The Competitive Advantage of Hyperautomation
The pressures facing business leaders today are heightened as the future goes more digital. Operational efficiency is being sought across businesses and increasingly, investors expect higher returns without sacrificing value or growth.
Meanwhile, you’re facing a constantly changing regulatory landscape that’s growing ever more complicated. As you try to manage these challenges in real-time, it’s becoming both difficult and expensive to attract and retain the necessary talent to navigate them.
On top of that, we’re seeing more artificial intelligence (AI) technologies surfacing, from ChatGPT to AI-generated art. To remain competitive and meet stringent regulations and compliance standards, companies must find ways to improve customer satisfaction while also cutting operational costs.
This is what it means to do business in today’s world. Of course, the question it begs is how to best respond. All organizations must contend with these demands. But rather than simply mitigating them, some choose to go further by carving out a competitive and commercial advantage in the face of adversity – and keep ahead of the curve by staying aware of the strategic technology trends.
If you’re wondering how that’s possible, stick around. We’ll tell you all the key benefits and uses of digital transformation through hyperautomation.
What is HyperAutomation?
Hyperautomation is the sped-up version of intelligent automation, using various artificial intelligence technologies to rapidly identify and automate as many processes as possible.
What is Hyperautomation Used For?
The concept of automating business processes through intelligent technologies is nothing new. However, where basic robotic process automation (RPA) optimizes tasks using software robots, and intelligent automation (IA) transforms entire processes, hyperautomation goes one giant step beyond traditional automation. Hyperautomation builds on previous learnings and incorporates ground-breaking technology to deliver genuine process reinvention. How? Hyperautomation automates the process of automation itself. Essentially, hyperautomation is about automating everything across an organization that can possibly be automated. It’s meant to streamline processes through workflow automation and is set to run without human intervention. Also like IA, hyperautomation deploys digital workers to take over repetitive tasks, allowing employees to focus on higher-value, more complex tasks. This in turn improves employee experience by freeing them from this mundane work. RPA is a component of hyperautomation that deploys software bots to perform tasks. But hyperautomation can also employ other complementary technologies such as optical character recognition (OCR), low-code/ no-code tools, intelligent document processing (IDP) and natural language processing (NLP) for adaptable, cognitive automation. In other words, hyperautomation encompasses a lot and can do even more.
How Does Hyperautomation Work?
SS&C Blue Prism is a market-leading provider in the design and deployment of hyperautomation solutions for enterprise-level businesses. We’ve helped companies around the world utilize advanced technologies such as artificial intelligence (AI) and machine learning (ML) with our comprehensive suite of propriety automation tools, a low-code platform and proven methodologies. Doing business today is complicated and that complexity is only likely to increase. To thrive in the changing world, businesses must find new and innovative ways to give themselves a competitive advantage. We invite you to discover yours through the transformative power of a hyperautomation initiative from SS&C Blue Prism. There are a lot of useful automation tools at your disposal, but two of the biggest are process intelligence and business process management.
Process intelligence provides visibility into your business processes without requiring the usual manual effort from your analysts or Center of Excellence (CoE). And with SS&C | Blue Prism® Process Intelligence, you get the right processes in production up to 30% faster. Process intelligence is a combination of process mining, task mining and business intelligence to uncover bottlenecks and opportunities so you can better optimize and scale your automations. Process intelligence identifies the right processes to automate and ensures they’re running at peak performance.
Business process management
Business process management (BPM) is an approach to automation management that includes analyzing, monitoring and optimizing end-to-end business processes. BPM is both a discipline and a technology. As a discipline, it measures the success of individual processes and helps users oversee the entire automation journey. As an IA technology, it connects processes, people, technology, digital workers, data and software to enable accurate and more efficient work. You can use our digital transformation platform, SS&C | Blue Prism® Chorus BPM, to rapidly build and automate processes, optimize workflows, create a digital customer experience and accelerate straight-through processing. With Chorus, you get a comprehensive BPM suite including digital process automation, case management, omnichannel interactions and operational analytics – all to deliver better business outcomes.
What is the Difference Between Hyperautomation and Intelligent Automation?
