Hyperautomation is ranked by Gartner as one of the 8 leading developments in supply chain technology trends for 2020 and beyond. Hyperautomation is like creating a digital workforce that connects with different applications, analyze, and acts on unstructured data, makes decisions, and explores new possibilities for improvement of processes.
So, the next wave of evolution will not be limited to addressing customer needs but selling a promise of an outcome that will create a new wish list which creates a new business opportunity for business to increase their ROI and reduce their TCO (total cost of ownership). Companies like Amazon are relying on technologies like AI (artificial intelligence) Cognitive Analytics tools to increase their growth over the last few years and we all have to experience that.
Businesses are focusing on a digital revolution to address today’s supply chain challenges. Now, these supply chain businesses are embarking on new digital transformation initiatives to meet the requirements of this digital world. Mostly these digital innovations will be centered around reimagining the customer experience, operational processes, and business operating models.
Transforming the supply chain automation with Hyperautomation
Hyperautomation is not only the introduction of modern technology but the adoption of the enterprise to leverage the capabilities provided by new technologies. The increase in supply chain connectivity where a lot of operations undergoing digitalization uplifting huge data availability, the effect of Hyperautomation of the human involvement in supply chains could be a major game-changer.
Use of Intelligent processes – Robotic Process Automation (RPA) & AI in Supply Chain
Hyperautomation will become the gateway to larger networks in the supply chain, that will require no human intervention. Structured or unstructured data that is collected from the connected devices is explored and analyzed to look for new possibilities and improve the supply chain processes. With the combination of data, AI and RPA business can create new possibilities. Also, it can automate the tasks that are not able to automate previously.
There is RPA software to generate notifications to order products, also monitor inventory. It will save a lot of time in ordering or monitoring the resources, it will reduce the service costs and improve productivity by 40-60%. Eg: Bots in inventory management can control the alerts when there is shortage of stocks or goes below the demand level. Here bots can perform processes like Reading email alerts/notifications in certain format. Extracting the data from emails and updating the ERP system. Notifying the concern person after the information is updated.
Organizations had to face the shift of demand with fast customer changing their minds and requirements; hence, there is a demand in self-sensing and learning algorithms. As a company, it may be sometimes difficult to forecast the true demand of a product just by analyzing its historic data with qualitative and quantitative methods.
Cognitive Data Analytics
Data plays a crucial role in these smart connected supply chain networks. With the analysis of structured and unstructured data, AI & ML are continuously learning and analyze these data, update the systems dynamically. This eliminates the time taken to create and implement new test cases so that the management of supply chain operations is becoming smoother and more productive.
Supply chain organizations generate a tsunami of data from their stakeholders and partners. And these goods and services related insights have the potential to encourage organizational efficiency and innovative business models. The data consist of images and videos too and it is not easy to read and make the forecast of such data, as the market is continuously evolving, and the buying behavior of customers changes.
There should be a predictability differentiator to grow in the digital world. With technologies like cognitive computing and predictive analysis, you can predict the forecast with great ability.
- This will help organizations predict the demand in advance to plan inventory fulfillment.
- Predict the health of their units like software, computing platforms, internet connections, etc.
- Predicting the customer choices, eg: The demand for coffee flavor toffee is increasing so that company will increase the production of that product or launching a new product into the market.
- Gaining new insights with real-time data will help the decision-making process easy also it will delight your customers.
With such a hyper-automating process, companies will save carrying out daily repetitive tasks, save paperwork, which will also benefit the environment.
Hyperautomation will not help the companies from the pandemic, Covid-19 around the globe, but it will help supply chain organizations to mitigate the risk of human intervention with the tools, process to run their operations. But with automation, will save a good amount of time and money. It does not mean that Hyperautomation will replace their workers, but it will create an opportunity for workers to focus on tasks that will require more cognitive work.
Hyperautomation in supply chain will help save companies their time, work, accelerate productivity with save a lot of money across future business processes.
Plan your Hyperautomation journey by focusing on a broader range of business functions and knowledge. Strategize and architect across wide options of toolbox that includes RPA, AI, data analytics, integration platform as a service (iPaaS), decision management tools, and intelligent business process management suites (iBPMS). To know more about our Hyperautomation services please contact us today.