In the quest for operational excellence, organizations are constantly pursuing ways to enhance their key business processes. Process mining, a powerful analytical technique, plays a pivotal role in achieving these objectives. This blog is targeted towards Executives who are actively exploring process mining solutions and are keen to understand where to start. We will also explore some of the top processes that are particularly suitable for process mining, enabling organizations to unlock their full potential and achieve substantial improvements.
Process mining is a technique designed to discover, monitor, and improve real processes by extracting readily available knowledge from the event logs of information systems (as stated in Gartner report).
Process Mining market had a steady growth in the last 5 years and expected to grow to $2.3 billion by 2025. The adoption can be majorly seen in Manufacturing and CPG sectors, while Banking and Healthcare industries are quickly catching up with the technology.
Increased digitization: With the availability of large amount of data and the growing need for digitization, organizations are seeking ways to effectively utilize this data to gather business insights.
Compliance & Risk management:Adhering to specific guidelines and regulations are very critical in regulated sectors, thereby the need for Process mining tools that can spot compliance issues and any deviations from expected processes.
Digital transformation Initiatives:Organizations are undergoing digital transformation drives that will help to streamline their operations, cut costs and enhance customer & employee experience. Process Mining plays a vital role by providing insights into the current state of the process and guiding the design and implementation of optimized process.
Increasing awareness among leaders:The awareness among business leaders on process mining as a useful technique for performance measurement has been growing. As more and more success stories and case studies emerge, organizations are recognizing the value of process mining and are willing to invest.
Though there are several vendors in the process mining space, there is one name that stands above the rest—Celonis. Celonis is the global leader in Process Mining, trusted by thousands of organizations worldwide.
The Celonis EMS capabilities are a combination of process intelligence and automation capabilities that help enterprises to find and capture business values by improving the performance of their core business processes. The EMS integrates in near real time with various sources with its built-in data integration capabilities. Celonis recently launched its advanced object centric process mining capability of Process sphere that captures interactions between multiple objects (eg., sales order and purchase order). The EMS also allows user to take targeted action through its action flow capabilities.
Usecase: One of the largest CPG firms deployed process mining and optimized the AP process by identifying payment delays and missed cash discounts resulting in $27M savings in working capital.
Usecase: A US based pharmaceutical company identified savings worth $29M in cash collection. They visualized the E2E accounts receivable process and identified gaps and inefficiencies that cause delays in collection.
Usecase:A global appliance manufacturer deployed Celonis process mining and yielded 20 % Reduction in cancellations through improved click & reserve.
Usecase:Telecom provider saved $13M by increasing the no-touch rate up to 86%. Using Celonis, customers identified the activities with high manual touch rate and low exceptions that are suitable for automation. And, the Non-PO were categorized and moved to catalogue PO.
Usecase:A US based retailer leveraged process mining in their customer operations and optimized customer service, ITSM and onboarding process. This resulted in $30M /yearly savings by improving first time right KPI and enhanced the customer experience.
Process mining empowers organizations to achieve operational excellence by optimizing key business processes. Embracing process mining as a strategic tool enables organizations to drive continuous improvement, reduce costs, and achieve sustainable success in today's dynamic business landscape. By leveraging process mining insights and focusing on specific KPIs, organizations can streamline workflows, enhance productivity, and deliver superior customer experiences.
Disclaimer:The usecase references, contents were referred from Celonis assets and from Everest report.