Modern businesses are capturing more data than ever before. However, most organizational leaders find that their business processing capabilities lag far behind their ability to collect user data. According to recent research, businesses only analyze 37% to 40% of data.
While many factors contribute to the underutilization of data, one key driver is insufficient staff members available to extract data from documents. The sheer volume of data businesses collect considerably outpaces their ability to extract, structure and analyze it.
Many organizations are investing in hyperautomation initiatives to overcome this data processing hurdle. The term “hyperautomation” refers to the systematic approach of identifying and automating as many organizational processes as possible.
The US hyperautomation market is projected to reach $596.6 billion by the end of 2022. Globally, the market is valued at over $9 billion.
While the hyperautomation market is experiencing meteoric growth, it is still relatively young. As such, it is continuously evolving. However, two essential tools have already emerged as integral components of an effective hyperautomation strategy. These tools are intelligent document processing (IDP) technology and robotic process automation (RPA) software.
By tapping into the power of IDP and RPA, your organization can lay the foundation for a successful hyperautomation initiative.
What Is Intelligent Document Processing (IDP)?
Intelligent document processing is a technology solution that significantly enhances the data extraction capabilities of any business. Instead of relying on individual business users to manually extract and input data, organizations can automate this process through IDP.
Modern IDP technology uses machine learning and artificial intelligence software to capture and classify unstructured data. Once the data is captured and organized, it can be analyzed using integrated technologies like RPA.
What Is Robotic Process Automation (RPA)?
Robotic process automation solutions are advanced pieces of software that can mimic human actions. Specifically, RPA software simulates human routing and data capture tasks. RPA has long been a valuable asset within digitally transformed businesses. However, RPA also plays a critical role in hyperautomation.
The Achilles’ Heel of RPA software is that the technology must access structured data. Otherwise, RPA bots cannot accurately analyze data or provide business users with actionable intelligence. This need is where IDP comes into play.
By combining the power of IDP and RPA, businesses can feed their data processing machines more effectively. IDP technology captures and structures data. RPA bots then use this data to conduct extensive analysis. IDP and RPA are complementary solutions that can boost efficiency and productivity within an organization.
How RPA and IDP Fit into Your Hyperautomation Strategy
To create and implement a hyperautomation strategy, you must leverage the power of IDP and RPA. Additionally, you will need to use several other hyperautomation tools. These tools are closely intertwined and often overlap, which is why the concept of hyperautomation can be somewhat complex.
The core hyperautomation tools that your organization should use outside of RPA and IDP include the following:
- Machine learning
- Artificial intelligence
- Robotic process automation
- Chatbots
- Data mining
- Process automation software
Intelligent document processing is a form of process automation software. This IDP technology also incorporates both machine learning and AI.
These components make IDP a foundational element of effective hyperautomation strategies. It combines multiple tools that drive efficiency, increase data harvesting capabilities and feed RPA bots.
How to Leverage the Power of IDP and RPA
If your organization is ready to create a hyperautomation initiative that is fueled by the power of IDP and RPA, you should start by:
Defining Your Why
There is no question that adopting hyperautomation tools like intelligent document processing can transform your enterprise processes. However, to set the stage for a successful hyperautomation strategy, you must first define your organization’s specific “why.”
As you move from where your organization is to where you want it to go, it can be easy to lose sight of your overarching goals and objectives. By defining why you want to tap into the power of IDP and RPA, you can help your organizational leadership stay focused on its end game.
These goals and objectives will serve as mile markers as you navigate your hyperautomation journey.
Identify Processes that Are Ripe for Automation
After determining why you want to integrate IDP and RPA technologies into your enterprise processes, the next step is deciding where these solutions will make the most significant impact. During this phase of your journey, you should identify your most inefficient processes and those that would be the easiest to automate.
Often, these processes are the same, but that is not always the case. In some instances, extremely inefficient and convoluted processes will be challenging to automate.
While this certainly should not discourage you from doing so, pursuing a few “easy wins” in the early days of your hyperautomation initiative is essential. This approach will allow you to demonstrate the strategy’s efficacy, improve employee buy-in and generate a faster return on investment.
Implementing IDP and RPA
Once you know your “why” and have determined which processes are ripe for automation, it is time to implement IDP and RPA technologies. To streamline this phase of your journey, you should consider partnering with an experienced implementation partner that offers both IDP and RPA solutions.
Such a partner will be able to not only provide a frictionless deployment but will also offer insights regarding how to leverage these interconnected hyperautomation resources.
After you have begun using the power of IDP and RPA, continually search for ways to improve your hyperautomation initiatives. You should explore new automation opportunities, introduce your IDP and RPA software to different departments and add more business users so that the entire team can boost their efficiency and productivity.
Doing so can reduce the workload on your staff, increase organizational agility and optimize financial performance, all while gaining critical market insights that improve your competitive positioning.
Are you ready to harness the power of IDP and RPA to kickstart hyperautomation? We can help.
