As we know, the latest trends in digital transformation have powered a remarkable change in the global financial industry. The sheer number of exponential shifts in the fin-tech landscape have left financial organizations to reevaluate and transform their outdated business processes. As a BFSI company in India, if you’re perusing operational excellence in your quest for a successful resurgence in the new normal, then Hyperautomation is your ticket to long-lasting success.
Hyperautomation: A new condition for survival
Gartner has already ranked ‘outdated work processes’ as the primary workforce issue. The solution lies in streamlining processes by automating everything that can be automated. As one of the most promising emerging approaches to automation, Hyperautomation is at the forefront of this transformational wave and has already been identified by Gartner as one of the top 10 strategic technology trend.
A recent survey by Gartner has shown that 85% of participants will “either increase or sustain their organization’s Hyperautomation investments over the next 12 months, and over 56% already have four or more concurrent Hyperautomation initiatives.
Is Hyperautomation different from Automation we know?
Yup! Automation is about using robots and computers to perform repetitive tasks without manual intervention. It is used to create solutions to address individual tasks, usually on a smaller scale. On the other hand, Hyperautomation uses multiple automation tools to enable intelligent automation to scale automation initiatives. If your organization is already using RPA, then Hyperautomation is the next right step in your automation journey. The idea is that you use the ‘smart component’ to analyze and optimize processes first, and then apply the automation.
How does Hyperautomation work?
Hyperautomation enables optimization and modernization of processes by infusing intelligence in robotic process automation (RPA). It also uses exponential technologies such as Machine Learning, RPAaaS, Process mining, Artificial Intelligence, etc., to take the automation of processes to the next level and augment humans. By leveraging these building blocks of Hyperautomation, you can achieve end-to-end and scalable automation that is the bedrock of modern workforce.
How BFSI firms can reimagine work with Hyperautomation ?
One area in the BFSI sector that can benefit immensely from these innovative technologies is regulatory reporting. With smart use of Hyperautomation, financial firms can accomplish regulatory reporting in just minutes with minimal or no human involvement at all. It would not only help them maximize their efficiency by eliminating countless hours of mundane manual effort but also minimize the long-term costs and human errors.
Gartner expects that by 2024, organizations will lower operational costs by 30% by combining Hyperautomation technologies with redesigned operational processes.
Business benefits that can deliver enabled edge
In one of its recent reports, Deloitte suggests that in the future, the entire regulatory reporting process in the financial sector will likely be automated end-to-end, from source system data to report mapping and business rule automation to report generation.
Many financial organizations and banks have already in the various stages of their transformation journey towards RPA-driven Hyperautomation and are enjoying most of these benefits:
24×7 scheduling with minimal human supervision
Drastic improvement in data quality and documentation accuracy
Optimal streamlining of reporting process that includes reconciliation, variance analysis, review, and compliance
Utilization of skilled resources in value-add tasks
Overall improvement in efficiency, productivity, and process enhancement
In short, Hyperautomation is picking RPA out of the back office and places it into a client-facing environment. By doing this, it enables your business to efficiently cater to ever-evolving needs of an always-on, digital society. No wonder it is destined to transform the future of the financial industry in next few years.
As per Gartner, the worldwide market for technology that enables Hyperautomation will reach $596.6 billion in 2022, according to a new forecast from Gartner, Inc. This is up from $481.6 billion in 2020 and a projected $532.4 billion this year.
However, it’s easy to lose sight if you’re using Hyperautomation only to reduce process-related friction. Focusing on what you’re trying to solve in the first place is the key to achieving better business outcomes.
The approach is not a ‘one-size fits all’ panacea.
It’s important to understand that achieving complete automation requires a multi-tier implementation and seamless execution of complex, advanced technologies that are varied and divergent. However, leading RPA vendors are now providing Hyperautomation solutions that include all its key components under a single platform. BFSI companies can leverage their expertise to start with quick wins that can help in building momentum and support.
With experts to assist you in your Hyperautomation initiative, it becomes easier to embrace innovation and overcome key implementation challenges. NSEIT with product partners like Automation Anywhere, UiPath, Automation Edge, and Soroco is providing automation & Hyperautomation enablement services to some of the leading organizations in the BFSI sector. You may check out Our Partners to know more about NSEIT’s experience with its automation partners.
Authored By: Supriyo Dutta