Have you already heard of Process mining technology? This technology aims at discovering, monitoring and optimizing all types of processes.
A Brief History of Process Mining
Created in 1999 by Ton Weijters and Wil Van Der Aalst, the purpose of the concept is to extract as much data as possible from the execution of each process involved in a business.
Through process mining it is possible to identify what are the most efficient processes as well as where things can go wrong. Therefore, it is possible to map and visualize processes and find the most efficient paths, anticipating and preventing possible impacts on the process that would generate unnecessary revenue loss. With the application of algorithms to event log data, it is possible to identify trends, patterns, such as tracking the company's interactions with the consumer, mapping the entire customer journey.
But what are Event Logs?
When a process is executed with the support of a system, especially BPMS software, data from all executions can be stored in Event Logs. These logs consolidate the information history, showing when a process started, what tasks were executed, their execution time, when they happened, etc.
We can say that Event is the “Trail” that the process leaves, as a result of each execution. Thus, it is possible to analyze this data to extract information about the process executions
This is a market that does not stop growing. According to Gartner, the global market for software that enables hyper-automation will reach US$596.6 billion in 2022. This number is 23% higher than the US$481.6 billion achieved in 2020 and 12% above the projection of US$ 532.4 billion for this year.
Is your company agile enough?
Have you ever asked yourself this question? Market dynamics impose constant changes to customer expectations, new product lines, acquisitions, geographic regions, outsourcing, multiple suppliers, competition, regulations, etc. When everything operates efficiently, the company is agile enough to easily adapt to change, having more time to generate revenue through innovation, improving quality and strengthening customer relationships.
If one area is underperforming, it affects all others, but it may not be immediately obvious where this occurs or how it occurs. Let's then mention some of the main benefits that this technology brings to the business:
- Improved customer experience- Optimizes productivity and guarantees the quality of the entire process. Allows you to visualize how efficiency is affected by customer segment, product, geographic region, service center and team. Allows you to identify and implement best practices to service operations increasing customer satisfaction.
- Speed up the Revenue Growth - Optimize the use of working capital, increase productivity and manage risk and compliance
- Optimizes the supply chain - Enables you to deliver an excellent customer experience while managing costs and variability. Optimizes spending and improves delivery for each supplier. Ensures on-time delivery of orders.
- Improves production - Increases yield, reduces waste and guarantees quality
- Increases sales and marketing ROI - Accelerates revenue growth and optimizes marketing spend
What are the main benefits of Process Mining technology:
Process Automation: identifies manual activities that directly impact productivity and must be automated;
Bottlenecks: Maps process bottlenecks that directly impact the business;
Process Improvement: Through a wide view it is possible to analyze the critical processes of the value chain;
Cost Savings: Elimination of waste due to failures or inconsistencies in the processes;
Greater Quality: when working with accurate information, and in real time, process inefficiencies are eliminated;
Prioritization: With limiting resources, whether economic or personal, the most critical processes can be identified and prioritized, minimizing the impact on revenue;
It is clear that this technology is extremely relevant and revolutionary, is able to transform common experiences into extraordinary customer experiences as well as help the company identify bottlenecks or silos in the process that directly impact revenue. Want to know more about Process Mining? Talk to Qintess!
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