According to Gartner, the Process Mining market will expand to $2.3 billion by 2025 at a double-digit CAGR of 33%. Process automation is one of the 5 driving factors for the deployment of Process Mining, as well as a key strategy for helping businesses in optimizing operations. What are the 4 remaining critical development strategies that Process Mining helps businesses to achieve? Let’s find out in this article.
First and foremost, what is Process Mining? Process Mining is a technology solution that enables businesses to dig deep into existing data systems to analyze, monitor, and track processes. Businesses can implement improvement strategies to achieve comprehensive operational optimization based on the inefficiencies, bottlenecks, or shortcomings revealed by Process Mining.
According to Globenewswire, the global digital transformation industry is predicted to grow at a CAGR of 16.5 percent from 469.8 billion USD in 2020 to 1,009.8 billion USD in 2020-2025 period. Every business nowadays needs to conduct digital transformation. According to Gartner, digital transformation helps businesses become more aware of the value of process analysis and understanding in order to select the appropriate technologies in an optimum operation strategy that benefits both businesses and their customers.
Process Mining enables businesses to analyze and better understand their processes before taking any optimization initiatives. By analyzing event logs and other available data, Process Mining detects bottlenecks and disruptions in the process, identifies duplicate tasks and finds out where and what technology combination should be leveraged.
In the digital economy, businesses use business algorithms to fully leverage the collected data system to optimize operations and find new business opportunities. Through artificial intelligence or machine learning applications, businesses are progressively approaching the capacity to effectively and comprehensively utilize their collected data. Process Mining is a technology solution that uses machine learning and data analysis to gain knowledge rapidly. Businesses can apply Process Mining as a way to implement artificial intelligence in business operations.
Process Mining can analyze a complicated data file with numerous events and return accurate results rapidly. Businesses may utilize the solution to learn how to employ algorithms as a mechanism for capturing knowledge and insights in packaged form for consistent reuse. Then, businesses can identify and focus on valuable algorithms that provide several business opportunities.
75% business processes still contain numerous repetitive and discrete tasks that cause significant drawbacks for businesses. In fact, businesses can save a lot of money by adopting a task automation platform such as robotic process automation (RPA).
RPA and Process Mining are considered the perfect match for process automation. Combining RPA with Process Mining increases processing speed and ensures a smooth automation process with limited disruptions in the process implementation.
Process Mining digs deep, extracts and analyzes event logs to determine how the business process actually works, the amount of resources needed and creates automation flow. Simultaneously, Process Mining can analyze the quality of the process, help businesses modify and improve the current process, and expand the scope of automation.
Read more: The Perfect Match of RPA and Process Mining
According to Gartner, businesses have applied technologies to automate a set of business processes in an unoptimized, inconsistent and unconnected way over the years. Gartner defines hyperautomation as a technological ecosystem that allows automation throughout an enterprise’s entire process chain. According to Gartner’s predictions, hyperautomation is a future technological trend that will facilitate the growth of a comprehensive automation process throughout the business.
Hyperautomation requires an accurate understanding of how businesses’ existing processes are operating and their performance. And that’s when Process Mining comes in. The solution provides an overview to help businesses understand clearly about their processes before automation, explore connection points between automation processes, thereby establishing an comprehensive automation flow across the enterprise.
Maintaining an agile and adaptable business is more important than ever in this time of increased uncertainty. Businesses require operational resilience, or the flexibility to modify operations in response to changing market conditions. Mechanisms of operational resilience include Seek, Model, and Adapt phases. Based on the two first phase’s results, businesses define the problem, find solutions to quickly adapt to the current context, and continue to improve the state of adaptation.
Process Mining provides information on how business processes are performing in real time, identifying and alerting to unusual events. Businesses then carry out improvement initiatives and implement technological solutions to optimize processes.
Process Mining is the perfect choice to help businesses achieve 5 strategic goals including digital transformation, artificial intelligence application, task automation, hyperautomation, and resilience in order to optimize operations, improve performance and save costs.
Acknowledging the importance of Process Mining, akaBot – the pioneer hyperautomation solutions provider collaborated with Soroco, a global work graph platform leader to our process optimization solution integrated RPA and Process Mining.
Soroco’s Scout utilizes Process Mining to reveal bottlenecks and optimization opportunities at the Discovery phases of the automation process. Then, akaBot’s RPA bots come in to take care of duplicate and repetitive tasks without invading the existing IT system.
To find out more about Process Mining and RPA combination and explore our solution, please visit here.
akaBot (FPT Software) is the operation optimization solution for enterprises based on RPA (Robotic Process Automation) platform combined with Process Mining, OCR, Intelligent Document Processing, Machine Learning, Conversational AI, etc. Serving clients in 20+ countries, across 08 domains such as Banking & Finances, Retails, IT Services, Manufacturing, Logistics…, akaBot is featured by Gartner Peer Insights, G2, and ranked as Top 6 Global RPA Platform by Software Reviews. akaBot also won the prestigious Stevie Award, The Asian Banker Award 2021, etc.
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