Hyper-automation is the automation of business processes through the use of Artificial Intelligence, machine learning, RPA and natural language processing (NPL). Implementing hyper-automation takes automation to the next level by automating more complex end-to-end processes. Automation is when technology applications are used to minimize human input and run automatically.
Hyperautomation means the process as a whole is done without human input by using intelligent machines or software instead of just one step. Hyperautomation means establishing protocols for every step of automation including process discovery, process optimization, design, planning, development, deployment, and monitoring.
This technology can transform processes in many different types of industries. The main sectors that could be improved and transformed by hyper-automation are banking and finance, insurance and healthcare companies.
Banking and finance companies can use hyperautomation to monitor transactions and identify fraudulent activity. This can help save money for these companies by minimizing risk. Advanced analytics can also be used through hyperautomation. Advanced analytics can help application screening by seeing if a customer can repay loans by looking at various parameters. This helps reduce the probability of non-performing assets, which is a classification for loans or advances that are in default or in arrears.
Insurance companies are full of routine processes that are repetitive and manual intensive tasks that can take a long time. Hyperautomation is able to validate and analyze information faster while also being more accurate than humans. Predictive modeling can calculate the risk probability of customer segments and predict the probability of claims.
Hyperautomation can also turn documents like insurance applications, claim forms and others into scanned and digital documents and then into data to make process completion quicker. This is intelligent document processing (IDP) extracts, translates, and processes documents by machine learning. IDP boosts efficiency and effectiveness within insurance companies because it reduces the need for human intervention and manual or labor-intensive tasks.
Healthcare companies can streamline office operations with the use of hyperautomation to improve efficiency to also enhance patient experience and clinical outcomes. An example of hyperautomation within healthcare companies are digital nurse avatars. These avatars can interact with patients as the first option of help support. The avatar talks to the patient over the phone and asks relevant questions about their health and their symptoms. Then the avatar collects this information, analyzes it, and decides which health center is correct for that patient. These avatars speed up the process because patients don’t have to keep being transferred to different call centers until they are speaking to the correct health center, instead they are sent directly to the correct one.
Another way hyperautomation can help is through smart billing. Smart billing can collect medical bill details from different departments and combine them without human intervention. This enhances customer service because it creates faster bill generation and saves time.
Benefits of hyper-automation
Hyperautomation has many benefits and can be very useful to many kinds of businesses. The use of hyperautomation can finish processes at a quicker rate and with reduced risk because there is minimal human intervention from end to end of the process. Advanced analytics can be used when there is hyperautomation.
Advanced analytics is the autonomous examination of data or content using intelligent techniques such as Artificial Intelligence. The use of advanced analytics creates more accurate and precise predictions and forecasts for businesses, which helps in making intelligent decisions. Thanks to these benefits, companies can have higher productivity, increased team collaboration and greater employee satisfaction or motivation, as there is less use of manual labor on repetitive and time-consuming tasks.