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Hyperautomation | Financial Services Expansion on Power Platform
15 Jun, 2023
Financial Services Firms Can Leverage the Power Platform to Achieve Enterprise-scale Goals with Hyperautomation as a Framework for Low-code No-code Development
More and more, financial services firms are leveraging Microsoft’s Power Platform to automate business processes, perform complex analyses of business intelligence, and create AI-powered chatbots for interactions with clients.
As they continue to discover the capabilities of this low-code no-code platform, firms are beginning to see how they can leverage it on a much larger scale, for enterprise-wide efforts like growth and expansion.
The Power Platform: A complete, low-code no-code toolbox
The Power Platform is comprised of five tools that provide a low-code/no-code way to address needs across any organization, from BI and reporting to website creation and workflow automation:
Power BI makes it easy to accumulate and analyze data from multiple sources and visualize the results.
Power Apps makes it easy to quickly develop apps that can integrate with other Microsoft applications and run on mobile devices, computers, or web browsers.
Power Automate allows you to easily automate repetitive tasks and workflows of any size, connecting triggers and actions across different systems.
Power Virtual Agents makes it easy to build chatbots that can connect them to Power Automate for follow-up actions.
Power Pages is a secure, enterprise-grade, low-code platform for creating, hosting, and administering external-facing business websites. Extend the site to share data by integrating with the Dataverse using the portal’s Web APIs.
Hyperautomation: A framework for large-scale transformation with the Power Platform
However, for low-code/no-code tools like those in the Power Platform to scale and provide solutions to big goals and challenges—like expanding into new markets or managing growth—they must be managed effectively.
By orchestrating the tools in the Power Platform in a disciplined fashion, firms can achieve what Gartner describes as “Hyperautomation” – large-scale productivity gains resulting from automating as many business and IT processes as possible.
Hyperautomation involves a designed approach to combining platform management, enterprise architecture, application lifecycle management, data and user security, and user empowerment to construct an evergreen cloud platform capable of supporting multiple solutions at an enterprise scale for years to come.
Power Platform hyperautomation in action: An investment banking firm is positioned for success in platform/app lifecycle management, enterprise architecture, security, and user empowerment
HSO recently completed work for an investment banking firm with over $10B assets under management. This firm was grappling with multiple issues that ultimately resulted from the need for a framework to manage their digital transformation in the cloud.
HSO worked collaboratively with the three constituent groups who each had specific requirements:
Information Security: Require everything is conducted with the proper safeguards for user and data security and governance.
Development Staff: Need a framework that lets them efficiently develop tools for their internal and external customers.
Business Users: Want technology that enables them to be more productive with a minimum of friction.
HSO used a hyperautomation approach to set up the Power Platform so that it would address all of the constituent needs and also be capable of scaling at the enterprise level.
We followed the following process:
- Implement minimum viable platform infrastructure, governance, and security on which to start “landing” solutions.
- Design, develop, and implement Power Platform integration to future-state Master Data Management scenario.
- Build out the data integration automation for model-driven apps to replace spreadsheets and embed canvas apps to Salesforce.
- Migrate current spreadsheets into the Dataverse, with apps and reporting built on top of the new data model.
- Evaluate 45+ workloads, design automations, and migrate them to the Power Platform.
Ultimately, hyperautomation made it possible to set this firm up for success with the flexible Power Platform capabilities using a scalable framework.
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