When machines take over repetitive tasks from humans, we call it automation. But when comprehensive digital platforms take over entire business processes, automating strings of related tasks while directing human workflow, that’s something more: It is hyperautomation.
Technology analysts use different terms to describe this emerging field. One may call it digital process automation. Another may prefer intelligent automation. And because it’s a cutting-edge technology, each speaker may be describing a slightly different concept, regardless of terminology. We want to be precise. Keep reading to learn exactly what we mean as we discuss the Nividous hyperautomation platform.
What is hyperautomation?
The term “hyperautomation” was coined by the research firm Gartner, which called it the number-one trend in strategic business technology in 2020. Gartner defines hyperautomation as the use of “advanced technologies, including artificial intelligence (AI) and machine learning (ML), to increasingly automate processes and augment humans.” According to Gartner, “Hyperautomation extends across a range of tools that can be automated, but also refers to the sophistication of the automation (i.e., discover, analyze, design, automate, measure, monitor, reassess.)”
The Nividous hyperautomation platform fulfills these goals by managing and executing end-to-end business processes with three key components: Robotic Process Automation (RPA), Artificial Intelligence (AI), and Business Process Management Systems (BPMS). Crucially, the Nividous platform orchestrates human workers and RPA bots into a unified workflow, complete with task tracking, action notifications, and process reporting—all in one place. Because it’s a centralized platform, users can achieve business process automation without reliance on third-party vendors or additional technology integrations. The inclusion of human work explains why Gartner highlights hyperautomation as a “people-centric” trend.
How does hyperautomation include the existing workforce?
Hyperautomation doesn’t exist in a vacuum; to achieve real benefits, you must start from the human perspective.
“These trends [like hyperautomation] have a profound impact on the people and the spaces they inhabit,” says David Cearley, Gartner Distinguished VP Analyst. “Rather than building a technology stack and then exploring the potential applications, organizations must consider the business and human context first.”
Hyperautomation as a people-centric technology fits together perfectly with Nividous’ vision of the future of automation, which is “Human-Bot Work Orchestration.” Orchestrating work between humans and bots allows businesses to get a holistic view of end-to-end business processes. The Nividous platform unifies manual, semi-automated, and fully automated tasks across discrete systems.
The platform enables enterprises to effectively combine a set of tools and technologies to automate as much work as possible, allowing humans to focus on more value-driven processes. With the proper orchestration, human workers understand the advantages of their collaborative robotic co-workers, and the business can maximize the benefit from its automation initiatives.
Watch the video below to see how the Nividous hyperautomation platform completes a loan origination process with RPA, AI, and BPMS.
How does hyperautomation help businesses?
Gartner ranked hyperautomation first in its list of technology trends in 2020 because it’s revolutionizing common business tasks. Implement hyperautomation to realize benefits like:
- Reduced costs. Whether it’s customer onboarding, invoicing, regulation compliance, or any other data-heavy process, hyperautomation improves accuracy while dramatically reducing the full-time equivalent (FTE) requirements for day-to-day workplace processes—adding up to significant cost savings.
- Radical productivity enhancements. RPA handles data 24/7, while BPMS ensures continual progress. Hyperautomation moves work forward at a tremendous speed compared to manual labor alone.
- Improved accuracy. Nividous RPA bots use AI technologies like computer vision and Optical Character Recognition (OCR) to extract precise data from documents. This ensures accurate data handling, regardless of the system or document type.
- Better customer experiences. Faster response times lead to happier customers. Meanwhile, AI implementations like Natural Language Processing (NLP) and sentiment analysis help you build customer service automation with which people actually enjoy interacting.
- More time for higher-level work. Hyperautomation handles the busy work, freeing human employees to focus on innovation—and, ultimately, growth.
- Speedy Returns On Investment (ROI). All these benefits lead to incredible ROIs—a matter of weeks in some cases.
Who uses hyperautomation?
The short answer is: Anyone who uses complex, data-heavy processes to run a company; in other words, virtually everyone in business. But early adoption of hyperautomation has been led by the following industries (complete with examples):
- Banking and financial services. The Nividous platform allowed a leading wealth management firm to automate more than 18 processes, including reporting and risk assessment. They nearly halved their processing time while decreasing labor by 65% and boosting overall productivity by 60%.
- Insurance. Hyperautomation with Nividous allowed one insurer to onboard customers without manual processing. Instead, AI-powered RPA bots extracted accurate data from vastly different document types. The company automated three-quarters of customer onboarding tasks, reducing FTE by 60% and achieving accuracy rates of over 90%.
- Healthcare. An eye care group automated claim verification and submission with the Nividous platform. With smart RPA bots and process management, the company automated 95% of their claim processing—with 100% accuracy.
- Manufacturing. One established manufacturer automated end-to-end invoicing with the Nividous platform. They saved more than 1,000 staff hours per month while eliminating manual data errors—and reduced process turnaround time by 90%.
- Life sciences. Hyperautomation allows life science companies to reduce data errors, improve regulatory compliance, and use predictive analytics in measurement and reporting. Watch our on-demand webinar to learn more.
- Logistics. A leading logistics provider moved document processing from a team of 12 employees to the Nividous hyperautomation platform—saving nearly 900 employee hours every month and reducing Turn Around Time (TAT) by 60%.
These are just a few examples of the extensive capabilities of hyperautomation. Every case is unique, and no list of examples can cover all the potential uses of this transformative technology. To discuss how the Nividous platform can help solve your business challenges, contact us today—or click here to keep reading about hyperautomation.
