Gartner has coined this word as the next step for the organizations in the automation journey. It was placed at the top of its list by Gartner in Top 10 strategic technology trends for 2020 report. It has gained a lot of interest from the industry expert as the emerging technology.
As discussed in our previous blog post on Hyperautomation, What is Gartner’s Hyperautomation?, it is a combination of digital tools and intelligent automation technologies like Robotic Process Automation (RPA), Artificial Intelligence (AI), Natural Language Processing (NLP), Process Mining, Business Process Management software (iBPMs), Platform as a Service (iPaaS) and other enterprise solutions like IT service desk, ERP, CRM, etc. The integration of these tools and technologies will enable the end-to-end process optimization and automation, including the tasks which were thought to be un-automatable earlier and deliver impact.
Which Processes Hyperautomation Can Automate Across Industries?
The integration of advanced technologies helps in eliminating its individual shortcomings and enabling the automation of challenging processes.
Here are some use cases Hyperautomation can transform across industries:
1. Banking, Insurance and Financial Services
Banking, Insurance and Financial Services (BFSI) industry is always was ahead in digital transformation by adopting new technologies due to very high volume manual tasks and competition.
BFSI industry has multiple ideal processes for automation starting from back-office tasks like data entry and document verification, followed by transfer, payment, customer support, KYC, etc.
For instance, in new policy issuance, an intelligent AI-powered Chatbot connected to customer service management solution can eliminate human intervention from policy application. Using Optical Character Recognition (OCR) and Field Service Management solution (FSM) connected to policy issuance systems like Life Asia and Elixir through UI automation bots can further automate the document verification and policy issuance process.
Intelligent Hyperautomation solutions powered with AI can help monitor financial transactions, identify and stop the fraudulent transactions in real-time.
BFSI industry deals with a lot of scanned documents and entering this data into systems. Most of the time, manual data entry is erroneous and time-consuming. Using OCR and UI automation bots, this process can be completely automated with almost zero errors.
Many banks and financial services companies are using Hyperautomation to automate customer service and back-office operations and minimizing costs with improved productivity.
Healthcare industry is one of the most regulated industries with lot of paperwork for patient-related documents. This increases back-office operations and time to serve the patient.
Hyperautomation can be a game-changing technology for the healthcare industry in serving patients and reducing undue costs.
One such use case is a digital nurse. Digital nurses are digital avatars trained to ask relevant questions to the patients. These AI & NLP powered avatars can understand the natural language and provide a relevant answer.
Hospitals have started using automation to automate billing and reports. Once the patients are registered, they don’t need to visit hospitals for report and billing details. Once the report is ready, patients can download it directly by sending a message or it’ll be directly delivered to the patient in their email inbox once ready. Similarly, payments can be done online and the invoice will be sent in the email directly by RPA bots.
RPA can also streamline the insurance claim process by automatically checking the patient insurance and coverage in real-time to avoid extra payment issues. RPA Bot will automatically submit the bills and necessary documents to the insurance company for claim settlement.
The retail industry is going through a huge transformation with eCommerce and technology infusion. It is very important for traditional businesses to stay relevant to the new emerging eCommerce businesses to compete in the changing market.
Retail sector has a huge potential for automation in various areas such as order management, payments, warehousing, supply management, trend analysis, among others.
With huge number of options in the market, it is really difficult for the consumers to stay loyal to the brand. Retail companies have to really invest in customer experience and support, and Hyperautomation can help.
Customer experience being an important area to automate through chatbot, SMS, chat messenger and email, intelligent automation can help in sentiment analysis on the social media platform. It is very important to address the customer grievance on platforms like social media, especially twitter, as it plays a major role in affecting the brand image.
RPA bots powered with NLP and AI can identify brand-specific content, understand the intention and notify to the support/brand management team. Further to this, a well-trained bot can even provide a relevant reply to these messages.
RPA can also help in price analysis by scanning competitors on other relevant platforms. For instance, a platform like trivago which gives you the best price for the hotel, uses RPA and UI automation to scan all the relevant sites and provide you with the best options available. This also helps the company to stay competitive in pricing.
4. BPO and Customer Service
Customer service is a very critical function for any product or service-based company. And it is very important for BPO service providers to be efficient due to increased competition in the market.
Outsourcing companies can leverage Hyperautomation to stay ahead of the competition with efficiency and high productivity using intelligent automation solutions.
Customer service representatives (CSRs) spend a lot of time in collecting customer and query related information in the call which ultimately results in longer resolution time. Integrating RPA with customer service system and knowledgebase can provide customer information to CSRs before-hand from their registered phone or email address. Integrating knowledge base with RPA will reduce the time spent in searching for resolutions.
Also, CSRs work with a lot of customer data which needs to be feed from one system to another manually. Integrating these systems will remove the manual intervention in data transfer and human error.
This will help in reduced resolution time and increased productivity. Reduced manual intervention will also reduce the required man-hours and related costs.
Hyperautomation – A Step Beyond Automation
RPA had provided organizations a way to optimize the individual tasks. Hyperautomation will enable the enterprise wide impact of the automation with process optimization, automation and integration.
To leverage Hyperautomation, organizations need to be more connected within functions and reconfigure processes. Integration of tools from multiple functions will play an important role in the successful execution of Hyperautomation strategies.
This will be the transformation which needs to be carefully handled and information and training should be provided through proper channel to avoid chaos. Employee up-skilling will enable organizations to take other critical challenges head-on.
What do you think about Hyperautomation and the role it can play in your industry? Let us know in comments.