Is hyperautomation the key to digital transformation, or just another buzzword?
By BreakFree Solutions
Coming off the Banking Automation Summit earlier this month, there’s been a lot of talk surrounding the benefits of automating the financial service industry to meet rising demands from clients who require more from their banks and in less time.
Some experts predict that it’s not enough to embrace automation, but hyperautomation is necessary for foundational institutions, such as banks, to digitally transform and meet the needs of the future.
Robotic Process Automation (RPA), which McKinsey and Company predicts will have an economic impact of nearly $6.7 trillion by 2025, combines typical automation with software to eliminate the mundane, repetitive jobs, similar to when automation squashed the assembly line jobs in the manufacturing industry during the industrial revolution — only this time for the digital age.
Hyperautomation takes this a step further, adding more complex technological tools into the equation, such as advanced AI, natural language processing, and machine learning, so that more complex tasks — those which require responding, decision making, and other human-like aspects — can be automated as well.
Gartner defines hyperautomation as “an effective combination of complementary sets of tools that can integrate functional and process silos to automate and augment business processes.”
In addition to building upon the advantages gained through RPA, hyperautomation emphasizes a focus on the organization as a whole. As opposed to focusing on one aspect to automate, the hyperautomation journey makes changes across numerous processes and is meant to infiltrate the mindset of company leaders.
Hyperautomation is only expected to increase. According to the Hyper Automation Market Recovery and Impact Analysis Report, the market is expected to grow at a significant CAGR of 18.6% by 2028.
The benefits of hyperautomation are nearly immeasurable when you consider the impact on not only efficiency but scaling as well.
So, is hyperautomation the next big thing or just another buzzword? It's both.
Whether you call it automation, hyperautomation, super-hyperautomation, or simply call it what it is — a strategic effort to automate processes in a holistic fashion to become more efficient — it is crucial for success in digital strategy initiatives.
If you're an IT leader looking to digitally transform your organization, then BreakFree Solutions can help. We offer a suite of automation capabilities that will make the process easier and faster for you. Contact us today to learn more about how we can help get you moving into hyper-drive.