In the financial services industry, it is common for employees to spend significant time on manual, repetitive tasks that need to be completed with high speed and accuracy. Complex processes like customer onboarding, mortgage lending, and customer service are filled with routine tasks like data entry, invoice processing, response tracking, and reminders. Automation frees employees from rote tasks that are better suited to simple bots, resulting in both financial and opportunity cost savings.
When you’re in the market for a technology that will help your business run better, you’re likely to hear solution and platform vendors make pitches that focus on their current features and functionality, as well as capabilities they’ve got on their innovation road maps. Impressive as these things may be, they still may not deliver the outcomes you need.
The US mobile workforce is on the rise, expecting to grow a sizable 19% from 2020 to 2024 as organizations digitize processes and support larger remote workforces. This uptick can largely be attributed to the labor force disruption caused by COVID-19, dramatically impacting how and where businesses operate.
Process mining is on fire—a sizzling hot market that’s expected to grow from $185.3 million in 2018 to 1.4 trillion by 2023, with Europe accounting for the largest share of the growth according to the analyst firm MarketsandMarkets. But more than that, the trifecta of Process Mining + Workflow + Automation can unlock massive customer value for any company trying to compete and win in the age of hyperautomation.
Software-based automation is a relatively young concept that’s rapidly gaining popularity—as reflected by the veritable explosion of software as a service (SaaS) offerings in the last decade. Gartnre® estimates, “software as a service (SaaS) remains the largest market segment and is forecast to grow to $117.7 billion in 2021, application infrastructure services (PaaS) is anticipated to grow by a higher margin at 26.6%”.
This is the decade of hyperautomation—a decade when companies are doubling down on mating critical processes to drive sustainable growth. But here’s the problem. An eye-popping 60 to 80% of your organization’s processes may be running on unstructured data such as documents and email according to news reports. Which makes them that much harder to automate manage and audit.
