Process mining finds and captures value in business processes, enabling companies to improve business performance across departments
Organizations have invested billions in digital transformation. Despite this, they are not achieving the results they expect nor their desired return on investment. In fact, companies lose $15 trillion every year due to operational inefficiencies. This is due to the fact that departments are operating in silos and that companies have become more and more complex. As businesses evolve, processes also get more complex, and a business is essentially a complex web of interacting processes.
Each business is essentially a complex web of interacting processes, which means organizations need visibility into how these processes run. Process mining is like an MRI over the business, and this MRI uncovers business value opportunities that are hidden by that complexity, both within and across processes. Each instance of process optimization represents an opportunity to quickly capture cash value by optimizing how the organization runs without disrupting how work gets done today or any of an organization’s underlying systems.
This is especially important in the current climate, where better free cash flow and cost management have become top priorities, companies’ ability to reliably serve customers has become a significant differentiator in a volatile market, and sustainability is a more pressing focus than ever.
As processes determine how well a business runs, companies need visibility into their processes to be able to optimize them. By embracing a revolutionary approach called process mining, enterprises across every industry can find and capture value in their processes – including millions of dollars in cash, increased customer satisfaction, and improved sustainability, in mere weeks – enabling them to improve business performance in both department- and company-wide.
Process mining works by extracting knowledge from event logs readily available in today’s information systems, to visualize business processes — and their every variation — as they run. In quantifiable terms, process mining offers an array of benefits that have transformed business processes and saved companies millions of dollars as objective and factual insights into business operations enable companies to remove inefficiencies and bottlenecks which lead to improved business operations. In the words of Professor Wil van der Aalst, widely regarded as the godfather of Process Mining: “[Process mining] is the bridge between data science, which includes complex algorithms, machine learning, data mining, and predictive analysis; and process science, which covers operations management and research, business process improvement and management, process automation, workflow management, and automation.”
In-depth insights into business processes to identify loopholes and curb leakages is a critical success factor for operational excellence. It enables organizations to gain insight into operational processes and workflows, enabling them to optimize their operations, improve efficiency, reduce costs, enhance customer experience, and decrease carbon emissions. By leveraging process intelligence, organizations can gain a deeper understanding of their operations, including how tasks are performed, where bottlenecks occur, and how resources are utilized. With this information, they can identify areas for improvement, implement changes, and measure the impact of those changes.
Process mining and execution management can be leveraged in all industries and deliver enormous value, especially for larger, more complex companies. Deploying these technologies to become more efficient has become a business imperative, especially in these challenging times marked by inflation, recession, supply chain disruptions, and climate change. As the epicenter of process execution – with a massive market driving digitization and process modernization, the largest base of GCCs, and the world’s global consultancy and BPO hub – India has immense potential to leverage process mining to amplify its growing economic stature.
A report by the Everest Group highlighted that India has a huge potential to leverage process mining and execution management technology to optimize their business processes. For instance, the Indian BPO market for financial services alone has the potential to grow from $18 billion to $250 billion and currently represents nearly half of the world’s global outsourcing market. Furthermore, IDC estimates that the Indian IT & Business Services market will grow from $7 billion to $20 billion by 2025. Top-tier consultancies in India, business process outsourcing (BPO) providers and consulting firms around the world, such as Accenture, Cognizant, Deloitte, EY, Firstsource, HCL, IBM, Infosys, KPMG, PWC, TCS, Tech Mahindra, Wipro, WNS and more have already inculcated process mining technology in their business process, for themselves and their clients.