Hyper-intelligent automation is poised to become a major game-changer for businesses. Over the recent decade, automation use has increased at an exponential rate, which has been propelled even more by the COVID-19 pandemic “Evolution before extinction,” as the phrase goes, led to the dynamic integration of RPA, AI[VS1] , and machine learning, bringing together one of the most innovative technologies of our time under one roof. This deliberate mash-up gave birth to Hyper Intelligent Automation, a new term whose growth and market insights are remarkable and exciting to date, owing to its extraordinary expansion and adoption. According to the ‘Global Hyperautomation Trends 2021’ report published by Analytics Insight, 37% of companies believe hyperautomation speeds up or duplicates complex tasks. Have you ever wondered what it signifies and how it differs from existing technologies?
What exactly is Hyper Intelligent Automation?
In a nutshell, Hyper Intelligent Automation (HIA) is the combination of a number of next-generation technologies, including Artificial Intelligence (AI), Robotic Process Automation (RPA), Intelligent Document Processing (IDP), and Process Mining, which enable businesses to improve their ability to automate workflows and achieve better business outcomes in less time. Where the terms Hyper Intelligent Automation and Hyper Automation are interchangeable. According to industry estimates, the market for automation technologies like RPA will reach $5 billion by 2024, growing at a 20 percent annual pace. HIA has been labeled a “strategic business game-changer” because it drastically decreased the need for human intervention in existing operations. It has brought in the fourth industrial revolution, significantly altering the digital world’s core characteristics. And has the potential to revolutionize customer experiences by reducing outcome variability and improving business decisions that lead to innovation. While this era is all about customer-centric businesses, companies that want to create a unified, aligned workplace must adopt intelligent automation that is integrated and linked with a deep understanding of processes.
Before we get into the significance of HIA. Let’s take a quick glance at the technical terms that are being discussed.
- Automation in general
Automation is a term that refers to technological applications that automate operations and processes to eliminate human involvement.
- Robotic Process Automation
RPA stands for robotic process automation, which promotes uniformity and transparency in corporate processes. Due to pre-programmed scripts and APIs, RPA solutions can perform repetitive manipulations or handle structured data inputs. Even the most basic RPA systems can save employers a lot of time and effort.
- Intelligent Automation
Intelligent Automation (IA) is a level up from RPA software that is based on rules. Intelligent automation technology, which is powered by machine learning and artificial intelligence (AI), can perform a broader range of tasks that require baseline analytics and conditioning logic.
Why Hyper Intelligent Automation?
When RPA and AI work together to allow applications that go beyond the mundane to the innovative, the power of intelligent automation shines through, from data collection and processing to analysis and contextual decision-making. According to a Harvard Business Review poll, 48% of respondents say they haven’t considered or implemented an AI-based intelligent automation plan. Another 36% are implementing artificial intelligence into their company strategy, but not on a major scale. Currently, just 11% of firms are embracing AI-based solutions.
In an era of unparalleled disruptions, organizations are turning to Hyper Intelligent Automation (HIA) to achieve antifragility and short-circuit digital transformation. HIA enables seamless customer experiences, optimizes workflows, and drives business outcomes with a shorter turnaround time. In fact, according to recent Zinnov research, 75% of Fortune 250 companies have already made considerable investments in HIA. Furthermore, both federal institutions and small and medium companies (SMBs) are paying close attention in order to generate significant value in the next years. Hyper automation’s capacity to loop humans into the process is one of its primary differentiators. Technology and humans collaborate via collaborative intelligence. Employees can now start learning how to use automation and other software where they can achieve AI-assisted decision-making through machine learning. Companies can begin to reinvent labour that is normally done by employees using hyper automation.
The future is HIA
Hyper Intelligent Automation (HIA) is the new strategic enterprise game changer that aids in the effective attainment of every business goal a company wishes to reach, such as cost savings, time savings, improved employee and customer happiness, and increased efficiency. During the period 2020-2027, the global Hyper intelligent Automation market is expected to grow at a CAGR of 18.9%, with increasing digitization of traditional industrial plants driving growth. According to estimates, hyper intelligent automation would have a global market worth of $9.98 billion by 2022.
Healthcare, insurance, travel, and tourism, as well as the government, are among the industries most likely to be disrupted by such technologies. These industries have a lot of different legacy systems, a lot of intermediate players, and processes, and they all need some kind of intelligent cognitive input for decision-making and delivery. These features combined make these industries very appealing for Hyper Intelligent Automation.
Hyper Intelligent Automation has tremendous potential as digital twins can solve problems that humans couldn’t solve yesterday. Automation technologies will expand exponentially, just as the complexity of electronic circuits has doubled in a given length of time (Moore’s Law). We anticipate a similar merger in the future, as improvements in many technologies ended up complimenting each other and generating hyper automation. Now it’s time for your business to evolve too! With the world heading toward digitization, Hyper-Intelligent Automation solutions based on technologies such as RPA, AI, and others have the ability to make your business processes smarter and keep you ahead of the competition.
Experion Technologies is a global IT solutions provider with strong Product Engineering DNA and an unwavering focus on delivering Customer Value. Experion has been recognized for its core expertise in digital product engineering services, that drive new revenue streams, digitize business processes, and help improve operational efficiency and productivity. As a digital transformation partner to 350+ global customers across 35 countries, Experion has helped its customers to transmute their businesses from within, become more future-aligned, and successful. To know more please visit: Data & Analytics – Experion Technologies (experionglobal.com)