Process mining is a powerful analytics discipline that empowers enterprises to gain vital insights and unbiased view of their business. Such insights help companies to prepare better action plans, and accordingly plan for better and relevant digital transformation initiatives.
Process mining has been transforming industries from retail, automotive, construction, utilities, chemicals, media, telecom, banking and insurance. Wide level of use cases and potential success is there in the market and helps you to do a reality check on your business, leading to real growth.
We are summing up the four main pillars from our point of view that are considered the key pillars for process mining projects:
- Data-Driven Approach:
Having an unbaised approach towards your decision making through being data-driven. Utilizing your real data, you are having a digital twin of your organization in which you see the real facts and take actions accordingly on what to improve. No personal preferences or guesses towards what to improve.
2. Bottleneck Identification/Root Cause Analysis:
Throughout the analysis of your processes, you will be able to understand and identify the main bottlenecks for the process you are mining. You may have a process that takes several stages or loops in slowing down the next actions.
3. Reduce Cost/Increase Profitability:
Depending on the use case and function, companies reach either reducing some of their operational costs or increase their profitability. Companies can get rid of unnecessary costs and make relevant moves to reduce them through analyzing events logs and the duration of each stage in your process.
Looking from a Finance point of view, common use cases can be you maybe leaving cash on the table due to a minimal delay of releasing payments to vendors, or sending invoice on time to your customers to collect cash.
4. Time Savings & Standardization:
A key element is time savings and shorter lead time through shortening lead time between sub processes, leading to having a clarity on the expected duration of each process and guiding you to a process standardization strategy.
By reducing processing time of a customer request which will lead to better KPIs and eventually higher customer satisfaction and improved customer relations.
In conclusion, enterprises achieve various results for process improvement by utilizing process mining technologies. Depending on the industry and function, you can get to see the bottlenecks to remove process friction and inefficiencies by time. Use cases vary but optimization is guaranteed with process mining if done correctly.