Automation vs Hyperautomation: Benefits & Use Cases

For a while now, the talk of the town has been automation, and for good reason. Automation transforms businesses to operate more efficiently, profitably, and safely. But, when digging into automation, you’ll find nuanced differences, such as automation vs hyperautomation, robotic process automation, and intelligent automation, to name a few. 

We’re going to answer, “What is the purpose of automation?” and reveal the myriad of advantages of automation.

Coming Up

What is Automation?

What is Hyperautomation?

What is Automation vs Hyperautomation?

What is Automation Benefits vs Hyperautomation Benefits?

What are Common Myths of Hyperautomation?

Is Hyperautomation the Right Fit?

What is RPA?

What is Intelligent Automation?

What are the Benefits of Intelligent Automation?

What is RPA vs IA vs Hyperautomation?

What is Automation and the Future of Finance Work?

Closing Words

What is Automation?

Automation, or the kind we’re talking about here, takes place with computer systems and software. Automation refers to the use of technology to perform tasks in which humans would otherwise be necessary. 

Automation can be applied to business processes with fully functional solutions like SolveXia, which can augment your finance team to streamline critical workflows with utmost accuracy, speed, and compliance. 

What is Hyperautomation?

In 2020, Gartner’s Strategic Technology Trends coined the term “hyperautomation” in reference to the use of advanced applications that combine artificial intelligence and machine learning to automate processes. 

Hyperautomation not only defines the tools in use, but it also considers the automation’s sophistication, such as the tools’ ability to discover, analyze, automate, monitor, measure, and assess process flows. 

What is Automation vs Hyperautomation?

Hyperautomation and automation can be easy to confuse because they both help to accomplish the same upsides. However, let’s dive into automation vs hyperautomation to get a better sense of what they each represent. 

1. Scope of Work

Automation is carried out with a singular tool. For example, SolveXia can connect your existing data systems, combine information, and apply the necessary data and flows to execute critical processes, such as: reconciliation, expense analytics, rebate management, regulatory reporting, and more. 

Hyperautomation’s scope involves an entire ecosystem of technologies and systems to run. 

2. Required Technology

Automation simply requires an automation software to execute its duties. Hyperautomation requires multiple machine learning and automation tools together. 

3. Outcome

The main difference between the outcome of automation vs hyperautomation is that both lead to efficiency, but hyperautomation includes “smart” outcomes due to machine learning. 

As a finance automation software, SolveXia is a low-code platform that automates spreadsheet driven data preparation and manual processes. Finance teams get to free up their time and run processes 100x faster with 90% fewer errors. 

What is Automation Benefits vs Hyperautomation Benefits?

There are so many benefits to be had when implementing either automation or hyperautomation. 

For those trying to understand the difference between automation vs hyperautomation, it helps to know the upsides to determine what investment you need to make to work towards achieving your business’ goals. 

Automation offers:

• Decreased operating costs
• Increased efficiency 
• Better rates of productivity 
• Reduced human errors 
• Enhanced compliance 
• Improved internal control and visibility 

Hyperautomation delivers:

• An extra layer of strategy to your operations 
• Ability to analyze, monitor, and assess high-level actions 
• Maximization of cost-savings, efficiency, and productivity levels 
• Fuels overall digital transformation

What are Common Myths of Hyperautomation?

Since hyperautomation refers to multiple solutions and technologies pairing together to maximize results, there have been common myths surrounding what it actually means. 

Here are some popular, but untrue opinions: 

Hyperautomation is a Tool

Hyperautomation is not a software. Instead, it’s the process of using multiple software solutions to understand and automate business processes that would otherwise be completed by humans.

Hyperautomation is Better than Automation

Hyperautomation has a broader scope than automation because it is the high-level view at which an organization is assessed so that automation in practice can take effect. 

In terms of technology, the tools being used in automation and hyperautomation are actually the same, so one isn’t better than the other!

Is Hyperautomation the Right Fit?

Ultimately, hyperautomation brings with it plenty of benefits, so for most organizations, the obvious answer if hyperautomation is the right fit will be a resounding “yes!” However, it also depends on your organization’s budget, goals, and capabilities. 

