A business enterprise having a customer-centric approach with a focus on operational excellence requires Intelligent business processes that are supported by cognitive capabilities. Bringing hyperautomation into business opens a plethora of opportunities that pave the way for streamlining business processes, improving employee productivity, delivering a better customer experience, and much more.
It helps to future-proof your business with AI-powered RPA, BPM, iBPMS, iPaaS, chatbots, blockchain, IoT, and much more to help enhance operational efficiency and mitigate risks and anomalies.
According to the report by McKinsey, 31% of businesses have automated at least one business process, and 35% of businesses are initiating a pilot project to streamline their operations.
As hyperautomation continues to improve business results, its market will grow. According to a report by 2030, the hyperautomation market will reach USD 32,632 million in 2030 with a CAGR of 18.7% from 2022 to 2030.
There are, however, challenges in the adoption of this technology for many businesses, and we need to explain how these challenges can be overcome.
Let’s take a dive into the benefits, challenges of hyperautomation and ways of overcoming them
Benefits of Hyperautomation:
1. Enhanced Collaboration among Team Members:
Hyperautomation improves collaboration among team members by connecting them with processes that bring enhanced visibility for each process. When the financial, accounting, HR, and IT teams are synchronized for dedicated processes from the very beginning, it creates a sense of transparency among them and they can participate in accelerating the digital transformation of the organization in a better way.
2. Better ROI:
Businesses can yield better outcomes on their investments with Hyperautomation. For example, adopting invoice automation can streamline the complex process with complete workflow management and a human-in-loop feature that brings transparency and complete control over the entire process, minimizing risks, and anomalies and yielding better ROI.
3. Reduced Operational Costs:
Businesses can cut down on their operational costs by automating highly repetitive, redundant, and voluminous tasks that require manual bandwidth. With hyperautomation, the entire workflow is automated to mitigate errors and inconsistencies.
4. Improved Decision-Making:
When processes are automated from end to end, the data is captured accurately and insights from that data help to make informed decisions. By using these insights, businesses can make the required improvements and provide a better customer experience.
5. No Dependency on IT Team:
With the low-code automation platform powered by cognitive capabilities, there is no dependency on the IT team to manage and maintain the entire automation solution. Even non-technical professionals can handle the hyperautomation solution with ease.
Challenges of Hyperautomation:
Introducing automation into an organization can present a number of challenges. Let’s take a look at these common constraints below:
Choosing the right automation solution for your business needs.
- Measuring the result of automated processes.
- Accurately adhering to realistic project timelines with automation.
- Ability to measure accurate ROI, both tangible and intangible.
- Gaining the confidence of all stakeholders to introduce automation into your business processes.
How to Overcome Challenges:
- Analyze business requirements, scalability, and readiness to adapt to digital transformation.
- Create a positive environment within your organization among all stakeholders by introducing a new approach to business.
- Focus on major constraints in your way and proactively handle them to ward off all obstacles.
- Bring business and technology experts together onboard for brainstorming, implementing, and managing the automation solution.
- Focus on upskilling, and reskilling employees to create a familiarity with the automation solution and bring a skilled preposition in the usage of new technology.
- Process mining is crucial to determining your existing business processes and which ones are to be streamlined for optimal efficiency.
- Developing a digital twin of your existing business processes and automating processes to evaluate operational efficiency and output and making changes if required.
By following the above-mentioned steps, implementing hyperautomation can become effective, since hyperautomation is capable of tackling key operational challenges by leveraging pre-built workflows on low-code platforms.
Productivity issues, higher operational costs, capacity limitations, and fluctuations in the demand create a necessity for businesses to leverage hyperautomation solution for automating repetitive tasks. Therefore, bringing technology into the existing system plays a crucial role in accelerating business processes by improving productivity and reducing costs along with minimizing risks.