Hyperautomation as a trend
Definition: Hyperautomation
Hyperautomation is a strategic approach in banking and insurance to identify, verify and automate as many business and IT processes as possible. Hyperautomation is not a new technology per se, but rather an orchestrated use of multiple existing technologies, tools or platforms. These include: artificial intelligence (AI), machine learning, event-driven software architecture, robotic process automation (RPA), business process management (BPM) and intelligent business process management suites (iBPMS), integration platforms as a service (iPaaS), low-code/no-code tools, software packages and other types of decision, process and task automation tools.
3 Reasons for hyperautomation in financial institutions and insurance companies
1.
Gaining efficiency & reducing operating costs
By automating as many processes as possible, the benefits of increased productivity can be reaped to meet growing demand. For example: they can help IT teams manage the increasing number of projects and ensure better compliance with regulations. Automation also minimizes the possibility of human error. This project is becoming even faster thanks to hyperautomation. The result is streamlined business processes that reduce the need for human intervention, increase efficiency and save costs.
2.
Positioning as an attractive employer
In times of a shortage of skilled workers and a “digital-first world”, banks and insurance companies have to assert themselves as both employers and commercially active companies in the entire working environment. Process automation offers an opportunity to position yourself as an attractive employer in a national, but also European and international comparison. You should therefore deal with the opportunities at an early stage and take holistic approaches and modern technologies into account.
3.
Meaningful tasks for employees
The idea behind hyperautomation is to give your employees meaningful activities. Matching their core competencies, people can be given tasks with a higher degree of complexity by having the monotonous tasks carried out by a machine or software. This not only ensures employee satisfaction, but also the overall added value of your company.
No-code approaches in hyperautomation
Thanks to the no-code approach, d.velop and its process builder enable departments to model their document processes in the right tool landscape. The IT department takes over the implementation of the communication links, which can also be developed so that they can be reused in other specialist processes.
This streamlines the development process, the limits of no-code are addressed directly by the IT department, the resulting process reduces monotonous activities and gives the departments time for more important things.
Establishing hyperautomation: But how?
Employees should already have the necessary freedom and be motivated to consider optimisation through automation. There are already companies that guarantee their employees a share of the profits from the savings in exchange for identifying savings potential in processes. Whether through such a measure or in another way: it is important to ensure that as many employees as possible perceive potential for optimisation.
Questioning mindsets must grow in the workforce
As soon as someone from the workforce notices in their everyday work that an activity is value-adding, meaningful and recurring, they should ask themselves whether this activity can be automated using the given tools. The topic of process automation will naturally find its way into companies and secure the initial potential mentioned above. The key is for employees to feel valued, providing a real contribution to the business.
Process digitalisation: Where should you start?
In order to begin process digitalisation in insurance or financial institutions, a good foundation is particularly important. Successful process digitalisation requires careful planning, integration of new technologies and the willingness to continuously adapt. It is also important to ensure that digitalisation supports a bank or insurance company's business goals and efficiency. Here are the top 3 most important steps that pave the way to process digitalization:
1. Process analysis and identification
- Identify critical business processes that should be digitised.
- Document and analyse these processes to identify weak points and potential for improvement.
2. Technology selection and implementation
- Select appropriate digital tools, software or platforms that fit the identified processes.
- Implement the selected technology gradually and ensure training and adjustments within the team.
3. Change management and continuous improvement
- Communicate the changes clearly and transparently to employees and ensure their active participation.
- Establish a feedback mechanism and continuous monitoring to optimise processes and maximize ROI.
Digitalisation experts within a company are able to use their experience to give important tips and make recommendations. They can also assess which processes make sense to digitise and how it works best. When it comes to digitalisation, it is important not to create isolated solutions, but rather to think about processes holistically; then the success of the measures will not be long in coming.
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Commercial register Coesfeld: HRB 4903; USt-IdNr. DE 813062165
Contact
Colin Dean Regional Vice President United Kingdom info@d-velop.com +44 (0)7808 062181 d-velop.com
Management Board Rainer Hehmann Dr. Stephan Held Nico Bäumer Martin Greiwe (Spokesperson of the Board)
Supervisory Board Chairman Dr. Helmut Bäumer