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Why Companies Should Invest in Process Mining

In this increasingly digital age, it is imperative that companies optimize efficiency. Process mining does just that; it helps improve the performance of processes by identifying bottlenecks and other areas of improvement. Specifically, process mining is a process analysis method that aims to discover, monitor, and improve real processes. It functions by extracting knowledge from available event logs in the systems of current information of an organization. The global process analytics market size is expected to grow from USD 185.3 million in 2018 to USD 1,421.7 million by 2023, at a Compound Annual Growth Rate of 50.3% during the forecast period.

There are three types of process mining: discovery, conformance, and enhancement. Discovery, the most widely adopted, uses event logs to create a model without outside influence; no previous process models exist to inform the development of the new process model. Conformance identifies any deviations from the expected model by comparing expectation with reality. Lastly, enhancement, sometimes known as performance mining, provides guidance to improve an existing process model.

Process Mining Capabilities

Process mining offers the following operational capabilities:

  • Automated discovery of process models, exceptions, and instances of processes (cases) together with basic frequencies and statistics
  • Automated discovery and analysis of customer interactions, as well as alignment with internal processes
  • Monitoring of key performance indicators using dashboards in real time
  • Compliance verification capabilities and gap analysis
  • Predictive analysis, prescriptive analysis, scenario testing and simulation with contextual data
  • Improvement of existing or previous process models using additional data from saved records
  • Data preparation and data cleansing support
  • Combination of different process models that interact with each other in a single process mining panel
  • Support for the visualization of how processes contribute to business value (such as business operating models) — contextualization of processes
  • Effective cooperation between Business and IT
  • Standardization of business processes
  • Improvement of operational excellence by optimizing processes

Identifying the processes to be improved is not simple. This process faces several threats and risks, especially in an increasingly digital environment constantly being filled with new data. This information is typically not stored in an orderly fashion. What’s more, process models within large organizations are typically of very low quality. It also is inevitable that processes change while being analyzed, adding an extra layer of complexity.

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Tags: Actionable Analytics, Analytics
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