Why is process mining important?
Process mining leverages advanced algorithms to create transparency into current business processes, helping organizations to streamline and improve on them. It quickly uncovers valuable insights that can improve productivity, and ultimately illuminates the opportunities in your core business processes that will have the biggest impact on your customers and your bottom line.
For the opportunities impacting your business, process mining can be used to examine three major types of key performance indicators (KPIs):
- Time KPIs: How long does it take to complete a particular process?
- Cost KPIs: How much does it cost to complete a particular process?
- Quality KPIs: Does the outcome of this process meet established criteria?
Process mining has a significant advantage over more traditional “as-is” analysis — and that’s its ability to access real-time event data. What’s more, process mining also looks at historical data, with an ability to closely examine a series of event logs to achieve an in-depth understanding of what’s going on — a stark contrast to the slow and manual heavy duty data infrastructure previously used to conduct the same calculations. Rather than relying on traditional data infrastructure to analyze transactions, process mining can surface what is currently happening, leveraging tremendous amounts of event data from all your systems to:
- Discover the actual behavior of people, organizations and machines and compare it to existing models.
- Correlate millions of events to show how reality is different from perceptions, opinions and beliefs.
- Provide a foundation for continually improving and building better processes.
Above all, process mining allows you to understand the current state of your systems and processes while offering a faster, more granular way to identify any deviations and aberrations — then course correct.