Business processes are evolving across industries to drive revenue growth by employing new age technologies like Artificial Intelligence, Machine Learning, and more. In this post, we are going to look at what hyper automation is and how it is going to shape future business communications and their management.
What is Hyperautomation?
Automation stems out from Digitalization. It is more commonly known as Robotic Process Automation (RPA) where robots (software) are used to automate certain repetitive human tasks resulting in reduced human error, lesser time, increased efficiency and thus revenue.
But before we delve further, it is necessary to understand the difference between digitization and digitalization. Prior to the internet boom and sophisticated software industry, much of the business processes were paper managed. For example, banks had to generate millions of monthly statements in paper print format. But with industrial landscape evolving at the global level, it was required to transfer these paper assets into computers. This conversion of paper statements to digital formats like PDFs or HTML is called as digitization (analog to digital) whereas, when businesses use digital technologies to augment their revenue strategy, that is called digitalization.
Hyper automation is one step further when RPA is combined with Artificial Intelligence (AI) and Machine Learning (ML) to augment existing business and transactional communications at the enterprise level. It is a more refined and sophisticated form of automation.
Communication challenges that hyper automation solves
More than technology, hyper automation is an enterprise level strategy that utilizes several technical and digital tools like RPA, AI, machine learning and more that makes for one complete solution.
In line with this thought, let us look at how various components of hyper-automation can be used to resolve your existing transactional communication challenges to deliver an exceptional customer experience.
- Reduced communication TATs
Robotic process automation (RPA) makes your systems more efficient by using software robots to automate labor intensive and repetitive tasks. Tasks such as customer on-boarding, loan processing, document generation, etc. are taken care of by robots instead of manual processing. This helps in reducing human error rates, reduced response time, cost benefits and ultimately enhanced customer service experience.
- Poor decision making
Combined with Robotic Process Automation, analytics become an intelligent process to identify anomalies, segregate structured and unstructured content such as emails, customer communication records, images and videos. Audit and analytics can augment human decision making with accurate analysis of data, visually powerful reports, useful insights and fraud detection in many cases.
- Poor customer engagement
Businesses can bring their communication processes at a competitive edge by using advanced machine learning algorithms, AI, natural language processing (NLP), and more to create innovative and business rules driven custom processes to enhance self-service capabilities. AI driven chatbots can help improve 24/7 engagements, personalization, and tracking for improving customer experience.
- Complex information and poor visualization
Automated Cognitive Processes enables organizations to efficiently curate and generate complex but visually appealing content automatically such as financial reports, statements, regulatory advisories and more. Such automation improves your transactional communication processes to deliver superior customer experience.
How FCI is empowering business communications?
As a rule of thumb, any technology sufficiently advanced that is able to automate business processes and add value to communication to enhance customer experience can drive growth at scale.
FCI offers a Centralized Communications Hub that enables enterprises achieve hyper-automation in their communications for an enhanced customer experience throughout the journey.
Let us look at what businesses across industries like utility, banking and finance, telecom and healthcare can achieve with us:
In order to take customer engagement to the next level, organizations must integrate technology with real time data to serve more relevant and targeted content to each customer. To achieve that relevancy in the communication, your business must have more information on each customer. FCI enabled clients achieve hyper-personalization in their communications to improve cross sell by ~3X due to the personalized nature of content being served. It helped build customer loyalty and trust that drives revenue automatically.
Automated Customer Service
Dynamic and interactive one-to-one communication can be achieved by using components of hyper automation. Common business requests such as contact updating (email, address, phone), change of service plans, etc. that could take up several productive hours can be done via automation. Innovative processes can be built using natural language processing (NLP) to scan and identify customer needs basis which an automated response can be generated. We enabled our clients to engage and update customer service requests in real time leading to 13% reduction in call-center volumes with improved customer experience.
Using AI to meet customer demands
There is no denying the fact that soon over 30% of internet browsing will be done using voice recognition. Hence, it is imperative to integrate voice recognition with customer communications for businesses. Investing to develop such a capability is definitely going to give you an edge over your competitors.
Machine learning can be used to develop AI based tools that can predict user behavior basis which such content can be generated that prompts user’s next action. Integrating such hyper automation with emails, billing and other transactions can help businesses to augment their customer communications.
Chatbots and automated virtual assistants that appear across websites, instant messaging services, invoice and billings are already at the forefront of dynamically improved customer engagements.
Enhanced decision making
By using automation tools and machine learning, businesses can empower their data analytics to generate insightful and accurate reports for marketing teams. Such reports can help teams devise more targeted campaigns and promotional strategies and hence FCI was able to help clients achieve ~50% increase in their customer engagement and satisfaction.
There is a significant reduction in the rate of human related errors and biases when same tasks are completed with automated tools. Since robotic processes are programmed for precision, there is a dramatic increase in the quality of jobs that lets humans take a break from exhaustive tasks. With automation of repetitive processes, FCI helped reduce communications TATs by ~60%.
Human resources can now focus on more productive tasks with better output.
Is automation a threat for human workers?
Contrary to the belief, hyper automation augments the human capabilities and efficiency by automating the low-value tasks. By eliminating the possibility of human error, hyper- automation generates similar output with increased efficiency without human supervision. This frees up the humans to spend more time and resources on other high-value tasks that have greater revenue impact for the business.
Advanced Hyperautomation Tools
FCI believes that automation led by an integrated CCMaaS can create more value-based jobs. For example, machine learning in data analytics can augment data interpretation to device new strategies with quick and accurate decision making. It enhances human productivity by reducing response time and costs. It is very useful across industries like healthcare, utilities, banking and finance, telecom, and insurance that generate large transactional communications every day.