Hyperautomation is often confused with intelligent automation and robotic process automation (RPA); while both use AI-powered automation platforms and tools to streamline complex business processes, they do have differences. So, what is the difference between hyperautomation, IA and RPA? Hyperautomation is the sped-up version of intelligent automation, using automation technologies such as RPA and artificial intelligence (AI) to transform business operations quickly. It’s all about replacing manual processes with intelligent process automation. IA comprises of RPA, artificial intelligence and machine learning for decision-making and scaling automation, whereas hyperautomation is used by organizations to rapidly identify and automate as many business and IT processes as possible. Often, you’ll see IA being used with hyperautomation efforts. Sometimes referred to as cognitive automation, intelligent automation (IA) links AI with the interactive automation capabilities of RPA. The two basic concepts that intelligent automation links together are thinking (AI) and doing (RPA).
Hyperautomation Use Cases
Nearly every sector has its process bottlenecks – from individual tasks slowing down work to siloes hindering entire workflows – and most are looking at how they can achieve better organization-wide efficiency and reduce operating costs. Hyperautomation can fit intelligently into these processes to streamline workflows and helps employee productivity by allowing your staff to focus on more interesting work.
Below are use-case examples of how hyperautomation can work in various industries.
Manufacturing companies especially struggle to keep up with supply chain issues, and shortages can mean a poor reputation that affects the bottom line. But within these challenges, supply chain manufacturers also have a huge opportunity with hyperautomation. Hyperautomation helps eliminate the potential for human error or time wasted checking and re-checking inventory statuses and shipping delays.
Here are a few examples of processes within the supply chain that can be automated:
- Inventory checks
- Product availability
- Procurement Pricing and billing
- Quote requests Customer follow-up
- Data input System maintenance and repair
The healthcare industry relies on streamlined and efficient processes to ensure better patient experiences and that payments aren’t missed.
Here are examples of automation processes the healthcare industry can implement: Billing cycles
- Payment collection
- Customer communication
- Appointment booking
- Record management
- Collecting data
- Extracting data from various sources
- Improving patient care
- Keeping patient information up to date
- Managing drug inventory
- Scheduling staff
Banking and finance
The financial sector has tons of processes that can be optimized with hyperautomation. They require accuracy and compliance with industry regulations, all of which can be implemented with a solid automation strategy.
Some of the most common use cases in financial services and the banking sector are:
- Data management
- Auto form filling
- Customer identification
- Loans processing
- Faster decisions for loan requests
- Incident management
- Know Your Customer (KYC)
- Anti-money laundering (AML)
- New customer onboarding
- Employee payroll
What is an Example of Hyperautomation?
Let’s get into specifics of hyperautomation in practice with this SS&C Blue Prism customer story from the healthcare sector.
Case study in healthcare
Mercy Radiology in New Zealand enhanced their cash flow by $200 thousand by automating their invoices. Before, their invoices and receipts were all input manually, leaving room for human error and missed data. This work was tedious and time-consuming for staff. Mercy Radiology implemented an intelligent digital worker to automate this task, determining the correct payer, cross-checking patient details against the person’s National Health Identifier (NHI) number and lodging it through their online portal. Their digital worker now handles 98% of their invoices automatically, saving them time and money.
Benefits of Hyperautomation
Hyperautomation is all about quick implementation without sacrificing the quality of your automation procedure. With a good strategy and model for your automation journey, you can easily reach your target return on investment (ROI): Complete tasks consistently, accurately and quickly Rapidly identify automation opportunities Reduce costs Faster responses to customer demands Improve customer experiences Better employee satisfaction Eliminate manual tasks Deploy digital workers to perform repetitive processes Quick scalability enterprise-wide Unify your digital workforce with your human employees It’s clear the world is turning more digital, and automation isn’t a technological trend that’s likely to go away. It’s up to business leaders like you to keep up and ahead of the competition, and to seriously consider the advantages and degrees of hyperautomation in your organization. Luckily, it’s a journey you don’t have to take alone. Our Partners at SS&C Blue Prism specialize in giving you the tools to make informed decisions. We support your organization and help you consider which technologies you should adopt to gain agility through automation and reach your intended business outcomes.