With rapid changes in our current business landscape, modern businesses are constantly looking for new ways to optimize and improve various business processes. One of the most effective and efficient ways to improve existing business processes is through process mining.
Process mining refers to a subsect of business process management that involves capturing, analyzing and leveraging data from day-to-day business activities to develop detailed event logs. These event logs are then further analyzed to obtain valuable insights into the current performance of various business processes. Process mining can help businesses identify inefficiencies in day-to-day business processes and develop comprehensive and holistic strategies to address them.
A recent study conducted by IBM has found that process mining can increase process automation rates by 75% and process conformance rates by 67%. Therefore, your business must understand what process mining is and how it can transform your current business process management strategies.
Why Process Mining Is Important for Your Business:
1) Facilitating Data-Driven Decision-Making Processes
Businesses are now expected to collect, store and analyze more data than ever before. However, it can be extremely difficult for modern businesses to process such large quantities of data as well as assure visibility and transparency of cross-departmental data. Therefore, process mining tools can help your business increase data availability and accessibility to facilitate informed, data-driven decision-making processes.
Process mining tools can help your business obtain valuable insights and determine suggested process enhancements that can significantly boost organizational business intelligence. Furthermore, process mining solutions can help your employees utilize advanced data visualization tools to easily analyze large quantities of unstructured data, hence empowering rapid decision-making processes.
2) Empowering Business Process Automation
Business process automation is defined as the use of digital technology to automate and streamline various repetitive and time-consuming business processes. Recent studies have shown that approximately 31% of businesses have fully automated at least one key business function.
Business process automation can be extremely transformative for your business in the long run in terms of increased efficiency, productivity and long-term profitability. Process mining can be a key aspect of empowering and facilitating successful business process automation initiatives. Process mining tools can be used to create detailed event logs that can determine how distinct organizational processes are supposed to be handled and how day-to-day business decisions are made.
This can help your business automate a wide variety of business processes by building Robotic Process Automation (RPA) tools that are equipped with data regarding how organizational processes must be handled.
3) Identifying and Addressing Process Bottlenecks
A process bottleneck refers to a point of congestion in organizational productivity that reduces potential efficiency and delays consequent processes and tasks. As your business continues to expand, there can often be bottlenecks in various business processes that could potentially slow down your business operations and negatively impact productivity. Therefore, your business must identify and address organizational bottlenecks before they become detrimental to your business’s long-term scalability goals and objectives.
Process mining can help your business analyze each step of organizational business processes to identify and address potential bottlenecks. This can allow your business to simplify complex aspects of organizational processes, allocate more resources to them or automate various repetitive and time-consuming tasks. Identifying and addressing organizational bottlenecks can not only increase efficiency and consequent profitability but can also significantly reduce operational costs.
4) Optimizing and Streamlining Business Outcomes
Process mining can help your business standardize various business processes as well as streamline and optimize various business outcomes. This can provide your employees with a clear, comprehensive and unified understanding of complex processes. Furthermore, system event logs can help determine differences between existing and idealized business processes so that you can establish comprehensive strategies to improve long-term business outcomes.
As your business continues to grow in terms of size and hierarchy, business processes can often become significantly more complex than necessary. Therefore, process mining initiatives can help determine differences between existing processes and predefined organizational standards to ensure that business operations are as refined as possible. This will not only help optimize existing business processes but will also ensure that future processes are as standardized and streamlined as possible.
5) Improving Customer Experiences and Satisfaction Levels
Research indicates that approximately 82% of consumers expect responses from businesses within 10 minutes. Therefore, it is crucial to prioritize customer experiences and satisfaction levels. However, manually keeping track of each customer interaction can be extremely time-consuming and impractical.
Process mining can be an extremely effective method of improving customer-facing processes; hence improving customer experiences as a whole. Constantly monitoring and improving business processes can enable your organization to significantly reduce reaction times by identifying and anticipating potential problems in advance.
Furthermore, process mining can help enhance customer journey mapping procedures by extracting customer data more effectively, preventing customer attrition by simultaneously analyzing numerous communication channels, improving marketing strategies by leveraging real-time data insights and much more.
Planet Crust – Leverage The Power Of Process Mining Now:
Process mining is extremely crucial for any data-driven business with long-term scalability goals which involve business process management and process automation. Process mining can have a wide variety of benefits for your organization; including facilitating data-driven decision-making processes, empowering business process automation, identifying and addressing various bottlenecks in existing processes, optimizing and streamlining business outcomes and much more.
Corteza, created by Planet Crust, is a 100% open-source low-code platform that can make process mining easier than ever before. Corteza is equipped with API connectivity, data harmonization tools, customizable user interfaces, cloud-ready architecture, role-based access controls, advanced search functionality and much more. Corteza can also allow your business to connect to any record-based data source, build an unlimited number of enterprise applications, create complex organizational workflows and integrate data across various environments.
Try a trial now so that your business can take advantage of the wide variety of benefits of low-code, open-source technology to undergo successful process mining initiatives.