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As the post-pandemic era demands businesses to risk-proof processes and operations, harnessing the benefits of automation technologies is essential to ensure efficiency and sustainability. Hyperautomation brings together several components of process automation, integrating tools and technologies that amplify the ability to automate work, offering opportunities for businesses to achieve scalability, reliability, and efficiency from cost savings and increased delivery speed.
In 2022, as more organizations are leveraging the power of automation as they navigate towards recovery, the significance of the technology is ever increasing. In a recent survey of IT and engineering leaders by Gartner, 74% of respondents said that automation had helped their workforce work more efficiently, with 59% reported cost reduction up to 30%.
Automation enables enterprises with highly focused solutions to tackle complex workloads, challenges, and processes, adding efficiency and profitability. Let us dig deeper into how the coming year will shape an automation-enabled future.
Low-code allows the development of applications using a graphical user interface instead of the traditional approach that allows faster deployment, reduces costs and saves time. Low-code emerged out of necessity as it can effectively modernize and optimize business processes and dramatically reduce the time and cost to create and deploy applications. The benefits of low-code include improved agility to address diverse challenges, operational flexibility, higher productivity, better customer experience while addressing a series of challenges.
The flexibility and diversity of its application will result in more industries leveraging low-code solutions, expanding the technology's scope and applications. Low-code is taking the IT landscape by storm due to its capabilities in unlocking simplicity and speeding up software creation.
A recent study by Gartner has predicted that 75% of large enterprises would use at least four low-code development tools. This trend will continue to accelerate in 2022 and will reach its pinnacle in 2024 as, by that year, 65% of all app development functions will be accomplished using a low-code approach.
What more would businesses ask for when they can build applications that will suit their needs on their own? The low-code revolution has empowered enterprises to create highly customizable user interfaces, data models, forms, business rules, user workspaces, and such intricate applications with no prior experience in bulky coding.
The emergence of low-code will expedite the process of self-created application development, especially in the years to come. 2022 will mark the beginning of development platforms shifting away from core developers and their monopoly on complex application creation. The recent developments predict that half of all new low-code clients will come from business buyers outside the IT organization by year-end 2025.
In this decade, the recent developments will allow the Robotic Process Automation (RPA) technology to reach its fullest potential and redefine how businesses handle core business processes. Ensuring business processes and operations are carried out around the clock without further investments, RPA will witness widespread adoption, often helping industries address the labor shortages and maximizing output. In 2020, the RPA service segment accounted for more than 61% of the market share, which is projected growth at the highest CAGR from 2021 to 2028.
The year 2022 will witness a boom in the RPA market as the economy is recovering from the economic impact of the pandemic. If you are looking for core RPA (the no-frills rules-based RPA) without any need for intelligence, 2022 can be a great year.
RPA will ultimately push businesses to Hyperautomation, resulting in 65% of organizations that deployed Robotic Process Automation to introduce Artificial Intelligence, including Machine Learning and Natural Language Processing algorithms, by 2022.
To optimize everyday processes and with intelligent technologies, hyperautomation is a must-have solution. It does not stop automating repetitive tasks; it goes beyond that by interpreting anomalies, learning patterns, and capturing vast quantities of hidden business insights. With the infusion of artificial intelligence tools, 2022 will be the year that modernizes the business landscape.
More and more vendors will offer the hyperautomation suite of technologies in 2022 and beyond.
With its strong capability to simulate human intelligence, AI will equip businesses to move processes from humans to technology.
To take it further, in 2022, when applications developed using a low-code approach are integrated with AI and ML technologies, it will profoundly impact business processes. In the coming years, AI and ML will lead to 75 percent cost savings on repetitive tasks compared to human performance.
While the constantly evolving phases of the pandemic challenge organizations across industries to transform business processes, automation will be an integral part of organizations. It will carve the path for connected experiences and the digital transformation of businesses bringing a significant shift in how they operate, support their employees, and serve their customers.
Narendran Thillaisthanam is the Vice President of Emerging Technologies at Vuram. His areas of expertise include automation, emerging AI, Intelligent document processing, analytics, business intelligence, RPA. Narendran has more than two decades of experience in the technology domain spanning product management and core software development/architecture. He heads the Emerging Technologies division at Vuram, where his team specializes in RPA, Analytics, and Ai (specifically Document Ai & OCR) technologies.
Vuram is a Hyperautomation services company that specializes in low-code enterprise automation. Since its inception in 2011, Vuram has been maintaining 100% customer success and 100% customer references. Powered by 800+ passionate people, Vuram has served 135+ happy enterprise customers and has successfully built 1000+ applications. Vuram has been named a Contender in the ISG Provider Lens™ 2021 Analytics – Services Report for the USA in the Data Engineering Services quadrant, recognized as an HFS hot vendor (Q3 2020), and ranks among the 5000 fastest-growing private companies in the United States by Inc. In 2021, Vuram ranked among the 100 Best Companies to Work For in India certified by Great Place to Work® institute. Vuram'sHyperautomation technology stack encompasses business process management (BPM), robotic process automation (RPA), optical character recognition (OCR), document processing, and analytics.
Author:
Narendran Thillaisthanam, Vice President of Emerging Technologies, Vuram
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