In the days before business process transformation, analyzing corporate data was a time-consuming, labor intense, manual process.
Few businesses realized that the data their everyday processes created could be used to benefit them from product design to customer service, improving overall performance and customer satisfaction.
Information had to be manually logged and filed, then whoever did that had to remember where they stored it and whether it was relevant to a particular project or process.
Many companies dedicated their limited resources to keeping the customer-facing side of the business running efficiently. Meanwhile, their potentially valuable data languished in various siloes, soon forgotten and not available to nurture continuous improvement.
However, as digital transformation began to take hold across industries as they moved data and applications to the cloud, it became increasingly apparent that the data created through everyday business processes could make a significant impact on business performance. But analyzing this data for actionable intelligence depended on being able to analyze and monetize it correctly. Enter process mining.
Even though IT teams and business managers may be aware that business intelligence and mapping software and tools exist, it has historically been a heavy lift getting that initial investment in process mining. Budgets are tight and C-level executives are rightly concerned about the potential for disruption caused by innovative technology implementations. But what if they could be convinced that the right process mining solution could help save money and make the business more efficient overall?
What is process mining and why is it so important?
Process mining solutions are specifically designed to learn how a company’s business processes are working and performing in their current states, using existing IT systems such as ERP, CRM, and home-grown databases as data sources. Process mining software ingests and analyzes data, uncovering inefficiencies and bottlenecks and identifying priorities for immediate improvement.
Going further, process analytics create key performance indicators for each process, and AI algorithms detect root causes of variations – for example, noticing that a particular process is slowed down every time a new customer needs a credit check.
This kind of actionable intelligence gives businesses the data points they need to make smart decisions. Prioritizing customer service, monetizing data to its best advantage, and redesigning production processes to work the most efficient way – all become simpler with process mining.
Click here to learn how Software AG used ARIS Process Mining to increase our lead conversion by 20%.
Process mining is a valuable tool in managing the workforce as well. Too often, human error can slow down business processes without companies necessarily being aware of what’s happening. This is particularly the case with tasks that are repetitive, boring, or too time consuming for employees to manage efficiently – precisely the kinds of tasks that could easily be automated. Process mining software identifies opportunities for intelligent automation, helping companies to utilize employees for higher value work that can’t be automated.
Finally, process mining is a strategic arrow in the risk and compliance management quiver. In the era of GDPR and growing demand from customers for independent self-governing vendors, continuous compliance monitoring is imperative. Process mining platforms track and compare processes and ensure that the organization complies with all relevant government and industry regulations, helping to avoid fines, liability, and lost customers.
The process mining market is on track to grow significantly in the coming decade, with figures from Grand View Research predicting the market will grow from $462.7 million in 2021 to $7.95 billion by 2028, as more companies become aware of the benefits of investing in the technology. Increasingly, staying competitive will mean implementing a process mining solution.
Taking the first steps with process mining
Having appreciated the benefits that process mining can bring to your organization, and realizing your competitors are almost certainly already investing in process mining solutions, how can you get your own management team on board? In the case of your organization, would it improve customer experience? Bring new customers or partners to the table? Cut operational costs? Help avoid compliance penalties?
Making the business case for a process mining platform implementation comes down to analyzing your own KPIs and priorities and focusing on specific areas of improvement. When factoring budget considerations such as total cost of ownership (TCO), implementation support, managed service contracts, and overall return on investment (ROI), it’s also important to bear in mind the opportunity costs of not implementing a process mining platform. What kinds of risks would your business face in terms of compliance, human error, downtime, or competitive advantage?
If you’re ready to learn more about process mining, let us tell you about why the ideal solution for your business is ARIS from Software AG. Our team of experts will set you on a glide path to process mining implementation.