The Hyperautomation takeover is inevitable all over the world. It is estimated that by 2024, organizations will lower operational costs by 30% through the combination of hyper-automation technologies with redesigned operational processes.
In Pakistan, Hyperautomation is a relatively new term, however sooner or later nearly all industries will have to adopt the technology. Operational cost reduction is just a single facet of hyperautomation, as the implications of the technology are immense that cover several areas including effective collaboration between the workforce and digital integration.
Systems Limited in collaboration with IBM hosted an event “Hyperautomation: Moving Businesses Beyond RPA” at Mövenpick Hotel, Karachi. The event is an instigation towards the future for Pakistan as the integration of Hyperautomation in industries such as Finance can be visualized and put into practice. The event’s sole purpose was to create a conducive environment of awareness and the possibilities that are within the realm of Hyperautomation.
According to Ovais Khan, Head of Integrations at Systems Limited: “There is a cultural change that is associated with technological excellence and transformation. By pivoting transformation around key pillars of people, process, and technology, we have helped many organizations understand how RPA adds value to their business growth as an important automation propeller”.
The Hyperautomation drive in financial services:
The drive for automation in the finance industry has never been more essential than today. With effective resource management and the importance of transparency in banks and financial institutions, RPA and AI is a duo that can effectively solve a plethora of problems the finance industry is riddled with currently.
Let us take a pragmatic approach and understand how some of the issues can be resolved through Hyperautomation in the finance industry:
Automating manual transitions:
A complete hyperautomated solution is required to remove laborious tasks. On average a person would spend around 8 hours a day to simply make calls to receive payoff requests which waste a lot of time and effort. Through IBM RPA technology, a bot would be able to monitor the queue and would be able to perform entire payoff requests. Also, we cannot ignore the fact that the human error rate in the finance industry can be catastrophic. Automation will allow such errors to be reduced.
Eliminating the burden of financial planning:
Financial Planning is a domain of its own and requires rigorous strategies to achieve a plan that is financially viable. For this, financial statements from various departments within an organization are analyzed and conclusions are drawn that depict financial stature. With the help of hyperautomation, software bots can easily process, and merge financial statements and logical conclusions can be drawn eliminating a major bulk of the burden that is put into financial planning.
Tracking down investment values:
The implementation of RPA in investment firms can be a gold mine when it comes to tracking down investment values. Bots can make swift assessments in terms of identifying risks and gains. In essence, RPA tools can be seen as an alternative of financial advisors as they actively predict and analyze market trends. The technology also opens possibilities for stock investment firms as it can provide real-time information regarding fluctuations in stock trading.
Streamlining lending and loan acquisitions
Lending and loan acquisition is another area where financial institutions can save a lot of time and costs with Hyperautomation. Bots allow efficient extraction of relevant loan data from huge sources which can take weeks through manual labor. Many commercial loan agreements are quite complex but due to RPA they can be analyzed within minutes saving up your costs and time.
Asim Noorani, Hybrid Cloud Technical Sales Lead at IBM claims, “RPA is a complete journey. It is not a one-off project. You need to optimize the use cases and value them until you start seeing their full potential across the enterprise,”. This implies that a financial institution must think of Hyperautomating their processes in the form of a journey until they reach their destination.
Hyperautomation is propelling financial services into the future
Hyperautomation is making significant leaps for the finance industry in terms of delivering desktop automation tools. The automation capabilities include enterprise systems for cash payment, escrow disbursement, and task mining tools. The possibilities with hyperautomation in Pakistan are on the rise and can bring in a change that will stand the test of time. As we can see an upward trend in RPA adoption, it is expected that by the end of 2025, the global RPA market will reach US$3.97 billion.
Hyperautomation is where the future lies for the Finance Industry. If you want your financial institution to be part of that future, Systems Limited and IBM can take you there.