New technologies and business processes have significantly impacted organizations across virtually every industry in the past few years. Of these, hyperautomation – automating everything in a business that can be automated – has been particularly beneficial because this methodology is becoming a prime focus for hundreds of companies as they seek ways to remain competitive in the increasingly crowded global marketplace. 

Gartner projects the market for hyperautomation technologies to reach nearly $600 billion by the end of 2022. Their research also suggests that more than 70% of large global enterprises will have over 70 concurrent hyperautomation initiatives in place by 2024. 

As such, they recognize hyperautomation to be the best decision any business can make for the sake of upgrading their cost-saving capacity, efficiency, and agility in this rapidly evolving age of information.

What is Hyperautomation?

First, the term “automation” refers to automating a single process or mechanism. Conversely, “hyperautomation” refers to using multiple automation technologies, including intelligent document processing (IDP) software and robotic process automation (RPA) solutions. 

Hyperautomation is not a specific type of technology or software but rather a comprehensive business methodology that involves automating organizational processes to enhance productivity, increase profitability, and drive innovation, ultimately creating a significant competitive advantage. When implementing a hyperautomation strategy, organizations deploy several solutions to automate as many tools and processes as possible. By automating many operations across the broader organization, businesses can maximize the benefits of this emerging technology class.  

What Are the Three Business Value Pillars of Hyperautomation?

A comprehensive hyperautomation plan will enhance business value in three key ways. These are:

1. Cost Savings

Perhaps the most apparent benefit to hyperautomation is cost savings. Businesses that successfully implement a hyperautomation strategy can reduce costs across multiple departments.

Digital technologies that allow for the automation of redundant processes reduce the staffing requirements of an organization. Fewer tasks will require manual intervention, so the company will, ultimately, not need to hire and retain as many employees.

In addition, hyperautomation allows staff members to focus on performing more dynamic tasks. They can spend their days working on high-value projects, improving the customer experience, and more.

Since hiring new staff is more expensive than retaining current team members, enhancing employee morale can lead to further cost savings. As such, adopting hyperautomation tools into company infrastructure reduces workloads, prevents burnout, and even expedites hand-off processes. This will lead to a lower turnover rate and retention of top talent for longer. 

2. Efficiency

Hyperautomation will also allow team members to operate more efficiently, which means that each employee will spend less time performing redundant or time-consuming tasks, such as manual data entry. Implementing this change will enable employees to work more efficiently and become more productive.

As a result, businesses can produce higher-quality products and services and get their services to market faster by reducing human error and increasing the consistency of development processes.

3. Agility

If the last few years have taught businesses anything, it is vital to be agile. Since 2020, various industries have faced unprecedented challenges due to unstable economies and natural disasters. The companies that fared the best were the ones that prepared to adjust to volatile market conditions rapidly.

By leveraging IDP software and RPA technologies, hyperautomation can significantly increase an organization’s land economic agility regardless of unforeseen circumstances. When armed with these tools, businesses can pave the way for highly dynamic data-driven decision-making and gain real-time insights into their organization’s state and the market they operate within.

How Can Companies Start Their Hyperautomation Journey?

With hyperautomation, a business becomes more competitive, moves faster, and lowers the cost of operations to create a sustainable digital business environment. 

Successfully implementing a hyperautomation strategy begins with a great plan. Generally, businesses should target the “low hanging fruit” when seeking to deploy automation technologies. Specifically, they should identify basic, redundant processes ripe for automation. Common examples include but are not limited to invoicing, accounts payable processing, and mailroom protocols. Businesses can experience a better ROI almost immediately by automating those processes first. 

After those areas of the organization have been automated, companies can identify additional strategies that they want to streamline using automation technologies. 

Businesses need to utilize a standardized document processing technology to “feed” or “onboard” data into various systems. This might include workflow management software and RPA solutions because using a standardized document processing solution is essential for governance and auditing purposes.

Ultimately, these hyperautomation changes will allow businesses to optimize all systems and processes across their entire organization. They will simultaneously reduce costs, increase efficiency, boost profits and increase their decision-making dynamism. This will improve a company’s ability to adapt to ever-changing market conditions, protect business continuity and add significantly to the business’s value.

Ephesoft: Setting the Stage for Hyperautomation

Any hyperautomation strategy requires quality data. In light of this, organizations must find an effective way to supply their hyperautomation systems with usable, meaning structured data.

At Ephesoft, we offer IDP technology to transform documents and data into a structured format, allowing data to flow into other applications. This data is the foundation to kickstart any hyperautomation initiative. 

Connect with our experts today or register for a free trial to learn more about our IDP solutions.