Hyperautomation is an advanced automation strategy that uses AI, robotics, and innovative software engineering. It empowers businesses to undergo profound digital transformation to gain a competitive advantage at breakneck speeds.
It integrates existing systems, users, and tasks to minimize labor, simplify workflows, and then duplicate these simpler automated workflows. Hyperautomation can take businesses over, beyond, and above ideas and dreams that were once considered to be ridiculous just a few decades ago.
The forecast for the hyperautomation market shows a value of approximately $46.4 billion by 2031. The hyperautomation market’s compound annual growth rate is rising by 21.7% between where we stand now and 2031.
Industries that use hyperautomation significantly include IT, banking, healthcare, education, manufacturing, retail, and telecom.
All this points to the fact that modern businesses, especially those pivoting toward digital transformation, need to view hyperautomation as a way into the future. In today’s global competitive landscape, it’s the only way.
Speed is currency, and hyperautomation provides speed. Businesses need to be aware and open to hyperautomation trends to stay competitive.
We can use RPA technology to design software robots that replace a human’s interaction with a software or digital entity. It’s a logical and common step in a business’s digital transformation. Recent trends have seen these increasingly popular RPAs being packaged and sold as mass-market products.
RPA developers and engineers trust that there is significant demand for these off-the-shelf products and are starting to make that a substantial part of their business model. Businesses should keep a keen eye on this trend and strategize around it for significant benefits like higher productivity, getting quality analytics, improved customer service, and economical operations.
The commodification of RPAs and the fact we can easily integrate them into existing systems can help businesses scale their operations faster, cost-effectively, and more efficiently. However, automating certain aspects of a company can often still require more intricate and personal design and more robust tools than off-the-shelf RPA products can offer.
However, businesses have numerous smaller, simpler, and equally important tasks they can quickly delegate to RPAs. This would leave room in a business’s budget and time to focus on the operation and/or automation of more complex systems.
Going beyond how RPA products can transform a business at a macro level, the same products can also empower each individual within the institution in their daily activities. Individuals can now use RPA products with the same level of familiarity and ease offered by the most basic and standard office suite software.
Yes, you read that right. The most dominant narratives have predicted that artificial intelligence and automation will result in most of the planet’s workforce losing their jobs. However, new trends and research indicate a different kind of truth. While certain traditional occupations may indeed become redundant, new roles will emerge, and opportunities will be bountiful.
The COVID-19 pandemic, recent and upcoming economic recessions, large-scale layoffs, and general trends in modern businesses have created a foreboding sense of uncertainty for workforces worldwide. While those concerns are justified, companies and top management must protect their workforce and communicate a different message.
Some more balanced viewpoints suggest that a rise in automated systems will result in businesses having more job opportunities that require specialized skills. As an extension of that, jobs that require technical skills would naturally offer higher salaries, providing growth opportunities for numerous members of the workforce.
There is no real way to predict how much more successful automation will be than human workers. While automation is sure to make businesses run more efficiently, the human cost must be addressed. More astute companies are sensing this, and their leaders are readying their employees to work alongside hyperautomation rather than instead or despite it.
It’s a reality that many businesses may rid themselves of a significant portion of their workforce and replace them with automated systems. However, to do so hurriedly may be rash and could cause damage to their brand image. The smarter trend to follow would be to champion the idea of a hybrid system where human workers and automation coexists.
As mentioned above, commodifying RPA technology into smaller products at reasonably low costs has made hyperautomation more accessible for all. Hyperautomation, in its initial stages, was a luxurious option that only the elite in the business world could afford (to experiment with or even consider).
Now, smaller businesses with more conservative budgets are starting to use RPA products. RPA is also seen in day-to-day life and non-business contexts, like on apps on computers and smartphones. In 2023, hyperautomation, or at least some elements, will be completely accessible and mainstream. Businesses really don’t want to find themselves lagging.
The journeying of hyperautomation into the mainstream will have an impact on businesses. They may lose an important competitive advantage if they wait too long to adopt those processes. That gap, especially when dealing with hyperautomation-enabled competitors, could be tough to make up for in the future.