Hyperautomation contributes to: increased accuracy, scalability, and improved efficiency. However, it may be a lot to aim for at once, especially if you’re not currently deploying many softwares. 

Consider how your business currently operates, where it wants to be, and the distance between the two to determine whether automation is the starting point or if hyperautomation is the need. 

What is RPA?

RPA stands for robotic process automation. RPA is the use of bots, or software, to interact with applications in the same way that a human does to fulfill tasks. RPA is trained to mimic human interactions and mouse clicks to move through a simple process flow. 

RPA bots are best intended for tasks that are: repetitive, rules-based, finite, and affect other processes. However, many businesses are seeking more robust solutions that fulfill analysis and connect data, such as SolveXia. 

SolveXia complements RPA, but goes even further to: calculate commissions, submit regulatory reports, perform transaction matching, complete reconciliation, and analyze expenses, amongst other use cases. 

What is Intelligent Automation?

Intelligent automation (IA), yet another “automation” term to know, is the compilation of robotic process automation (RPA), machine learning (ML), and artificial intelligence (AI). While it sounds a lot like what hyperautomation is, you can think of it like this:

Hyperautomation is the approach abusiness takes to identify, vet, and implement automation solutions. Intelligent automation is the type of automation implemented to accomplish desired results–it refers more so to the tools and software than the overall strategic direction. 

What are the Benefits of Intelligent Automation?

Intelligent automation streamlines business processes and results in multiple benefits, including:

• Lowered costs 
• Improved productivity
• Increased data accuracy and data quality 
• Better customer experience with faster response times
• Increased compliance and regulations with consisten security and reporting 
• The ability to respond to market changes in real-time

Intelligent automation delivers a way to augment your workforce and accelerate productivity. 

What is RPA vs IA vs Hyperautomation?

That was a lot to differentiate between the different types of automation. To recap and clear up any confusion, here is what each type of automation is:

1. RPA

RPA are bots that physically mimic the work that a human would do to complete simple and repetitive day-to-day tasks. 

If you’re just getting started with automation, RPA is an easy place to begin, but you will be remiss if you don’t seek to combine it with a more robust automation solution like SolveXia that can help manage complex functions and connect data to reap deep insights. 

2. Intelligent Automation

Intelligent automation combines machine learning, artificial intelligence, and automation to transform how businesses operate. 

AI is like its own brain and machine learning means that the AI gets better over time as it learns from datasets. AI can then make its own decisions based on past events and pattern recognition, thereby preventing the need for human intervention. 

3. Hyperautomation

Last but not least, hyperautomation is like the framework that houses the overall application of automation. 

Hyperautomation seeks to find the places in which automation can be implemented in order to reap the greatest outcomes and return on investment. It supports intelligent automation’s “thinking” and robotic process automation’s “doing” to complete the vision. 

What is Automation and the Future of Finance Work?

Automation is defining the future of finance. Automation software, like SolveXia, maximizes your team’s productivity and allows them to dedicate time to strategic and high-level initiatives rather than data-heavy and tedious tasks. 

By implementing automation in finance workflows, you can maintain accuracy which is critical for informed decision-making. At the same time, companies can use solutions like SolveXia to connect and centralize data, while moving away from disparate data being stored in spreadsheets. 

Finance automation software streamlines processes, removes key person dependencies, maintains internal control, and supports compliance. 

SolveXia specifically can combine and manipulate data, perform calculations, create interactive reports, and provide analytics so that key stakeholders and executives can make informed decisions, from anywhere, at any time. 

Closing Words

Now that we’ve looked at automation vs hyperautomation, it should be clear that automation is a must-have to remain relevant, productive, and competitive for any business. 

This is especially true when it comes to finance functions that are data-driven, time-sensitive, and required to make every type of business decision. 

The good news is that a finance automation tool like SolveXia offers a low-code platform that doesn’t require any dedicated IT to implement. And, it’s drag-and-drop functionality with pre-built workflow templates makes it easy for anyone to use. 

See how you can maximize your business with SolveXia by requesting a demo.