In the digital native economy, businesses across all verticals and geographies are constantly trying to recalibrate their process workflows through new technology adoption. Intelligent automation, artificial intelligence is helping organizations to alleviate financial challenges and accelerate digital transformation ambitions.
Running and operating legacy systems, businesses often incur fixed recurring costs which involves plentiful human effort to ensure smooth operations. Building a roadmap for an entire system overhaul can often hit multiple bottlenecks. As a result, digital transformation executives are often skeptical - when considering a complete overhaul. It may affect business continuity, which may have a tangible impact on its goodwill and negatively impact bottom-line growth.
“By 2022, 65% of organizations that deployed Robotic Process Automation will introduce Artificial Intelligence, including Machine Learning and Natural Language Processing algorithms.” – Gartner Research
Learn More about Why should businesses consider Hyperautomation in 2022? and about Reimagining Document Processing Automation: An Introduction to Hyperautomation
Hyperautomation definition entails for most businesses – as an advanced extension of native automation – which are traditionally driven by Robotic Process Automation (RPA) software products. The primary benefits of a Hyperautomation core is business process automation; it accomplishes it by fusing automation with the new cutting-edge technologies - artificial intelligence (AI), machine learning, process mining, data analytics, etc.
Learn from Dr. Akhil Sahai (Chief Product Officer, Founding member Kanverse.ai) about The Strategic Advantage of Hyperautomation
Learn more about the five examples of Hyperautomation - technology components that provides executives with an integrated suite of technology tools that address most technology adoption challenges packaged as a single product that works seamlessly within the existing IT environment.
According to Gartner Research – “Hyperautomation is defined a business-driven, disciplined approach that organizations use to rapidly identify, vet and automate as many business and IT 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
Hyperautomation Technology (1) - Intelligent Business Process Management Systems (iBPMS)
An iBPMS software system focuses on multiple processes within existing lines of business within an organization. It identifies opportunities to increase business process efficiencies by deploying automation. iBPMS systems can often use predefined business rules to model, implement and execute sets of activities across business processes. These systems often integrate into enterprise applications (e.g., ERP, CRM, etc.) and provisions end-to-end support to the entire business process.
Hyperautomation Technology (2) - Machine Learning (ML)
Using Machine Learning technology, businesses can build models through which systems can learn automatically. Data is often passed through the models, which generates insights. The gains which ML models can deliver are limitless when deployed across business processes. These models can scan large data sets, detect patterns, identify key characteristics, and give decision-making recommendations to a regular business user. All of it can happen in real-time, making ML a powerful technology tool for businesses.
Learn from Dr. Akhil Sahai (Chief Product Officer, Founding member Kanverse.ai) Published on Forbes - About Using AI To Automate Enterprise Document Processing Workflows.
Hyperautomation Technology (3) - Natural Language Processing (NLP)
Natural language processing (NLP) is a discipline of Artificial Intelligence technology that can comprehend and interpret human language both as speech or text. NLP technology can classify human utterance and understand its tone, intent, and action directive. Based on this, it can perform a wide range of activities. NLP technology has multiple use cases. For example, a conversational interface could help with query resolution, and even a more advanced version can be used to understand extracted data from documents.
It can also be used to understand sentiments, language translation, and categorization of textual information.
Hyperautomation Technology (4) - Process Mining
Process Mining technologies analyze large sets of data mined from business processes. This data is generated when humans and systems interact inside a live business process. The data is often associated with a timestamp based on events for future analysis purposes. Process owners can analyze processes from the event log to identify trends and patterns in the process. The analysis is used to generate actionable insights that can help increase process efficiency and performance.
Hyperautomation Technology (5) - Advanced Analytics
Advanced Analytics involves the deployment of algorithmic models to analyze data or content with the ambition of deriving meaningful insights. Businesses can do a lot with advanced analytics - Identify meaningful correlations across different data points, understand dependent and independent factors, make forecasts and predictions, and finally provide actionable recommendations to business process owners.
Also learn about How Kanverse Hyperautomation Platform combines multiple AI technologies (Computer vision, ML, NLP, fuzzy logic) with OCR to delivers high extraction accuracy while processing documents. In addition, process owners can achieve a touchless document processing experience, agnostic of inbound document type with Kanverse.
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.
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