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3 Ways to Maximize the Benefits of Hyperautomation

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3 Ways to Maximize the Benefits of Hyperautomation


All businesses should explore any opportunity to streamline workflows and speed up production. Hyperautomation (i.e., using technology to allow any processes to run without manual intervention) is a chance to give your business process automation efforts the jolt they need to reach their full potential. Could your business optimization strategy use a supercharge? The answer is: yes, it could!

Why organizations need to prioritize hyperautomation

The vast potential and benefits of hyperautomation speak for themselves — lower costs, simpler processes, higher-quality products, and fewer errors, to name a few. However, bringing those outcomes to life isn’t just a plug-and-play scenario.

Enterprises that want to see those pluses come to life and realize the profits resulting from the hard work of changing their systems to handle the load will want to move forward with plans at this time. Put that system in place to realize that spark of genius that hyperautomation will give your business.

How hyperautomation streamlines your business optimization strategy

The surface-level benefits of hyperautomation are just the start of your new productivity. There are many advantages this technology affords that help with making your business more efficient, including:

Improved team collaboration:

Hyperautomation allows you to connect everyone in your organization with every process. For example, you can easily create links between departments like finance, information technology, human resources, and others. If those departments are involved from the start, the digital transformation process gets much more accessible to everyone, especially team members working toward a common goal.

Improved ROI:

What is hyperautomation’s role in improved ROI? Take invoice processing, for example. Hyperautomation allows businesses to automate the end-to-end process. Streamlining such complex procedures across the board ensures your business receives a better return on investment.

Turning the “why” of hyperautomation into wins for your business is critical and doable.

A well-crafted approach brings those benefits to the surface and steers your company toward an uptick in organizational efficiency.

How to see the full array of hyperautomation benefits

Set up for success your hyperautomation and business optimization strategy by following these strategies:

1. Build a tech-savvy team.

Knowing what hyperautomation is and putting it into practice are two different concepts. Craft a team who can differentiate between the two. Hyperautomation is just coming into its own now — and you may need to train some of your employees in the procedures.

You should pick the right talent pool from the start to make things smoother. For example, employees with technical expertise are more likely the best fit for you.

Hyperautomation is not without challenges, and any business should stay wary of the odds.

For example, think about robotic procession automation. These solutions mimic tedious back-office tasks, taking them off human employees so they can focus elsewhere. A credible team of tech experts will identify the potential of combining robotic process automation with business process automation to streamline those workflows faster and in a more profitable manner.

2. Outline all the processes.

If you haven’t already outlined all your processes, do it now. For example, it would help if you clarified in a system which employees are assigned to which task and what technologies or tools they use.

Standardizing processes like this throughout the company will allow everyone to follow the same steps exactly. In addition, taking the time to have a procedure document drawn up will eventually improve the productivity and efficiency of the workflow.

Use models like the digital twin of an organization to enable dashboard operation and real-life models of your current operating model for your team members. This makes it easier to remotely manage everything from a dashboard and visualize what the to-be picture will look like.

3. Understand where the impact will be felt.

When introducing new technologies into existing systems, the byproducts are neither immediate nor similar across the board.

Hyperautomation solutions are filled with business optimization strategy perks, but those advantages materialize differently.

Suppose you want those same results while being less tech-reliant. Low-code development enables your team to build automation from within — but without the troves of program language or coding usually needed.

London’s Heathrow Airport faced that exact issue when it chose to downsize its IT department during the pandemic. To make due, Heathrow instituted low- and no-code practices so employees could build their own automation without assistance from IT experts.

Understanding how hyperautomation affects all processes

Low code matches the efficiency and low cost of voice, requiring less training, and leans on non-technical expertise to get up and running. However, when implementing any new technology, you must know what you’re getting and what could happen down the road.

Construct a list of benefits of hyperautomation you want to attain, then invest in solutions that will assist in making your business more efficient.

Hyperautomation will change the way we automate business processes. However, before opting for this latest automation approach, ensure your business and employees are ready for this transformation. Otherwise, it will be difficult for you to realize the business optimization strategy you have always envisioned.

Image Credit: Photo by Marvin Meyer; Unsplash; Thank you!

Caroline Broms

Global Content Marketing Manager at Mavim

Caroline Broms is the global content marketing manager at Mavim. She is responsible for creating and managing the product marketing content initiatives and campaigns specializing in business process management, DTO, and technology-driven, cost-driven, compliance-driven transformations. She is based out of the Boston, MA office.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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Politics

UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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