Breaking The Myths About Hyperautomation
Breaking The Myths About Hyperautomation
Hyperautomation will lead to job losses! It is an expensive and one-time process! Hyperautomation is only for repetitive tasks!
Is it? .
If you, like millions of others, experience hunches like these and seek expert advice, rest assured that we have covered this for you.
During our recent panel discussion, we had the privilege of inviting distinguished leaders from the fields of automation and technology worldwide. As a result, we are pleased to present a thoughtfully crafted summary of the invaluable insights and perspectives that were shared throughout the discussion.
Deepak Kinger, Chief Strategy Officer, EvoluteIQ very rightly cited that the 2 key challenges any organization eyeballs while endorsing an umbrella of automation techniques are
- Figuring right technology and
- Dealing with the change management
Now, hyperautomation is unlocking the typical challenges that IT architects and data scientists face. A recent Gartner report says by 2024, a good 65% of larger organizations worldwide will have deployed some form of hyperautomation. Gartner also expects enterprises to implement at least three of the twenty software solutions that allow hyperautomation around the same time. Well, it makes sense with the widening interest in technological phenomena.
Moving ahead from siloed systems to real-time analytics
Our event moderator, Rajendra Magadum, Chief Business Officer for Asia-Middle East-India at InfoVision, highlighted that hyperautomation can effectively address various industry challenges and pain points, including:
- Tedious manual tasks that are repetitive and time-consuming
- Inefficiencies resulting from siloed systems and data
- Errors due to human intervention or oversight
- Delays caused by manual approval processes
- Lack of visibility into key business processes
- Inability to scale operations to meet demand
- Difficulty in adapting to changing business requirements and regulations.
To surmount these obstacles, hyperautomation aids organizations by streamlining and unifying their workflows, optimizing processes through the employment of state-of-the-art technologies like AI, machine learning, and process mining, and furnishing real-time data and analytics to facilitate astute decision-making.
Mamta Aggarwal, VP – Head of Enterprise-wide AI-ML Products & Platform, AI Labs American Express, emphasized the benefits of hyperautomation and debunked common misconceptions about it. She mentioned that if a task is performed repeatedly and has the potential for further opportunities, then it should be automated.
Hyperautomation is the concept of using advanced technologies such as artificial intelligence, machine learning, and robotic process automation to automate complex business processes. While hyperautomation has many benefits, there are also several myths surrounding it. Here are a few of the most common myths about hyperautomation:
Myths about Hyperautomation
1. Hyperautomation is like landing man on Mars or is not doable
Vaidyanathan, Chief Information Officer, Unity Small Finance Bank Ltd. Spoke by presenting brilliant personal anecdotes, about how hyperautomation is exhaustively touching every small aspect of our daily lives.
According to Vaidyanath, this myth that Hyperautomation is hard to get started is one of the biggest hurdles in the overall hyperautomation process.
So, Hyperautomation is doable and has been implemented successfully in many organizations. While it may seem like a complex and daunting undertaking, with the right approach and expertise, hyperautomation can be implemented in a way that delivers significant benefits to an organization.
2. Hyperautomation will eliminate all jobs
While hyperautomation can automate many tasks, it is unlikely to eliminate jobs. Rather than completely replacing jobs, hyperautomation is more likely to bring about a shift in work and the required skillsets. While many tasks can be automated, there will still be a need for human workers to perform complex tasks that require creativity and problem-solving.
With hyperautomation, workers can be freed up to focus on these high-value tasks, allowing them to utilize their skills and expertise in a more productive and efficient manner.
3. Hyperautomation is only for large enterprises
While hyperautomation may have been initially adopted by larger enterprises with more resources, it is becoming more accessible to small and medium-sized businesses.
Hyperautomation can help small and medium-sized businesses to automate and optimize their processes, enabling them to compete more effectively with larger organizations. By automating routine tasks, organizations can free up resources for more strategic activities, improving their agility and ability to adapt to changing market conditions.
Moreover, hyperautomation technologies are becoming more accessible and affordable, making them more accessible to businesses of all sizes. Many automation solutions are available on a subscription or pay-as-you-go basis, allowing organizations to scale their automation efforts as needed.
