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.
