Tuesday, June 18, 2024

How to Leverage Hyper-Automation to Drive Business Value: Sudhakar Aruchamy, CTO, EverestIMS Technologies

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Hyper automation is the process of automating as many business processes as possible. It’s a combination of various advanced technologies, including artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA). It is rapidly becoming one of the most popular ways for organizations to drive value. This article will explore how hyper-automation can help organizations save time and money, increase efficiency, and improve customer satisfaction.

What is hyper-automation? Hyper automation uses advanced technology, including artificial intelligence (AI) and machine learning (ML), to automate tasks that humans generally perform. This can include anything from simple tasks, such as data entry, to more complex processes, such as customer service or financial analysis. While hyper-automation can provide significant benefits for organizations, such as increased efficiency and accuracy, it also has tremendous potential to disrupt the more traditional business models. If your organization is considering implementing hyper-automation, you should carefully assess the potential risks and benefits before making any decisions. You should also consider how your teams will manage and monitor automated systems to ensure they operate effectively.

The benefits of hyper-automation: Through advanced technology, hyper-automation can help organizations improve accuracy and consistency and speed up processes. You can free up employees to focus on more strategic tasks, driving value for your organization. In addition, hyper-automation can help organizations to reduce costs associated with manual processes. Hyper-automation is an integral part of the future, and organizations that leverage this technology will be well-positioned to reap the benefits.

How to implement hyper-automation: Organizations looking to implement hyper-automation need to consider several factors to ensure a successful outcome:

●     They need to understand what business processes can be automated and how this will add value to the organization.

●     They must select the right technology partners to provide the necessary automation capabilities.

●     They need to put in place the right governance framework to manage and monitor the automated processes.

What technology to use for hyper-automation: When it comes to hyper-automation, there are a few key technologies that can help organizations drive value. Here are some

of the most popular:

●      Robotic process automation (RPA): RPA is one of the most popular technologies used for hyper-automation. It involves using software bots to automate manual, repetitive tasks, freeing your employees to take on more value-added activities and improve efficiency.

●     Artificial intelligence (AI): AI can be used for various tasks, from simple data entry to more complex decision-making. When it comes to hyper-automation, AI can be used to automate tasks that are otherwise difficult or impossible for humans to do.

●     Machine learning (ML): ML is a subset of AI that involves computers learning from data and improving their performance over time. This technology can be used for various tasks, including predictive maintenance and fraud detection.

●     Business process management (BPM): BPM software helps organizations automate and optimize their business processes. It can include invoicing, customer service, and claims processing.

Hyper-automation use cases: Hyper-automation has made great inroads into almost all industries. It is being leveraged across banking, insurance, retail, healthcare, etc. For instance:

Hyper-automation in the banking sector: The banking sector is one of the essential industries in the world and one of the most complex. Banks rely heavily on automation to keep things running smoothly with so many different types of transactions and so much data to process. And it is here that hyper-automation proves advantageous. It can be used to streamline processes such as customer service, fraud detection, and compliance. Hyper-automation can also help banks improve efficiency and accuracy while reducing costs. In addition, hyper-automation can help banks become more agile and responsive to change.

Hyper-automation in the insurance industry: The insurance industry is under pressure to improve customer experience, reduce costs, and become more agile to compete in the digital age. Many insurers are turning to hyper-automation as a way to achieve these goals. Hyper-automation can help insurers speed up claims processing, underwriting, and other back-office tasks. It can also help them improve customer service by providing instant answers to questions and automating routine tasks such as policy renewals. In the long run, hyper-automation can help insurers become more efficient and effective organizations with lower costs and better customer experiences.

Retail industry: In the retail sector, hyper-automation can be used to streamline operations, improve customer service, and increase sales. Here are a few examples of how hyper-automation can be used in the retail industry:

●     Automated customer service: AI chatbots can be used to handle customer inquiries, such as questions about product availability or shipping times. It frees up human customer service representatives to address more complex issues.

Automated inventory management: RFID tags can be used to track inventory levels in real-time, allowing retailers to reorder products when they start running low automatically. It reduces the need for manual inventory checks and helps ensure that customers always have access to the products they need.

●     Automated marketing: AI-powered software can be used to analyze customer data and identify trends that can be used to create targeted marketing campaigns. It helps retailers reach more potential customers with personalized messages that are more likely to result in a sale.

●     Automated order fulfillment: Robotics can be used to pick and pack orders for shipment, reducing the need for human workers. This can help improve order accuracy and speed up delivery times.

●     Automated store operations: AI-powered sensors can be used to track customer traffic patterns and identify areas of the store that need more attention. It helps store employees focus their time on tasks that will significantly impact customer satisfaction.

Hyper-automation can help retailers improve efficiency, reduce costs, and improve the customer experience. By implementing these technologies, retailers can stay ahead of the competition and better meet the needs of their customers.

Medical/ healthcare industry: Like every other industry, medical and healthcare are working to improve operational efficiency and patient outcomes and reduce costs. Hyper-automation can help them achieve these objectives by automating repetitive tasks, reducing human error, and providing real-time insights into patient data. Some of the potential applications of hyper-automation in the medical and healthcare industry include:

●     Automated appointment scheduling and reminders

●     Automated billing and claims processing

●     Electronic health records (EHR) management

●     Patient data analysis

●     Predictive analytics for disease management

●     Drug development and clinical trials

●     Supply chain management

Drive business value with hyper-automation: Technology has always been a driving force behind organizational success, and hyper-automation is taking this to the next level. Organizations can free up time and resources to focus on more strategic goals by automating key processes and tasks. Hyper-automation also gives organizations the data they need to make informed decisions and drive value. When leveraged correctly, hyper-automation can be a powerful tool for organizations of all sizes.


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