4. Hyperautomation is only for IT departments
While IT departments are often the initial adopters of hyperautomation tools, the technology can benefit many departments across an organization, including finance, HR, and operations
Hence, hyperautomation can benefit all departments and functions within an organization. By automating business processes, organizations can increase efficiency, reduce errors, and free up resources for more strategic activities.
5. Hyperautomation is a one-time project
No, it is not a one-time project. In fact, hyperautomation is an ongoing process of continuous improvement, requiring maintenance, monitoring, and updating of automation technologies to ensure they operate effectively.
As business processes evolve, automation technologies must be adapted, and recent technologies may emerge, requiring ongoing evaluation and optimization.
In short, hyperautomation requires continuous effort to remain up-to-date and aligned with changing organizational needs, optimizing business processes through ongoing automation and improvement.
6. It is going to be expensive
When organizations embark on their automation journey without proper planning, not having an unclouded vision and objectives, and not understanding the nuances of the technology, they run the risk of rework, throw-away work, and overspending. Therefore, it is imperative to weigh the benefits of hyperautomation against its potential costs before investing in it.
Hyperautomation might turn out to be expensive in such situations but not otherwise.
So, hyperautomation cost depends on factors like scale, complexity, the technology used, and the expertise required. It may require a significant investment, but leads to increased efficiency, productivity, and improved decision-making, resulting in cost savings.
However, the benefits of automation can outweigh the initial investment, and as technology evolves, costs are expected to decrease.
7. Hyperautomation is a one-size fits all
According to Srikanth Appana, the CTO & Digital at Bajaj Auto Consumer Finance Ltd, the key is to pinpoint the issue, leverage valuable insights, and convert them into measurable metrics to determine the optimal hyperautomation strategies to implement.
Some organizations may be able to hyperautomate certain processes, while others may not. The feasibility of hyperautomation depends on factors such as the complexity of the processes, the availability of data, and the compatibility of existing systems with automation technologies.
Therefore, before considering hyperautomation, it is important to conduct a thorough analysis of the processes that need to be automated and assess their suitability for automation. This analysis should also consider the costs and benefits of automation and the impact on the workforce and the organization.
8. Are we losing the ‘personal touch’ with hyperautomation
The adoption of hyperautomation in business processes can sometimes lead to concerns that the ‘personal touch’ is being lost. This concern arises from the idea that automation technologies may replace human workers, leading to less personal interaction and a decrease in the quality of service.
However, hyperautomation can enhance the ‘personal touch’ by enabling organizations to provide more personalized and tailored services to their customers. Automation technologies can help to collect and analyze copious amounts of customer data, providing insights into their preferences, behavior, and needs. This data can then be used to deliver personalized services and experiences that are more aligned with the customer’s needs and preferences.
9. Hyperautomation is a quick fix
Hyperautomation requires a long-term strategic approach, with a focus on continuous improvement and optimization of automated processes.
It requires a significant investment of time, resources, and money. Organizations need to train their workforce to use modern technologies and implement changes to existing processes. They also need to ensure that the new automated processes are integrated with existing systems and that there are no disruptions to ongoing operations.
Additionally, hyperautomation is an ongoing process that requires continuous monitoring, optimization, and refinement. As innovative technologies and processes emerge, organizations need to evaluate and incorporate them into their automation strategy.
10. Hyperautomation is only for repetitive tasks
No! Hyperautomation is not only for repetitive tasks.
While hyperautomation is well-suited for automating routine, repetitive tasks, it can also be used to automate more complex processes that involve decision-making and data analysis.
Hyperautomation technologies can be programmed to make decisions based on predefined rules, analyze substantial amounts of data, and even learn and adapt to current information. This makes hyperautomation a versatile tool that can be used to automate a wide range of processes across various departments and functions within an organization.
It is important to note that these myths are not true. Hyperautomation is a valuable tool that can benefit businesses of all sizes and industries, and it is not a one-size-fits-all solution.
Hyperautomation can be tailored to meet the specific needs of each organization and implemented in a way that aligns with their goals and objectives. It is important to understand the potential of hyperautomation and to approach it with a strategic and realistic mindset.
To dive deeper into real-time industry challenges and examples, watch our discussion video here:
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