Building the Foundation for Hyperautomation with IDP
What is Hyperautomation?
“Hyperautomation is a business-driven, disciplined approach that organizations use to rapidly identify, vet and automate as many business and IT processes as possible,” states Gartner.
Hyperautomation involves the orchestrated use of multiple technologies, tools or platforms, including:
Artificial intelligence (AI)
Machine learning
Intelligent document processing (IDP)
Event-driven software architecture
Robotic process automation (RPA)
Integration platform as a service (iPaaS)
Business process management (BPM) and intelligent business process management suites (iBPMS)
Low-code/no-code tools
Packaged software
Other types of decision, process and task automation tools
In order to use these technologies, the first step of any intelligent automation process must start with data accessibility enabled by content ingestion tools such as intelligent document processing (IDP) for document-centric processes. Actionable, structured data is needed to power any automation. Analysts estimate that over 80% of data is unstructured, which makes process automation difficult, if not impossible, without a platform to transform data into a usable, structured format. The hyperautomation strategy – automating and integrating everything that can be automated – needs to start with data.
Developing a hyperautomation strategy begins with prioritizing what your organization wants or needs to automate. It also involves understanding your available resources and what data you need to uncover to “feed” those processes. According to a recent annual global survey of executives by Deloitte, 73% responded that their firms have embarked on a path to intelligent automation, which was a major jump from the previous year. In Zinnov’s “Global Automation CXO Survey 2021,” they found 89% of leaders are focused on intelligent automation, which includes intelligent document processing, RPA, low-code/no-code, process mining and intelligent virtual agents and AI.
Increase Revenue
Reduce Costs
Improve Customer Experience
Reduce Risks
Flowserve Corp.
Global manufacturing company processes contracts 6X faster while decreasing error rate by 90%.
Honda Logistics
This transportation and logistics powerhouse turned their AP department into a profit center.
Explore how Ephesoft’s platform has helped customers gain efficiency, accuracy and productivity.
Positive customer experience
Easier document submission by phone or browser
Faster processing and delivery of new account data increases efficiency
Decrease time-to-account profitability
Dramatic reduction of human error due to manual data entry
AI provides context and additional insight into customer behavior
Comply with and standardize regulatory requirements that affect customer onboarding globally
Data can be used enterprise-wide, especially in KYC, AML, Tax, Operations, Credit, Wealth Management and Legal departments
Increase visibility into customer risk and improve risk ratings
Reduce duplicate requests
Maintain regulatory compliance throughout the customer lifecycle
Accelerate response to regulatory change
Enrich customer profiles
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