Here is How Hyper-Automation Stands to Impact All Business Sectors, Including Multifamily
Hyper-automation is certainly trending in 2021, but if you are like many multifamily professionals, you may only be familiar with its related umbrella term, automation. Automation is essentially the ground- level of useable artificial intelligence, which duplicates task completion with the help of Robotic Process Automation (RPA). Hyper-automation, on the other hand, is an evolved form of automation and refers to the union created between multiple artificial intelligence and machine learning technologies. Simply put, hyper-automation can be expanded across a wider range of tools to create more reliable, scalable, and adaptable workflows – and ultimately, smarter outcomes – for your business.
Designed to aid, not replace, human team members, hyper-automation is believed to be the next major phase of digital transformation – one that will forever change how we use tech to accomplish tasks. It focuses on end-to-end processes and using fewer resources to successfully reach the final outcome of any operational pipeline. Within the next four years, more than 20 percent of all products will be manufactured, packed, shipped, and delivered without being touched, and a fully automated system, such as this, demonstrates hyper-automation at work.
Although the term “hyper-automation” was officially introduced byGartner in their annual Strategic Technology Trends for 2020 report, the concept itself has been around for quite some time. According to the global research firm, hyper-automation comes with 4 key implications:
Shifting Scope – The focus of hyper-automation will be building a distinct knowledge base, as opposed to simply filling in the gaps of human labor.
Evolving Technology – The technologies that support hyper-automation will incorporate more machine learning than ever before.
Increasing Agility – Artificial intelligence will be able to provide businesses and organizations with more flexible solutions to respond to issues when needed.
Engaged Workforce – Because redundant tasks will be removed from team members’ workloads, the workforce will be fully engaged and motivated to succeed.
Hyper-automation will make it possible to do more with technology by taking an ecosystem of tech tools, merging them together, and creating a working environment that’s knowledgeable, adjustable, and ready to crunch data for instant decision-making. Hyper-automation supplies teams with advanced analytics, improves workflow capabilities, and paves the way for more cohesive processes. It helps our teams do more with fewer errors and allows them to direct their time and energy to other essential work that computers alone cannot execute.
For these reasons, Gartner believes that 50 percent of businesses will have devised artificial intelligence orchestration platforms to operate some form of AI by 2025, up from fewer than 10 percent in 2020. Another benefit to hyper-automation? By 2024, organizations will lower costs by as much as 30 percent through integrating hyper-automation technologies into their operations.
For an idea of what hyper-automation can accomplish, just look at the banking sector. High-volume tasks, such as processing mortgage loans, can be accelerated by RPA technology and its ecosystem. With hyper-automation processes in place, the average bank transaction speed increases by 3 times, the average training time improves by 4 times, and the average error rate reduces by 65 percent. Aside from finance, hyper-automation stands to change the pace of the medical, automotive, agricultural, manufacturing, fast food, and multifamily housing industries.
If we want to consider how hyper-automation benefits our own industry, simply look to digital applications and leasing. Instead of the lengthy applications of the past, rental applications should work like an online credit card application and provide applicants with an immediate decision. Since most screeners only need four to five critical pieces of information to reach a decision, leasing professionals can lean on hyper-automated processes to give the prospect the final verdict. Upon approval, automated workflows can usher that new resident through the resident on-boarding process, handling lease documents, collecting deposits, fees, and other relevant information.
Unlike automation, hyper-automation is about adopting multiple automation technologies to harness a synergy of capabilities, as opposed to just a singular one. Its ability to digitally transform companies relies upon human use and collected data, which will ultimately reduce operating costs and errors, increase organizational agility, and drive better business results. Needless to say, there’s a lot to look forward to when it comes to the future of hyper-automation and its benefits to your leasing goals, ROI, and more.