One of the most frequently used terms today is “hyperautomation,” which will probably continue to be a popular technology trend in the years to come. According to a Zion Market report, the worldwide hyperautomation market was estimated to be worth USD 9 billion in 2021 and is expected to increase to USD 26.5 billion by 2028. We present to you in this blog post the most well-liked and practical use cases for hyperautomation.
1. Banking and Financial Services:
Hyperautomation offers an incredible possibility for the banking sector to thrive. Regulatory record-keeping, advertising, sales and dispersion, bank maintenance, payment and lending procedures, back-office processes, and corporate support are a few of the industries that stand to benefit the most from hyperautomation. For instance, a smart text recognition solution enables electronic data to be entered into the appropriate fields of KYC portals from multipurpose KYC forms that were manually written. Additional copies of this data are loaded into associated systems. The whole hyperautomation enablement for the banking and financial sector stands to be the best solution out there to ensure seamlessness and optimized speed for satisfactory customer service.
2. Hyperautomation for Insurance:
Insurance was undoubtedly the sector that experienced the most activity and growth during the global financial crisis. Customers needed to always have a streamlined, digital experience, which was the responsibility of technical insurance professionals. Technologies for hyperautomation can benefit insurance companies in several ways. Insurance companies, for instance, can use intelligent enterprise automation platforms to process insurance claims. A huge number of parties involved physically provide data to the agencies. While processing an insurance claim, this information must also be double-checked and verified against customer certifications. Hyperautomation enablement in this sector is sure to help businesses reap far-fetching benefits.
3. Healthcare and Medical Hyperautomation:
Since the pandemic’s outbreak, the healthcare sector has experienced tremendous growth. The sector has been battling to keep up with the rate of digital transformation and provide superior health outcomes in the face of rising demand. Virtual nurse avatars are already being used in a handful of clinics as the first point of contact for patients. These Digital Nurses ask crucial questions about their health and symptoms in order to help them get a proper diagnosis and get to the right medical facilities. With several other analytics and features, hyperautomation enablement platforms such as EvoluteIQ are helping this sector witness tremendous ease along with better patient care.
4. Hyperautomation for the Retail Industry:
Due to the pandemic’s influence on consumer shopping behavior, many individuals are choosing to purchase items conveniently online in light of safety and health guidelines. Being relevant to customers has become critical for businesses not only to flourish but also to survive. Hyperautomation this year can assist in automating many processes, including order tracking, payments, mass transit, inventory and warehousing, supplier relationship management, risk mitigation, sourcing, and data management, among others.
5. Manufacturing and Hyperautomation:
While the utilization of robots for manufacturing has been steadily rising for several years, hyperautomation has more to contribute. Hyperautomation, contrary to the general illusion that “robots can replace humans, resulting in a prominent crisis and loss of employment,” actually works in tandem with people to automate and accomplish tasks flawlessly. Simply put, hyperautomation enablement in the manufacturing sector perfectly complements skilled workers.
6. Hyperautomation for HR and Recruitment:
Talent acquisition of employees is a daunting task regardless of the sector. It starts with advertising, is followed by screening job profiles, scanning candidates, timetabling rounds of interviews, sorting chosen candidates, and eventually onboarding them. There are many parties involved, which leads to greater collaboration. Hyperautomation streamlines the process and modifies conventional practices. The right profiles can be separated in less time thanks to AI-enabled sophisticated screening software with ML capabilities that recognizes the employment requirements from prior experience. To schedule interviews, online recruitment teams can use chatbots and automate email notifications to qualified applicants and the appropriate interview panel members from the organization.
It is evident that hyperautomation is causing a stir across industries. Hyperautomation is unquestionably a game-changer with the potential to substantially improve businesses’ bottom lines while providing advantages like higher productivity and greater efficiency. It’s interesting to note that 80% of organizations anticipate having hyperautomation on their industrial strategy by 2024, according to a study. This cutting-edge technology has a lot of potential for the future.
Want to know how hyperautomation enablement platforms can be used in your sector? Contact our specialists and get a demo right away.