We live in a world where speed is of the utmost importance in every business. The speed and reactivity of your website or customer response team are crucial to the efficiency of your business operation. Digital process automation is the future of the modern business world. They use automation to exceed basic human efficiency in processing complex analytical information and/or redundant tasks.
In this way, paid human employees can better focus their energy on more complex operations. They also help avoid human error. The two main types of digital process automation are hyperautomation and intelligent automation (IA). While hyperautomation and IA have much in common, they also have their differences.
Both IA and hyperautomation are dependent upon and powered by artificial intelligence (AI). AI refers to software, computer, or a machine that can analyze large data sets using complex algorithms. AI is programmed to mimic how humans learn using machine learning (ML). The fidelity and coherence of each AI depend upon the data sets it analyses, whether it be local or 3rd party, and the algorithms it has been programmed with. The advancement of hyperautomation and IA mirror and encourage the increasing development of AI.
Intelligent automation is a combination of ML and AI with robotic process automation (RPA). RPAs are basic automations. Their efficiency lies in their ability to process large amounts of data way faster than humans. When combined with AI and ML, these RPA become efficient enough to complete tasks autonomously. The ability to perform end-to-end task completion without human intervention makes intelligent automation so valuable to any business or operation. They can help save time, energy, and often unnecessary expenses.
Hyperautomation also uses AI, ML, and RPAs to operate. They are designed differently to be applied to individual business models. There is often an emphasis when choosing hyperautomation on knowing your customer technologies. Hyperautomation may use many other kinds of automation to cater to a specific business’ needs. The goal of hyperautomation is to automate every area of a business that is possible.
The Most Practical uses of Hyperautomation
Any business can benefit from hyperautomation. For tasks that are simple yet require time to make proper verifications, consider using automations. Some of the most popular business operations that can easily be automated using hyperautomation are:
- Accounts payable
- Trip expenses
- Customer service operations
- Money laundering verification
Many businesses use Finance and Accounting automation to up their security and productivity. If you aren’t sure how your company can benefit from hyperautomation, here are examples of the top 12 hyperautomation technologies to be used in 2022. It is crucial to speak with an IT professional who can guide you through some simple processes to determine what is right for your business.
Or you can also try using process mining to get an idea of what areas of your business could benefit from hyperautomation. Process mining will look into the normal processes or automations that your business uses to determine if there are redundancies that could be fixed or any way to make the system more efficient.
Hyperautomation often includes specific IAs that support KYC (Know Your Customer) regulations and technologies. These technologies may include optical character recognition (OCR), Intelligent document processing (IDR), and Natural Language Processing (NLP).
The benefit of KYC automation can be seen across all fields of work. Especially for companies that deal with AML compliance or banking security, the IA that deals with fraudulent documents is more efficient than the human eye. Hyperautomation uses programs that can more easily detect money laundering operations or other fraudulent activities because of the large quantities of data they can process or analyze at any given time.
Each of these technologies often requires the analysis of sensitive data. Data stocked and stored online is an essential part of how the modern world functions. Hyperautomation technology can keep your company in line with KYC compliance regulations when dealing with this data. This is done as hyperautomation systems enforce data protection through digital twin organization (DTO), which can be used to mask overly sensitive information and perform a clean sweep after each task. There exist KYC databases that the AI can add to and pull information specific to each customer. These databases can be used to prevent information such as SSNs or medical history from being hacked.
Properly analyzing data is key to knowing one’s customer. In many instances, people are implored to prove their identity online. This process must remain easy for the use of customers, and also like a brick wall to imposters. With the existence of smartphones, there has been the creation of biometric recognition accessible to all. Biometric recognition uses intelligent automation such as iris, facial, print, or voice recognition to verify one’s identity. It is a fool-proof way to protect both the consumer and business from imposters.
Hyperautomation and IA are at the forefront of modern businesses and organizations. They have the common thread of providing lightning-speed automated end-to-end processing. They can help cut costs at work while increasing efficiency. They do this by minimizing the necessity for human meddling with time-consuming and redundant tasks. Hyperautomation can protect businesses from fraud and keep them up to speed on KYC compliance. Human employees’ time can then be consecrated to jobs only humans can do, thus creating a happier and more efficient work environment for all.