Aug 14, 2020

Jump-starting the hyperautomation journey

Insurtech
AI
hyperautomation
Kofax
Tyler Suss, Product Marketing ...
4 min
A new term is accumulating quite a bit of buzz in the world of automation: hyperautomation
A new term is accumulating quite a bit of buzz in the world of automation: hyperautomation...

A new term is accumulating quite a bit of buzz in the world of automation

It’s so big that Gartner called it the most important of the top 10 strategic technology trends for 2020. The term is “hyperautomation,” and you might be wondering if it’s really worth all the hype.

The short answer is, “Yes. Absolutely.”

Gartner defines hyperautomation as “the application of advanced technologies, including artificial intelligence (AI) and machine learning (ML), to increasingly automate processes and augment humans. Hyperautomation extends across a range of tools that can be automated, but also refers to the sophistication of the automation (i.e., discover, analyze, design, automate, measure, monitor, reassess).” 

As 2020 unfolds, digital disruption has many organizations feeling the pressure to innovate in order to streamline internal operations and customer-facing experiences more quickly. Hyperautomation delivers the speed and agility required for success. 

If you want to understand hyperautomation, intelligent automation (IA) is a good place to start. An IA platform is unrivaled in its ability to hyperautomate processes, improve employee satisfaction, enhance compliance, and drive operational efficiency. 

Fast track hyperautomation with Intelligent Automation

Hyperautomation requires implementing the right combination of the right technologies, in the right order, at the right time. An intelligent automation platform provides organizations with the tools needed to jumpstart digital transformation by quickly identifying and implementing AI and other advanced technologies for maximum business benefit. 

An intelligent automation platform follows a methodology that catapults organizations to a state of hyperautomation via:

Process discovery: Organizations can use IA to easily analyze patterns and tasks, then quickly identify automation opportunities. Businesses can also discover potential challenges with compliance or regulatory issues and remediate them swiftly. 

Digital workflow orchestration: Centrally build and run automated digital workflows in collaboration with existing applications and human workers. Orchestrating multiple people, actions, software robots, policies and systems enables organizations to analyze, measure and optimize business activities. 

Robotic Process Automation (RPA): Intelligent automation takes Robotic Process Automation beyond task-based processes to support more complex and long-running workflows. Businesses can reliably and efficiently automate repetitive, manual tasks across the enterprise, even through web interfaces and business apps. Integrated “smart" automation capabilities such as cognitive capture, process orchestration and analytics allow human workers to focus on tasks requiring more critical thinking and offering more value to businesses and customers. 

Artificial intelligence and machine learning: Advanced automation technologies can be leveraged to understand, classify and extract data including voice, text, chat and images. AI allows you to automatically recognize people and documents, and understand the content and context of communications. That helps organizations make more insightful business decisions. Natural language processing, entity extraction and sentiment analysis provide greater insight into customer communications across all channels. Machine learning improves the accuracy of document identification, classification and separation conducted as part of cognitive capture and RPA. 

Digital workforce management: An Intelligent Automation platform provides the capability to govern a growing digital workforce, including software robots that improve security, compliance, scalability and auditability. Organizations can also increase work capacity without adding headcount. Automation of financial and regulatory processes improves transparency and compliance. 

Advanced analytics: With analytics, businesses can measure the impact of intelligent automation across the enterprise and calculate ROI. Improved visibility, process intelligence and insight into customers, employees and business partners give executives the tools and information needed to adapt to changing market conditions and customer expectations. 

The benefits of hyperautomation

The benefits of hyperautomation are seen throughout the entire business, positioning the organization to be recognized as an industry leader today and well into the future. Measurable advantages include:

Reduced costs: The intelligent automation of business processes and workflows reduces the time and resources needed to complete manual tasks and cuts down on the number of errors. By 2024, organizations will lower operational costs by 30% by combining hyperautomation technologies with redesigned operational processes. 

Scalability: Hyperautomation transforms a manual or complex task into a highly reliable and repeatable process. A collaborative ecosystem of complementary technologies and humans working together generates exponentially better outcomes across the business.

Improved customer experience: Hyperautomation enables organizations to deliver a more personalized customer experience and respond more rapidly to customers’ questions and needs. The result is improved satisfaction, loyalty and revenue.

Operational excellence: An efficient workforce comprised of the right blend of human and digital workers creates a flexible and agile organization that can swiftly and appropriately respond to changing market conditions. Increases in productivity and the focus of human workers on higher-value tasks give businesses a competitive edge. Better compliance and transparency positions the business to promptly respond to any potential issues.

Improved employee experience: Human workers enjoy the more thought-provoking and strategic work automation allows them. Rather than performing the same tasks day after day, employees can focus on projects adding value to the organization and can spend more time improving the customer experience. Workers get more satisfaction out of their jobs when they can see the added value they bring. 

Executives who want to drive innovation and transform business processes need to immerse themselves in hyperautomation. To get there fast, look for an AI-enabled intelligent automation platform with integrated capabilities, so you can work like tomorrow, today. 

This article was contributed by Tyler Suss, Product Marketing Director, Kofax

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Jun 11, 2021

SLK Software: Optimising performance in the digital economy

SLKSoftware
AI
Automation
CNAInsurance
2 min
Recently featured in our profile of CNA Insurance, we take a closer look at how SLK Software is powering disruption in the digital era

Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.

As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:

  • Relationship oriented
  • Strategically focused on a desired outcome
  • Reliant on automation tech

Believing in purposeful automation

SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies. 

Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.

The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:

Accelerating workflow processes

In addition to these services, SLK offers three products/platforms: Avo Assist - RPA, Avo Assure - Test Automation, and Avo Discover - Process Discovery.

 

 

The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance. 

Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:

“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.

Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.

Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.

Pictured: SLK Software team (source)

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