The automation of business processes was already in a state of increasing adoption long before the pandemic began. However, the rapid shift to remote work coupled with COVID-19's economic impact has kicked automation into high gear. Organizations are seeking to improve efficiency and reduce cost by reducing employees' time spent on manual tasks. Robotic Process Automation (RPA) platforms have traditionally driven this transformation, but with the increased demand for a variety of use cases, many organizations are finding RPA tools inadequate. And they're wanting to add more intelligence to automation.
When automation moved to the cutting-edge of most ventures, numerous organizations felt hesitant to implement this new innovation. Instead of zeroing in on the massively expansive and verifiable advantages of using automation for business process improvement, business pioneers feared change and employees stressed over losing their jobs. Nonetheless, with the progression in automation technology, patterns like hyper-automation are developing, implying that organizations are presently moving their practices towards making "people-centric smart workplaces." This change has introduced another period for business operations that depend on technology and automation tools to keep up a competitive edge. This is particularly evident in the financial services industry.
Hyper-automation is the use of advanced technologies, like artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA), to automate common tasks. However, it refers to the tasks and processes that can be automated and the level of automation. It is often referred to as the next major phase of digital transformation. It is important to note that hyper-automation is not meant to entirely replace humans. Rather, through automation, humans are freed from repetitive and low-value tasks to focus on higher value to the organization. Together, automation and human involvement help organizations to provide superior customer experiences while reducing operational costs and boosting profitability.
As businesses fuse AI and robotics to unlock their competitive edge, vision and strategizing are key not just to success, but also to survival. The term "hyperautomation," unknown just several years ago, has now become a part of everyday tech jargon. Gartner coined the term in 2020, naming it one of the year's top strategic technology trends. The research giant recently upped the ante, publishing its forecast that the hyperautomation-software market will reach nearly $600 billion by 2022. In fact, "Hyperautomation has shifted from an option to a condition of survival," according to Gartner's vice president of research, Fabrizio Biscotti.
Afshar is the author of The Pursuit of Social Business Excellence. Automation is at heart of digital business transformation. Researchers from MuleSoft identified 7 key digital transformation trends that will shape the future of work in 2022 and beyond. One trend, hyperautomation, could be the key to unlocking digital value. Hyperautomation can increase productivity, accelerate time‑to‑market, and transform employee and customer experiences in a hybrid and connected work environment.