What is the issue?
- The global hyperautomation market is anticipated to grow at a CAGR (Compound annual growth rate) of 18.9% during 2020-27.
- In this context, here is a look at its features, scope and potentials.
What is hyperautomation?
- Conventional automation or Robotic Process Automation (RPA) performed rule-based tasks.
- RPA was a foundation stone that has made way for users to explore the broader meaning and greater abilities of automation.
- The last few years have seen the emergence and convergence of many powerful technologies related to artificial intelligence, machine learning, and intelligent and cognitive automation.
- The strategic confluence of these technologies is also known and defined as hyperautomation.
- One of the key differentiators of hyperautomation is its ability to loop humans into the process.
What are the key features of hyperautomation?
- Artificial intelligence (AI) - AI enables organisations to become Insight Driven Organisations (IDO).
- It relies on the fundamental building blocks of people, process, data and technology being in place and informed by an analytics strategy.
- Advanced analytics - The power of data is in its interpretation.
- Organisations that are able to leverage the full power of data and analytics will create unique and sustainable competitive advantage in their marketplace.
- Intelligent automation - This relates to leveraging a suite of tools and technologies that emulate and enhance human actions and capabilities.
- The objective is to create higher-than-normal value for the key stakeholders including shareholders, customers, employees and community.
- Information management - It is a business-driven approach to designing and implementing next generation solutions and processes.
- This supports businesses globally to better manage, protect, share and innovate with their data.
What is the future scope?
- Artificial intelligence, machine learning, and intelligent automation are amongst the top ten Industry 4.0 technologies.
- These may have the most profound impact on major organisations globally.
- Hyperautomation leverages new and combined capabilities to expand the frontiers of automation.
- Extensive digitalisation of traditional manufacturing plants will be the primary contributor to hyperautomation market.
What are the key potentials of hyperautomation?
- Workforce enablement - Hyperautomation helps organisations accelerate their digital transformation journey.
- Employees will be able to automate the many processes within their role, and get more done faster with the resources available to them [‘doing more with less’].
- Minimising manual tasks enables them to focus on more impactful work, like planning and strategy.
- Employee upskilling - Automation is no longer reliant solely on IT skills.
- A business user has thus the potential to become an automation thinker, influencer and leader.
- This could lead to a more hyper-skilled employee base that can achieve better outcomes than before.
- Systems integration - With hyperautomation, a company’s old on-premise technology and disparate data systems can communicate seamlessly with the power of integrations.
- Digital agility - With many automation technologies, a company can move past the one-off benefits of a single technology to a state of true digital agility and flexibility at scale.
- In all, hyperautomation creates newer and better outcomes such as simpler processes, higher productivity and reliability, ‘less stress’ work environment, and more agile and flexible organisations.
Source: Business Line
