The worldwide market for hyperautomation is set to hit £440 billion in 2022, according to Gartner. So, it's clear this is a topic organisations everywhere need to keep an eye on.
However, as it’s such a recent term, there's still work to do around understanding what it is and how it can help.
Let's unpack the concept by defining it and exploring its many benefits.
What is hyperautomation?
Here’s a straightforward definition:
Hyperautomation is the use of a series of advanced technologies to further automate processes and augment people. It refers to both the tools for automation, (e.g., artificial learning and machine learning) as well as the application (e.g., discover, monitor, assess). Hyperautomation leads to increasingly AI-led decision-making in a company.
Hyperautomation differs from normal automation by adding further advanced technologies and focusing on a business-driven approach.
Perhaps the best way to understand hyperautomation is to look at the value it can bring to your company.
What are the benefits of hyperautomation?
Over the next three years, executives expect automation to increase their workforce capacity by 27 percent. Hyperautomation will build on this still futher to bring more benefits to your business. Some of the most significant perks include:
- Reduced costs. You can reduce spending on additional hires by instead automating tasks with AI and robotic process automation (RPA). This is a key driver for many as cost reduction became a priority for two-thirds of companies in response to the pandemic.
- Improved quality. Automating processes means you enjoy improved consistency and the removal of human error. Did you know we humans make an average of 118 mistakes in the workplace every year?
- Greater agility. With access to better data, as well as the tools to monitor, understand and make sense of that data, you can now make business decisions faster (and better predict future needs).
- Enhanced engagement. Tedious manual tasks, such as quality control, are now automated. This means staff can take on more creative, innovative, and engaging tasks instead. Indeed, with engagement below 40 percent for most companies, there is a strong opportunity here.
- Better decision-making. With sophisticated integration of AI highlighting opportunities, and seamless sharing of data, you can now make decisions based on a more complete picture.
- Data-driven. Thanks to the power of the cloud, technologies (such as machine learning) can access all the storage and compute resources they need. Connected IT systems mean different areas of your business and different technologies enjoy the same data.
Interestingly, Gartner also notes hyperautomation will create a “digital twin” of your organisation. This will enable companies to visualise how functions and processes interact. As a result, you'll receive ongoing intelligence about your operations that’ll highlight further opportunities to improve.
Empower your business with hyperautomation
As one of the top trends to watch in 2022, hyperautomation deserves your attention.
Yes, automation is already revolutionising many sectors. For example, creating frontline capacity in the healthcare sector. But hyperautomation can bring even more to the table. Indeed, with benefits such as greater agility and reduced costs, there's a strong case for modernisation.
If you'd like to talk with our team to learn more about hyperautomation and how VKY can help, please reach out today.