A growing number of organisations are seeking to boost efficiency and reliability through RPA. According to Grand View Research’s 2020 study, the market is anticipated to reach USD 25.56 Billion by 2027. By way of example, the same study predicts that RPA in Banking, Financial Services and Insurance companies will increase at a compounded annual rate of 40.1% over the same seven-year period.
Consequently, in the name of digital transformation, Hyperautomation came into existence and spread across the industry. Hence, it is probably a good idea to understand RPA, automation and Hyperautomation. We’ve created our Beginner’s guide series for exactly this reason and in this article, we will focus on Hyperautomation and why it’s growing so rapidly.
How Much Has Hyperautomation Transformed in 2020?
Gartner describes Hyperautomation as the application of advanced technologies such as artificial intelligence and machine learning that can further develop automated processes and augmented technology. It incorporates both an ecosystem of technologically advanced tools/software and a modern approach to performing a task. As early as 2017, Gartner also placed it in the top 10 technology trends for 2020; a prediction that has been actualised.
Apart from technologies like Machine Learning (ML), the foundation stone of Hyperautomation is Robotic Process Automation (RPA). Using Digital Workers, RPA works with applications/platforms and fulfills parts of processes that are repetitive and usually data-heavy, meaning that employees don’t have to be involved in cumbersome task execution. So, as an example, the most common areas in which RPA is used are website scraping, payroll processing, customer services and data entry, etc.
RPA is mostly used by organisations, because it’s a relatively inexpensive technology, as it uses and works with existing hardware or interface assets of enterprises, thereby negating the need for costly and long software integration programs. Another reason for the use of Digital Workers is because it’s easy to implement RPA, which provides accurate results much faster than human workers can provide them.
How Can Hyperautomation Empower RPA?
Digital Workers can be programmed to perform simple tasks, such as logging into the software platforms, opening and closing files, and copying data from one application to another, along with many intricate processes such as automatically manipulating data, transaction processing across devices and responding to prompts. But, Hyperautomation comes into its own with RPA, due to the increased scope for the usage of a range of AI and ML-powered Intelligent Automation skills, to expand and automate complicated processes.
Hyperautomation gives RPA a path to implement end-to-end solutions for the more complicated processes, not just simple ones. Similarly, RPA gives you the platform to turn your Hyperautomation goals into reality. RPA and Hyperautomation can play a significant role within IT departments and reduce the workload for employees, by automating standard work processes so that they can focus more on the complex problems. It will help your business to go beyond individual tasks and workflows to enable the execution and management of processes across people and systems.
Hyperautomation is more than just making a machine help in executing a series of steps to perform a task. It can enable the software to recognise and learn business processes and help to improve them. Therefore, Hyperautomation will become an essential part of any business, where increasing efficiency is a prerogative that is driven by strategic RPA programs.
Robotic Process Automation Market Report Highlights
- Robotic Process Automation market is anticipated to reach USD 25.56 Billion by 2027. The higher demand for automating the process to save time and reduce operational cost is driving the market growth over the forecast period.
- The BFSI segment is anticipated to grow at a CAGR of 40.1% over the forecast period.
- North America held the dominant market share of approximately 37% in 2019. Asia Pacific, on the other hand, is anticipated to exhibit the fastest CAGR over the forecast period.