Management consulting company Gartner believes organisations are failing when it comes to the strategic implementation of automation.
The firm has found that companies are stuck within the limitations of robot process automation and not tapping into the artificial intelligence (AI), machine learning and natural language processing algorithms potential.
It’s time for companies to turn to hyper-automation to create strategies that leverage multiple tools to enhance business processes.
For the financial sector, this is a key move that will enhance both customer and employee experiences through transformative service delivery and reduce attrition, boost morale, and improve the organisation’s overall reputation.
This move is reflected in recent research by Salesforce and Vanson Bourne, which found that 91 percent of organisations are turning to automation with 44 percent using API management capabilities and integration to enhance the potential of existing automation solutions.
Eighty percent are focusing on how they can leverage state-of-the-art technologies to enhance their existing systems and move towards a hyper-automation strategy.
It is a strategy that aligns with the need to build more cohesive employee experiences that meet the changing needs of the employee.
The past few years have torn away the barriers of Generation Zs, Millennials, and GenXs as burnout, stress and ongoing uncertainty have made people more aware of what they want and need from an organisation.
Financial service companies, cognisant of the need to hold onto talent, are turning to solutions that allow them to address the needs of each unique generation while minimising the risks of employee attrition and improving overall morale.
The sector is intensely service driven so if employees are not engaged, this is reflected in the service they provide to the customer.
Hyper-automation slips into the cracks created by post-pandemic technology complexity, introducing a more streamlined approach to process management and optimising how employees execute their tasks.
Banking is a well-established business with longstanding processes but many of the legacy tools that remain in place are unable to keep up with what the employee, and the business, demand.
The move to revolutionise these older processes started with robot process automation but now companies need to find a way of doing it better, faster, and in a way that differentiates from the traditional ways of operating and thinking.
Adopting the technology is a strategy to safeguard the skill of ageing knowledge workers who are exiting the workforce by making sure their experience, especially for tasks that may not be formally documented, is captured in a repeatable format that can be reproduced on demand.
This is an important factor considering a vast majority of staff coming into the workforce would not be willing to take up these, typically “clerical” roles.
Hyper-automation removes the human from repetitive tasks and introduces a greater level of accuracy and helps address periodic workload peaks (think month-end deadline).
It also cuts operational costs as it reduces time spent on resolving processes and customer queries, and directly translates into improved customer engagement.
Similarly, hyper-automation is a strategy that can be employed to meet the needs of older customers who may not necessarily be tech-savvy and continue to use the traditional channel that they would have been used to.
It creates an avenue to “digitise” traditional tools and processes and integrate them with more modern tools.
Autonomous bots are currently one of the most common implementations - these 24-hour digital workers do mundane tasks that can include anything from picking data out of transactions to validating email addresses to creating alerts.
Considering the significant volume of work involved in these tasks, it’s easy to see how hyper-automation can measurably reduce the load for employees while providing them with accurate information and reports that help them become more effective in their roles.
These bots are bringing to the fore additional capabilities such as the application of AI and machine learning that greatly enrich and augment these processes.
For instance, recognising patterns in data that can signify fraud and alerting of the same. These would typically involve reviewing large data set and making comparisons; something that a human worker would be ill-suited to do.
However, it is no longer enough to simply deploy this technology. It has to be deployed in a way that will create transformation, reduce costs, improve output, deliver ROI and tie into the overall employee experience.
The business has to ask how it can vastly improve the employee experience and productivity with the right solutions that take the business in the right direction.
And this underscores the need to invest in technology that is relevant and sustainable.
Adopting a strategy of hyper-automation means that financial institutions need to take a longer-term view.
This is not an overnight success, rather it is a deployment of technology across the enterprise within a systematic approach that involves rigorous change management and training and that ensures employees take ownership of the process.
There has to also be a clear purpose that leverages employee knowledge to determine the best course of action for a process - when people are in tune and empowered by hyper-automation it delivers the expected results.
Attended bots (digital assistants) are the easiest place to start, but then each year companies should build on incremental successes to create a wider deployment that uses some of the more high-end hyper-automation solutions that can definitively change business models.
This should be bolstered by executive buy-in that drives the hyper-automation agenda and by upskilling employees so they feel they are part of the process and can see how it will benefit them in the long term.
Companies can build off existing technology without having to dive off the expensive deep end and still achieve significant gains across productivity, employee experiences and business capabilities.
Hyper-automation is a valuable ally in the war for talent retention and in helping both employees and organisations navigate the complex working landscape post-pandemic.
Introducing efficiencies and capabilities that reduce manual loads and improve working conditions, is a smart step towards reducing errors, stress and costs while increasing engagement and productivity. And taking that step is easy with the right partner and the right technology.
Ogwella is the Team Lead, Data, Applications and Mobility - Dimension Data East and West Africa.