Process Mining - Process Discovery
The term “data mining” refers to sorting and sifting through vast quantities of data in order to find meaningful patterns and correlations. Similarly, “process mining” refers to an activity that analyzes business processes based on your IT data—event logs, databases, audit trails, etc.—and identifies methods of improving them.
86 percent of business managers believe that their processes and decision-making are so complex that they are hindering the growth of the organization. Market research firm IDC estimates that companies lose 20 to 30 percent of their annual revenue due to various inefficiencies.
Process mining is crucial in order to get complete visibility into your processes. Large enterprises may generate gigabytes or terabytes of data every day, far more than can be comprehended by human analysts. Through various tools and technologies for process mining, businesses can better manage this data and locate inefficiencies that need to be corrected.
Robotic process automation (RPA) is an automation technology using artificial intelligence to build “robotic” software agents that can perform many of the tasks of human employees.
Consulting firm McKinsey & Company reports that RPA can achieve a return on investment of 30 to 200 percent in the first year alone, generating a great deal of interest in this emerging technology. For greatest RPA success, however, you must first identify the most promising candidates to be automated.
Process mining reveals the current state of your business processes as they truly are—not as you imagine or want them to be. This helps you understand where the inefficiencies lie in your processes and which activities most urgently need automation. In addition, process mining can be used after a successful RPA implementation to confirm that the project is having the desired outcome.
Digitally transforming your organization requires an in-depth, first-hand knowledge of your business processes. However, the critical insights about your processes that you require to improve your business operations can only be achieved through implementing process mining and RPA within your organization, accelerating your journey to better efficiency.