With every passing day, we are moving more and more towards process automation. The urgency to automate at a quicker pace, and at a much wider scale has only been enhanced by the disruptive impact of the present global pandemic.
Now however, things are moving towards hyperautomation, an approach that enables enterprises to automate as many processes as possible in the least amount of time. This approach is now also taking center stage when it comes to Business Continuity (BC).
By leveraging hyperautomation, organizations are better preparing themselves for scenarios where human interface is impeded by unforeseen circumstances. Gartner has painted a very up-beat picture regarding the demand for hyper automation.
According to the data analysis giant, the global hyperautomation market is expected to reach a size of US $532 BN in 2021. By the year 2022, it is expected that this market will have attained a total size of US $596 BN, which is phenomenal.
During the year 2020, the total size of the hyper automation market was US $481 BN. The most widely used tools for hyper automation include Robotic Process Automation (RPA), Low Code Application Platforms (LCAP), Artificial Intelligence (AI) and Virtual Assistants.
It is expected that hyper automation will play a leading role in the now much necessitated speedy digitalization. Another developing trend is that now, hyper automation will be adopted as a coordinated, organizational level initiative.
Gartner believes that by the year 2024, most of the hyper automation initiatives being taken right now will attain maturity. Via hyperautomation and process re-design, organizations will be able to curtail operational costs by a healthy 30%.
With the right implementation strategy and choice of the right tools for the job, organizations will not only be able to achieve operational excellence, but also reduce operational overheads to a great extent.