Since more prosperous businesses already had a significant head start and SMEs are beginning to adopt hyperautomation processes, very few players will soon remain without automated systems. More than just viewing it as jumping on the bandwagon, it’s crucial for businesses to begin exploring hyperautomation early enough to give themselves time to settle into a new way of getting things done.
We mentioned earlier the potential positive outcomes of hyperautomation on human workers and how innovative businesses champion hybrid teams that can coexist with automated systems. But teams in those businesses will likely do more than just exist. They will thrive. Perhaps in ways, they don’t even expect or didn’t imagine.
Why would the adoption of hyperautomation reinvigorate teams of human workers? The simple answer is that automated systems would quickly take care of huge volumes of menial labor. So, workers who used to do those jobs will be free to explore new opportunities, hone new skills, and redefine themselves within their organization.
It’s very likely that, in many cases, aspects of a business that required a lot of human attention were neglected because workers were busy with labor-intensive, repetitive tasks. Now that automated systems can take care of those laborious tasks, teams within organizations can dedicate their time, energy, and skills to activities that genuinely need them.
While this may sound ideal in theory, it would require astute leadership skills and empathy toward employees. Visionary business leaders will follow these trends and do the needful for their teams. Those who choose automation at the cost of their workforce may be subject to short-term gains. However, those will be in exchange for a loss that will hurt them long-term.
The inevitable truth is that professionals might spearhead many future tech innovations without deep technical knowledge, IT backgrounds, or even the fundamental skills of a developer. How is that possible? The answer lies in low-code and no-code tools, which companies are adopting at increasing rates.
More and more businesses need automated systems. However, to have a sufficient technical workforce to develop those systems is time-intensive and resource-heavy. Not many have the luxury of unlimited tech experts to solve every problem while automating traditional methods. That’s where no-code and low-code tools come into the equation.
With various no-code and low-code AI tools becoming readily available to businesses, certain kinds of work will become more inclusive. Professionals interested in tech but with no tech expertise will be able to use these tools quite easily and contribute to their businesses.
Once these tools are widely adopted, businesses will train their employees to use them. Hyperautomation skills requirements will become as common as Microsoft Excel proficiency. Company-wide mastery of these simple tools can prove to be transformative.
Last but not least, perhaps the most important hyperautomation trend shaping the market in 2023 is the rise in building and using digital twins. The forecast for the digital twin market sees an astronomical figure of $48.2 billion by just 2026 and growing at a compound annual growth rate of 58%.
But first, what is a digital twin? A digital twin, quite simply, is a virtual representation of a real-world process or entity. However, it’s not merely a digital version of the physical one. It’s constantly updated with its real-time twin, meaning it undergoes all the material and behavioral changes that its physical twin does.
Organizations already use digital twins in a wide range of industries. These include manufacturing, healthcare, real estate, supply chain, and retail. Digital twins are a great way to improve products and processes. They allow businesses to rigorously test products for defects and processes for bottlenecks and errors.
Assessing risk, monitoring smooth functioning, and predicting maintenance requirements allow businesses to operate faster, cheaper, and more efficiently. The digital twin of a robotic arm is an excellent example of just how far this technology has advanced in manufacturing. It’s a no-brainer that digital twins will find their way into many other industries and use cases.
The adoption of digital twins is a key ingredient for businesses to be future-ready.
In just over 75 years, the automation processes that began at Ford Motor Company have evolved into something beyond most people’s wildest imagination. Hyperautomation is the next chapter of that story, and businesses want to be among the pioneers shaping the future.
However, hyperautomation isn’t one-size-fits-all. For businesses to benefit the most, it’s important to stay on top latest trends like the ones mentioned above. More importantly, finding custom hyperautomation solutions that suit the complex needs of your business is vital.
A thorough hyperautomation solution provider will dig deep to discover needs, implement systems, and use the right AI technology to help your business scale quickly and safely. Businesses will likely be surprised at just how much hyperautomation can transform them. To be future-ready is to be hyperautomation-ready.
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