Hyperautomation has emerged as a pivotal force in enhancing efficiency and minimizing time-to-decision across businesses of all sizes. What used to be the exclusive realm of global organizations with huge development teams and dozens of data science experts has now become democratized - to the point where organizations of any size or data maturity can benefit.
Simplified and made readily accessible, hyperautomation is the applied combination of now-mature technologies that once existed only in silos, each once requiring dedicated and highly skilled resources. These now-mature technologies include Artificial Intelligence (AI) and Machine Learning (ML), Data and Analytics, and Intelligent Automation (IA).
This article explores some of the current challenges hyperautomation solves for, discusses the modern capabilities of AI/ML, next-generation Data and Analytics, and Intelligent Automation, and highlights the easily attainable benefits of hyperautomation.
Gone are the days when a traditional Data Warehouse architecture fit the needs of the business. Companies rely on a variety of record keeping systems (such as SAP, Oracle or Salesforce) to support their critical business processes and, increasingly, these systems are SaaS based and critical business data is distributed across multiple providers and locations. Companies also rely on third party data sources as well as systems of insight built around massive cloud data lakes. Businesses in the digital economy struggle with the exponentially multiplying number of events, transactions, product and services information, resulting in increased data volumes.
According to IDC, data will more than double from 2022 to 2026. The question is: How can organizations keep up with this data deluge? The answer lies in the dynamic application of hyperautomation.
Acquiring and maintaining expert resources for AI/ML and advanced analytics has been a daunting and expensive task for most organizations, with fewer than 1M data scientists worldwide. Complicating this has been the reality that investment in these expensive resources has commonly resulted in limited returns. Forbes reported on a NVP survey that found that large organizations had almost universally invested in Big Data and AI initiatives over the past decade, and most (91.9%) expected investment to significantly increase. Despite this, less than a third (29.2%) had seen transformational business outcomes as a result of investment. Perhaps even more daunting, analysts commonly cite the historical reality that only about one in ten data science projects even make it to production.
How can these challenges be overcome? Only by changing the level of skill and operational complexity of advanced analytics – by democratizing these capabilities and simplifying their use and path-to-production leveraging hyperautomation.
Today’s next-generation data and analytic tools empower organizations to extract data from diverse sources such as databases, data lakes, files, and third-party APIs. They excel in data preparation, cleansing, and integration, ensuring that datasets are primed and polished for in-depth analysis. Most importantly, they empower those that need to use the data to do this themselves, and do so quickly - without the complexity or time-consuming nature of these tasks that is a universal challenge for organizations today. Solving this time-to-data challenge is an immediate win for most organizations.
But wait, there's more: combine democratized data and analytic capabilities with truly accessible Artificial Intelligence and Machine Learning capabilities, enabling complex forecasting, geospatial analysis, and predictive modeling. These capabilities seamlessly connect with BI/reporting/dashboard tools, and information can be distributed directly to individuals in any format desired. Imagine having any business question or what-if scenario answered immediately and delivered to you on demand via email in a fully formatted executive presentation. AI and ML capabilities solve not only for time-to-data challenges, but for time-to-insight and time-to-decision challenges in a profound way.
Intelligent Automation capabilities have driven dramatic efficiencies across organizations, eliminating the need for manual activity and delays through the ability to use any and all applications the same way people do. Initially focused on automating routine tasks, IA has evolved to be able to perform even the most complex workflows and interactions. IA can also leverage AI and ML capabilities to read and understand anything that can be displayed on a computer screen or contained in a digital document – and then take action.
IA has become the “glue” of hyperautomation – it enables all aspects of data and analytic workflows to be faster and easier, it immediately integrates AI and ML capabilities into production workflows, and it drives significant improvements in data quality for transactional systems.
Now, here's where the magic happens. When all of these capabilities intersect, they create an unstoppable force called Hyperautomation.
The powerful mash-up of these capabilities combines the efficiency-boosting capabilities of intelligent automation with data-driven insights and analytical muscle. Combined, this enables organizations to revolutionize their operations, effortlessly keeping pace with the exponential growth of data in the digital age. It provides competitive advantage, reduces risk and delivers the heretofore unattainable nirvana of any business strategy – growth without matching resource costs.
At a high level, the extended components of hyperautomation include:
By leveraging Hyperautomation, organizations can achieve end-to-end automation that encompasses all aspects of their critical processes' operations.
Let's explore how hyperautomation can provide transformational benefit in the context of insurance claims processing. Imagine we are working with an insurance company that wants to streamline and accelerate its claims-handling process while ensuring accuracy and compliance.
Hyperautomation applied to insurance claims processing streamlines and enhances efficiency. Here's a simplified overview:
The application of Hyperautomation accelerates claims handling, improves accuracy, reduces processing time, and enhances compliance with regulations. By leveraging hyperautomation, insurance companies can optimize their claims processes, make data-driven decisions, and deliver a superior customer experience.
Data-driven businesses hold a clear advantage, generating 20% more revenue while operating with 30% lower costs. Surprisingly, despite 85% of companies aspiring to be data-driven, only 37% would claim success thus far. Additionally, BCG research highlights that 70% of digital transformations fail to meet their objectives.
To thrive in this data-centric landscape, businesses must embrace a data-driven approach. At Lydonia, we are dedicated to helping our customers succeed through our unique methodology and extensive experience with hyperautomation.
Our customers leverage hyperautomation to unlock critical insights for both their human and digital workforce, seamlessly integrating the power of optimized business processes and data. Through our proven methodologies and deep expertise with best-of-breed solutions like UiPath and Alteryx, we enable the implementation of end-to-end intelligent business processes. Advanced analytics capabilities and data blending techniques empower organizations to efficiently extract, cleanse, and analyze vast datasets.
Organizations can make real-time data-driven decisions by seamlessly integrating analytical outputs with AI-powered Intelligent Automation capabilities. Business processes are automated based on predefined triggers or thresholds, allowing for proactive responses to dynamic market conditions. This data-driven automation empowers businesses to optimize operations, enhance efficiency, and swiftly navigate market fluctuations.
What’s even more impressive is that by automating routine business processes, employees can redirect their focus towards strategic value-adding activities like customer relationship building, internal collaboration, quality assurance, and professional development, all fostering innovation and creativity within the workforce. This, in turn, leads to increased revenue and reduced costs, further strengthening the organization's competitive position.
At Lydonia, we understand the power of data-driven automation and its potential to revolutionize businesses. Through our expertise in Hyperautomation, we provide the tools and methodologies necessary for organizations to unlock the full potential of their data, driving success in the digital era.
Learn more about us here.