Hyper Automation: Future and Functions in Different Businesses

Automation has become the core subject in all discussions, both inside and outside of meeting rooms. As per a McKinsey report, certain occupations are entirely automatable; however, we can automate 30% of tasks of all occupations for at least 60% of occupations across businesses. Organisations are slowly but certainly realizing the significance of automating various business activities. Consequently, we are witnessing a never seen before focus on digitizing processes and functions, thanks to COVID-19. Various business functions can implement Hyper Automation and aim at attaining the following:

• Re-engineering of procedures to eliminate non-value-add or identical steps
• Develop and deploy independent modules so that there is least inter-dependency
• Use ready tools wherever possible
• Provide quicker results

How does Hyper Automation aid in a typical business function?

Every organisation has multiple business functions. However, certain functions such as Finance and Accounting, Sales and marketing, Human Resources, and legal are always present in any organisation.

In the accounts payable division, which regularly involves receipt of invoices and releasing of payments, Hyper Automation can help in document extraction through Optical Character Recognition (OCR), verification of invoices, the automated release of payments on completion of credit period through RPA depending on the correctness of invoice. This would decrease the manual errors made, time taken by humans to process invoices and can significantly curtail the pay-out time to creditors.

Likewise, Hyper Automation in the accounts receivable department can, too, extract the invoice details from invoices raised, send automated pre-defined reminders to debtors on completion of the credit period. It can also compute interest and process debit notes in case of late payments. It can also knock off entries as payments mostly happen via banks.

Hyper Automation is a blessing when it comes to data management

For example, in Legal and Human Resources, helps data management vivaciously. With the assistance of machine learning and OCR, data extraction, validation, and enrichment can be carried out. This also comprises conversion of data in the desired format, producing standard documents, and much more.

In the case of tax compliances, Hyper Automation can extract data, do data validations, file returns, make tax payments, conduct reconciliations, identify any variations, etc. This will considerably lessen the time that tax teams spend on compliances.

For the sales and marketing team, Hyper Automation can help in plentiful ways, be it setting up a new prospects pipeline, identifying key decision-makers in the process, automating the marketing and sales CRM. Additionally, there are numerous potentials for the use and benefits of Hyper Automation. Every industry/ sector has precise activities that can also be hyper automated. For example, banking may have loan underwriting, customer on-boarding, etc. insurance may have claims handling, background verification, etc. Hence, the possibilities are infinite.

Future of Hyper Automation

The future of automation is Hyper Automation and its future looks bright. If used in the right way, it could prove to be a huge boon. Hyperautomation can tremendously increase productivity and efficiencies and reduce operating costs in these unsettled times. As per a Mckinsey report, automation could raise the productivity rate globally from 0.8% to 1.4% annually.

Though Hyper Automation is at an emerging stage, its future looks promising. However, the road to achieving it requires detailed planning and execution. The selection of tools and technologies being the most crucial step. Though, the actual push would come when organisations start implementing it and experience the benefits resulting from it. Once even a handful of large organizations start using Hyper Automation, it will generate a snowball effect making other organisations adopt it too.

Another significant feature we need to keep in mind, that,  just like any other technology revolution, Hyper Automation does not mean reducing the human workforce. It would need collaboration between a man and the machine to make it as successful as desired. Humans will very much be the key decision-makers; only the repetitive and mundane tasks with simple decision-making need deputation to machines.

Although the future looks promising, challenges persist. To harness the complete benefits of Hyperautomation, organizations should select their technology partners carefully as there are multiple other aspects like information security, keeping an eye on service level agreement and support provided by any vendor, etc. Adding to that a company needs to consider partners that help not only in enhancing their technical capabilities but also understands the business objectives of the company.