Inflation is grasping the entire world and businesses all over the world are feeling the effect of it. Cost of raw materials, energy, logistics across all industries are constantly raising. Businesses are becoming very cautious on what they are spending on. CFOs and CIOs want to identify and avoid all the wastage and are eager than ever to make their execution as lean as possible.
However, the challenge here is to identify the data points in their execution, which can be optimized for costs. To do this we need to look into their current execution process. They need a transparent view of their entire process on a single platform. They need a mechanism to visualize their process in real time, they need to collect data from various department, analyze the data with respect to underlying process using time stamps and then understand the issues and inefficiencies in their process.
Process mining is the go to tool for this task. It connects directly with your IT or ERP systems extracts the relevant data like Case-ID, Activity Name and Timestamp which is typically called process event logs. It would then perform process mining on the extracted data and identify all the different process variations that occurred in a particular operation.
It is then possible to understand the root causes for all the variations and try to answer the most difficult question on why the process did not execute as it was expected, what factors where behind it, was their some pattern behind these deviations, do variations tend to happen when something changes, is it particular to a case or when does it happen when the number of cases increase very fast?
Know more about how a Telco Giant Saves $3M on Purchase To Pay With Process Mining.
Based on this analysis, businesses would know how much they are losing every-time when the deviations are occurring. How can they avoid the deviation? What actions needs to be performed to minimize the deviation. For example, automating a certain part of the process would avoid the deviation, caused due to manual re-work which saves money and reduces the overall execution time making it more lean and efficient.
Process mining is a tool which gives business owners the power to visualize and take data driven decision about optimization of their process in the ever changing business environment and achieve lean execution in real time in a matter of hours.
Contact us today if you want to increase productivity and improve optimization with process mining along with identifying opportunities for automation.