The Rise of Hyperautomation
Automation has become a crucial part of modern-day businesses and while organisations are investing enormously towards the digitalisation of their processes, new automation technologies continue to evolve. Hyperautomation refers to a combination of complementary sets of tools that can integrate functions and process silos to automate and augment business processes.
It starts with RPA (Robotic Process Automation) at its core and expands the automation horizon with AI (Artificial intelligence), process mining, analytics and other advanced tools.
The global hyperautomation market is expected to grow at a CAGR of 18.9% during 2020-2027, surpassing the $23.7bn mark by the end of the forecast period.
The pandemic has accelerated the pace of many hyperautomation projects and sectors that are most likely to see a disruptive impact from this are healthcare, insurance, travel, tourism and public industry verticals.
The path to hyperautomation:
Research indicates that by 2024, majority of the organisations will be able to reduce operational costs by 30% by enabling hyperautomation. The advantages of harnessing the technology are greater efficiency, no manual intervention, faster turnaround time, reduced costs of data processing, high accuracy and ease of deployment and execution.
Hyperautomation often leads to creation of a digital twin of the firm. Digital twins offer companies in any industry a method to test high risk ideas and processes in a fail-proof manner because all conditions and results are sandboxed from the physical world. The greater visibility into potential outcomes enables insights that stakeholders can then apply to proactive decisions, or it can trigger predictive processes, that can help in improving the business.
Source: Gartner, Deloitte, Coherent Market Insights, and news reports