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Across all industries, businesses are riding the digital transformation wave. Global companies depend on technology to add value-creating differentiators to their products and find newer ways to enhance their customer experience. The digital-first economy opened more unique opportunities for most businesses. On the contrary, it has also intensified competition to acquire new customers and grow market share. Investments in AI automation software solutions and services have emerged as the new priorities across all board rooms to remain competitive in the long term.
According to Gartner Research – “Hyperautomation is defined a business-driven, disciplined approach that organizations use to rapidly identify, vet and automate as many businesses and IT (Information Technology) processes as possible. Hyperautomation involves the orchestrated use of multiple technologies, tools or platforms.” Hyperautomation is one top trend on the Gartner Top Strategic Technology Trends for 2022.
What is Hyperautomation for Enterprises
Hyperautomation is defined as the amalgamation of various Artificial Intelligence (AI) technologies with automation - which is acting as catalysts for organizations seeking to achieve operational excellence. Hyperautomation brings intelligence to enhance the performance of data-intensive business processes by processing unstructured and semi-structured seamlessly. AI improves the scope of actions that a typical process automation workflow does. It simplifies the real-time processing of such data for better decision making. It enhances organizational operational efficiency and saves costs.
According to a McKinsey study, businesses that adopted Hyperautomation tools were able to:
- Automate approximately 50–70 percent of tasks.
- Cut down data processing time by 50 to 60 percent.
- Decrease annual labor expenditure by 20–30%
- Achieve triple-digit ROI (Return on Investments)
Key Technology Examples comprising Hyperautomation
Hyperautomation examples introduces multiple technologies components that power automation and cognitive decision making across business process include data mining, text analysis, natural language processing, machine learning model, AI, and more.
- Optical Character Recognition: It uses a combination of machine learning models and fuzzy logic to match patterns across scanned documents to extract relevant pieces of information for further processing. The OCR (Optical Character Recognition) Software Solution automatically extracts the data from documents based on business requirements and predefined document processing protocols and rules. The extracted data is often translated into a machine-readable format and made accessible to teams for editing, future referencing, or searching purposes. Learn more about What is Optical Character Recognition Software?
- Machine Learning: It improves a system's performance and accuracy through continuous learning based on real-time data; it eliminates the need to explicitly hard code instructions
- Data Mining: Data is mined from documents and simultaneously checked for meaningful patterns, trends, or correlations based on existing data warehouses/repositories, often using advanced statistical and mathematical modules
- Natural Language Processing: NLP (Natural Language Processing) is the system's ability to understand and process native human languages and perform necessary actions.
- Cognitive Reasoning: It is when a system successfully develops real-time decision-making capability often exhibited by a human operator
Also learn about How Kanverse Hyperautomation Platform combines multiple AI technologies (Computer vision, ML, NLP, fuzzy logic) with OCR to automate invoice processing and is now a preferred technology for digital transformation projects where companies want to inculcate data-powered decision-making into downstream functions. In addition, process owners can achieve a touchless invoice processing experience, agnostic of inbound invoice type with Kanverse.
What does Hyperautomation mean for enterprises?
Using an intelligent document processing automation software – fusing AI components with automation helps organizations to achieve complete process transformation. It is an ideal state when automation can be seamlessly scaled across multiple business processes and seamlessly handle the increasing volumes of semi-structured and unstructured information.
Learn from Karan Yaramada (CEO and Founder – Kanverse.ai) about how enterprises can leverage AI to make Document Processing Touchless.
Hyperautomation builds efficiencies to every business process core by improving the quality of operations and does it at scale. Digital transformation officers are keen on keeping Hyperautomation at the center of their digital transformation plans for global business processes.
Enterprises handle plethora of documents every day. These documents are often manually processed by humans, and the relevant data is then manually entered into the enterprise application systems for storage and future retrieval purpose. Natively data capture solutions extract data from incoming documents powered. Hyperautomation platform identifies and extracts the critical information from the incoming documents (paper and electronic versions) without any human agent's guidance. It also can process documents coming from multiple channels in the enterprise. This data is then verified and validated based on custom business logic and automatically exported to downstream applications.
Benefits of Hyperautomation for Enterprises
Enterprises often face an increasing number of challenges: to enhance operational efficiency, enhancing real-time decision-making capabilities, building competitive advantage, retaining customers, enhancing customer experience, compliance are just some of the impediments. Hyperautomation has proven its effectiveness in addressing most of the challenges by intelligently optimizing day-to-day activities across business processes for users and operators.
The following factors make Hyperautomation the preferred choice of technology solution to digitize operations across business process –
- Cost reduction: Hyperautomation can help companies save up to 70% of their additional resource allocation cost.
- Increased Operational Efficiency: Automating mundane and repetitive tasks helps staff members to focus on business priorities. It uplifts staff morale and productivity, which contributes to increased operational efficiency.
- Reduce error rates: Hyperautomation can seamlessly process semi structured and unstructured data, which otherwise, when processed by a human operator, is time-consuming and may lead to unwanted errors.
- Real-time decision making: Hyper intelligent systems are built to perform decision-making activities usually performed by human operators. It minimizes the need for supervision, increasing overall productivity and efficiency.
Make your Accounts Payable (AP) workflows future ready with Kanverse AP Invoice Automation. Combining AI with automation gives much needed decisioning and analytics capabilities to reason and complete tasks seamlessly. Automate high-volume, repetitive manual invoice processing tasks and improve overall process efficiency and organizational productivity! Learn More about the Top 5 Advantages of Accounts Payable (AP) Invoice Automation powered by Hyperautomation.
About Kanverse.ai
Kanverse brings you the best optical character recognition software to automate Accounts Payable (AP) Invoice processing for enterprises right from ingestion, classification, extraction, validation to filing. Extract data from a wide gamut of documents with up to 99.5% accuracy using its multi-stage AI engine. Say goodbye to manual entry, reduce cycle time to seconds, optimize cost by up to 80%, minimize human error, and turbocharge productivity of your team.
AP automation software like Kanverse APIA (AP Invoice Automation) is built to do the heavy lifting across your AP cost centers while your staff can focus on productive and business-critical activities.
Kanverse can also automate insurance submission workflows and seamlessly process ACORD and supplemental forms.
Schedule a demo with us today to find out more.
About the Author
Aritro Chatterjee, Product Marketing, Kanverse.ai