The demand for process mining tools has risen as a result of advances in technologies such as artificial intelligence (AI) and robotic process automation (RPA). This demand has recently been increased by a surge in enterprise IT investment in response to the pandemic.
To get more value out of their data, companies have turned to process mining. By discovering best practises and sharing them across an organisation, process mining allows businesses to automate and streamline activities. This lowers waste, more efficiently allocates physical and human resources, and allows for quicker responses to internal and external changes. The market for dedicated process mining tools expanded from $110 million in 2018 to $320 million in 2019, according to Gartner.
Process mining identifies inefficiencies and silos in processes, as well as latent value inside workflows. However, those insights are insufficient. This data must then be used to drive execution management—actions—to solve problems and extract value from underutilised resources. Execution management is a new type of software that analyses data and information to help people take action. It operates on the same basis as process mining, but it goes a step further by demonstrating how to solve problems, particularly through the use of intelligence and automation. Users can then take such actions using APIs, RPAs, or source data changes.
Any set of event log data can be used to develop process models using process mining and execution management. This is true in all industries and for businesses of all sizes. It also applies to a wide range of operations, including as order management and invoicing disputes, as well as more complicated activities such as identifying and simplifying overlapping processes and systems during firm mergers and acquisitions. By employing real-time data to drive meaningful action, these tools help deliver on the promise of digital transformation—efficiency, flexibility, transparency, and speed.
To guide your business through the many perks and benefits offered by process mining and execution management, Group Futurista is happy to present its 'Future of Process Mining and Execution Management for Businesses Virtual Summit to delve deeper into the workings of this new software and how it enables the disentanglement of your business’ complex data.
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