Read news on the impact and influence of hyperautomation, digital transformation, and business process management solutions on business results
Facts about Hyperautomation
1. The worldwide market for technology that enables hyperautomation will reach $596.6 billion in 2022. This is up from $481.6 billion in 2020 and a projected $532.4 billion this year (2021). (Gartner)
2. Combining hyperautomation technologies with redesigned operational processes will allow organizations to lower operational costs by 30% by 2024. (Gartner)
3. Over the next three years automation is expected to increase workforce capacity by 27%−equivalent to 2.4 million extra full-time employees. (Deloitte)
4. The global hyperautomation market is anticipated to grow at a CAGR of 18.9% during 2020–2027. (Deloitte)
5. Intelligent automation is estimated to provide an average cost reduction of 22% and an increase in revenue of 11% over the next three years. (Deloitte)
6. 90% of COOs who are scaling digital automation are doing it to create higher value work for their existing employees. (Salientprocess)
7. Hyperautomation drives improvements in categories such as speed, accuracy, value of work, and operational cost, all of which drives customer satisfaction, which according to Analytics Insight is 21% of respondent’s rationale for adopting hyperautomation. (Salientprocess)
8. In the US alone, automation accounts for 2.6 trillion hours of work per year. The Wall Street Journal has reported 37,000 US–based AI job postings (up 45% from the previous year). (Salientprocess)
9. The hyperautomation market in North America held the second–largest hyperautomation market share in 2019 and is likely to grow at a rate of 17.6% in the forecast period. (Marketwatch)
10. The term “hyperautomation” was coined by the research firm Gartner, calling it the #1 trend in strategic business technology in 2020. (Nividous)
Industry News (Updated Monthly)
Please note: The insights provided in this section are commonly republished from third-party sources. Articles are the exclusive opinions of the authors. Encanvas accepts no liability for their accuracy or for any consequential impacts of any actions resulting from the use of this information.
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Why businesses are getting serious about hyperautomation
Hyperautomation describes a substantive automation agenda made possible by new and emerging digital technologies.
Even after decades of computer software and automation adoption in businesses around the world, the proportion of business processes in any typical organization that remain manual or dependent on use of documents (or self-authored applications) remains staggeringly high.
Many businesses that existed prior to the digital age, continue to operate off-line processes behind their websites and digital storefronts. This sub-optimal back-office systemization not only adds unnecessary costs to business operations, it significantly hampers the ability of businesses to serve their customers.
Modern digital customers want access to services at any time, to serve themselves, to benefit from transparency (to know how their enquiries and orders are being handled), and to gain access to performance insights in near-real-time, if not in real-time. Hyperautomation projects, underpinned by no code software development platforms, like Encanvas, offer customers the best opportunity to transform their enterprise IT, to create a joined up digital ecosystem to maximize customer experience while minimizing the cost of sale.
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