes are rule-based and carry out tasks using structured data. RPA only focuses on human behavior, unlike artificial intelligence, which aims to mimic human intelligence. Hyperautomation enables digital employees to work side by side with humans to achieve unparalleled efficiency.
Hyperautomation, AI, and intelligent automation may seem similar but there are differences that sets them apart. Let’s find out how these terms are different in implementation and how they relate to each other.
Hyperautomation, also known as digital process automation or intelligent process automation, deals with the application of advanced technologies including artificial intelligence (AI) and machine learning (ML) to increasingly automate different processes. Hyperautomation refers to both the range of tools used for automation as well as the level of automation—discover, analyze, design, automate, measure, monitor, and reassess.
As no single tool can complete all the workflows, hyperautomation involves the use of a combination of tools—robotic process automation (RPA), intelligent business process management software (iBPM), and AI—with a goal of increasingly supporting AI-driven decision-making.
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Now, let’s talk about artificial intelligence or AI. AI is like a machine that can organize your wardrobe just as you like it or serve every member of the house a customized cup of coffee! These machines are artificially incorporated with human-like intelligence to perform tasks as we do, by using complex algorithms and mathematical functions. AI is used in smartphones, cars, social media feeds, video games, banking, and many other aspects of our daily life. AI as a standalone technology isn’t used much but there are many AI-driven technologies, hyperautomation being an example.
Intelligent automation can gather and process both structured and unstructured data, enabling businesses to utilize data to make smarter decisions in a way that was not previously possible. Intelligent automation can process tasks beyond what humans are capable of. For example, organizations can improve service speed, handle large volumes of data, increase efficiency and accuracy, and complete tasks that before were not deemed possible.
The use of hyperautomation has increased more quickly than ever in the post-COVID environment as companies from all industries compete for digital transformation. In a McKinsey survey, respondents said that their organizations were able to embrace digital innovations at least 25 times quicker than they would have anticipated in the pre-pandemic situation.
In the area of remote working solutions, respondents said that hyperautomation solutions were deployed 40 times faster. Let’s take a look at some of the mid-market finance specific use-cases for hyperautomation
Receiving, processing, and disbursement of invoices from vendors that supplied the business with goods or services are all included in the accounts payable (AP) process.
Traditional AP processes are manual, expensive, time consuming, and immensely error-prone. But, businesses can transform their payables process with the help of automation. Businesses may automate most AP process operations by combining RPA with machine learning and document extraction technologies like optical character recognition (OCR).
One of the most crucial financial tasks is keeping track of accounts receivable to prevent unforeseen cash deficits. A number of time-consuming tasks are involved in keeping track of unpaid invoices and applying cash once payments are received.
Knowing days sales outstanding (DSO), which is the length of time it takes to collect payment, is also useful. With RPA, there is no chance of forgetting anything, so you can effortlessly produce invoices, monitor their progress, and speed up payment.
Account reconciliation and intercompany reconciliation are two common use cases for process automation. Whatever kind of reconciliation is being carried out, it demands a great deal of attention to detail and data gathering.
To find out if there are any differences between general ledgers and subledgers and outside paperwork, data may be analyzed quickly and precisely with RPA. If reconciliation is required, software robots can notify your staff and let them know immediately. This makes account reconciliation a perfect use case for hyperautomation.
The decisions made by executives and stakeholders depend on the reports that finance departments produce. However, creating and delivering these reports can be time-consuming. The data may have changed during the time it took to manually construct a report, which could have an effect on the choice that is ultimately made.
Tools for robotic process automation can combine data from different sources to provide reports. RPA solutions may handle the procedure for everything from regulatory filing to annual investor reporting.
Hyper automation can be used to automate the paperwork and repetitive operations involved in travel and expense (T&E) processes. Here are some of the travel & expense processes that can be automated:
Eliminating paper procedures would considerably improve the efficiency of day-to-day operations. Customers will have more knowledge of their borrowing options and be able to self-serve. RPA can minimize the amount of labor-intensive human effort by gathering pertinent data from loan paperwork.
Businesses can hyperautomate all the aspects of their processes and reduce the overall time, effort, and cost that goes into managing the tedious work. Automation can help in revamping the whole organization by optimizing various processes. Some examples include:
The term hyperautomation essentially refers to combining advanced technologies to strategically automate as much of a business as possible. Hyperautomation, first presented in 2019, has developed into more than a passing fad; by 2024, it is expected to accomplish 69% of the job presently done by managers.
While some businesses have fully embraced hyperautomation, others are still experimenting with it at the periphery to see how it will best impact their businesses. Experts predict that every business will actively employ at least three of the twenty odd fundamental processes that support hyperautomation within the next two years.
So, let’s look at some key hyperautomation trends:
Low code platforms make it easier to build applications through visual design elements like think-point-click and dropdown, by skipping the time consuming and costly custom coding steps. In turn, this accelerates the delivery speed of some very critical applications such as business process management (BPM), and enterprise content management (ECM) when required.
A digital twin duplicates the operations in the digital realm. It helps to understand the impact of your decisions on various processes in changing scenarios. For example, how increasing the production will affect the machinery or how increasing the speed of a machine/vehicle will increase the fuel costs.
Process mining studies the efficiency of current processes by examining event data and applying pattern recognition techniques to create workflow models.
Process discovery, however, answers how the processes are happening and combines digital tools and the human element to model how processes and employees interact within the organization.
Intelligent document processing combines the power of ML, optical character recognition (OCR) and intelligent automation (IA) to get the best out of the content and find the right person at the right time to deliver this information.
Since RPA and AI are widely used in the financial services industry, it’s likely that your company has already implemented a number of automation projects. However, in order to achieve scalability and agility with hyperautomation, a concerted, corporate-wide effort is needed.
An organization’s hyperautomation programme should be supervised and guided by an automation CoE, which is a business unit made up of technical and business professionals. A CoE for automation will:
In order to successfully implement hyperautomation, a company’s culture must be robust. Organizations ought to
Partnering with experienced fintech vendors is key to implementing hyperautomation use cases successfully. HighRadius offers autonomous finance solutions that are easy to implement and affordable. Our range of solutions include autonomous receivables, autonomous treasury, and autonomous accounting solutions.
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HighRadius Integrated Receivables Software Platform is the world’s only end-to-end accounts receivable software platform to lower DSO and bad-debt, automate cash posting, speed-up collections, and dispute resolution, and improve team productivity. It leverages RivanaTM Artificial Intelligence for Accounts Receivable to convert receivables faster and more effectively by using machine learning for accurate decision making across both credit and receivable processes and also enables suppliers to digitally connect with buyers via the radiusOneTM network, closing the loop from the supplier accounts receivable process to the buyer accounts payable process. Integrated Receivables have been divided into 6 distinct applications: Credit Software, EIPP Software, Cash Application Software, Deductions Software, Collections Software, and ERP Payment Gateway – covering the entire gamut of credit-to-cash.