Hyperautomation is one of the most coveted technologies these days and is likely to be a trending buzzword in 2021. A leading Research and Advisory firm has listed Hyperautomation on top of its Top 10 Strategic Technology Trends for 2020 report, and for all the good reasons.
Let us begin by knowing what is Hyperautomation?
Hyperautomation is a process in which businesses automate as many business and IT processes as possible using tools like AI, machine learning, event-driven software, robotic process automation, and other types of decision processes and task automation.
At its core, Hyperautomation is an idea, which says anything that can be automated in an organization should be automated. It enhances the ability to automate work and is driven by organizations having legacy and inefficient business processes which create immensely expensive and extensive issues.
How it delivers maximum value for your organization
- It brings collaborative intelligence: where humans and technology work not just side by side but together.
- Facilitate collaboration on tasks across the organization: Intuitively automates cross-functional activities which involve collaboration among multiple stakeholders
- Seamless system integration: Unites distributed technology and data storage systems that can now communicate seamlessly with the power of smart integrations.
- Develop a strategic edge: Prompts all technology components to function in tandem with business needs and requirements.
- Return on Investments (RoI): Optimize the ROI based on processes automated, optimized workflows, and time and costs saved.
Hyperautomation use cases across Finance and Insurance industry
Banking and Financial services – Hyperautomation is significantly apt for regulatory reporting, marketing, sales & distribution, bank servicing, payment operations, lending operations, back-office operations, enterprise support, among others. It is also able to prevent suspicious actions as intelligent automation solutions empowered by Al algorithms can efficiently monitor the transactions and proactively identify fraudulent activities.
Insurance – Processing insurance claims, which is quite an important process for any insurance agency, can profit a great deal with Hyperautomation. Using Intelligent Automation, the physical data provided by multiple stakeholders to the insurance agencies can be verified and checked against client certifications with ease, precision, and a lot quicker as compared to their human counterparts.
Advanced Analytics can be utilized to acquire significant insights from information accumulated from sensors, wearables, topographical, and others.
Predictive modeling procedures can assist insurance people in calculating risk factors and policy premiums for a specific segment of customers.
AI technology can also be utilized to expertly anticipate the probability of claims. ML can handle various factors for making exact forecasts.
Other Hyperautomation use-cases
- Understanding documents using OCR (Optical Character Recognition)
- Understanding emails using NLP (Natural Language Processing)
- Forecast stocks and automate restocking.
- Enhancing automation flows using AI/ML (Artificial Intelligence/Machine Learning)
Are You Ready for Hyperautomation in 2021?
Ask yourself, having described all the benefits and use cases of Hyperautomation, we trust your answer to be ‘Yes’.
Read our original blog here: Hyperautomation – The new wave of Automation