In the search for cost-savings opportunities that also offer business agility perks, companies seem to have found their golden ticket in hyperautomation. LOB leaders are uncovering that hyperautomation reduces a range of IT and operational costs while presenting the company with a new way to interpret big data and apply the insights to the business.
According to the Coherent Market Insights report, the global hyperautomation market will more than quadruple by 2027. What’s the appeal? Analysts at Gartner predict that in just four years, hyperautomation will reduce companies’ operating costs by 30%, a quite gratifying business case scenario that, for most, justifies platform and implementation costs.
What is Hyperautomation? What does Gartner mean by Hyperautomation?
Reducing Organizational Debt with Antelligent Automation
Companies often carry quite a bit of organization debt derived from organizational costs, ranging from data storage and security to staff and personnel. With so many moving parts, consolidation of technologies used for these business operations seems out of reach.
Instead, LOB leaders are challenged with finding funds to cover required business processes reliant on a piecemeal of technologies (both automated and not) that are often not fully optimized and are sometimes redundant in their duties.
This disjointed type of IT ecosystem evolves over time. Previously, there was a hard line between people and automations, resulting from the effort and time required to build automations. As our lives have sped up, the automations were out of sync with need even before they were implemented. This put the burden on people to fill gaps. The burden grows and grows over time, creating a sort of disproportionate “organizational debt”, which is analogous to technical debt and describes what it takes to keep running the business.
A more cost-effective approach is to automate tasks and processes and orchestrate automation across functional areas. Intelligent automation is an approach to digital transformation that includes a combination of technologies and digital workers. Both together and individually, they deliver and monetize with great speed, allowing a company to consolidate their debt into a lower, modest amount.
Intelligent automation automates a wide range of business and IT processes with decision process and task automation, including:
- RPA, IPA and all the other xPAs
- Machine learning
- Process mining
- Process discovery
Working together, these technologies can use systems, which gather and assemble all sorts of data, to understand and make choices to achieve particular outcomes. Essentially, these digital workers can not only perform tasks like humans but also process data like computers.
Intelligent automation presents the ability to adapt to changes in your needs without having to add organizational debt. Companies can then replace high-cost organizational debt with lower-cost technical debt.
Business Agility Benefits of Intelligent Automation
Implementing intelligent automation may reduce talent costs through reorganizing staff and eliminating tasks while increasing overall production. Gartner touts that intelligent automation will reduce as much as 69% of the manager’s workload by 2024.
Through this reinvention in process, companies are liberating employees from monotonous work and inefficiencies, giving them more time to focus on more-enriching, value-add tasks and team collaboration and restoring the humanity in their business. Intelligent automation can also augment employee decision-making through AI, which can provide critical insights into data patterns. This fast track to increased productivity leads to enhanced organizational efficiency.
Intelligent automation can assist with and expedite routine tasks such as:
- Data entry
- Data extraction
- Supplier management
- Regulatory reporting
- Invoicing and billing
- Payment and claims processing
Intelligent automation eliminates these extra steps performed by human workers and replaces it with low-cost technology.
An end-to-end automation platform also helps a company scale faster and get products to market quicker by accelerating production, testing, and reiteration. intelligent automation complements human intelligence for better business decisions, empowering companies to make informed decisions based on data analyzed by automation systems.
The Real Value Driver for Intelligent Automation
The agility intelligent automation creates in organizations is the real value driver in that it makes it much easier to adapt without adding organizational debt. Almost every part of the business benefits from hyperautomation: the shareholders, management, employees, and customers.
WonderBotz makes it easy for organizations to transform how they get work done. We work with clients in every stage of adoption, and our approach delivers more complete and faster speed-to-value and with less risk.