Web 3.0 is a world wide web on a block chain which incorporates concepts like trust less networks, decentralized web infrastructure and token based economics. This technology offers a way to execute processes in a trustworthy manner over a computer network without any mutual trust between nodes.
In our modern globalized world business process of an enterprises are not limited within the organization. Multi-party or inter-organizational business processes is the new normal for a modern enterprise. At some instant it is difficult to trust the process part belonging to other organization in big process chain.
For example, A web3 block chain can be used can be used to track quality, authenticity, storage temperature, transportation medium, and last-mile delivery of a medicine pack or an alcohol bottle right from the manufacturing facility through to the final delivery to the end customer. To accomplish this goal, we use smart chips or Radio Frequency Identification (RFID) tags and sensors. Broadcasting this key information onto the block chain network that can be accessed in real-time by authorized stakeholders with smart contracts allows exchange of information in a trustworthy manner. This is especially useful in global supply chain process.
Another big application is in establishing digital twin of your process flow. Digital twin is a digital presentation of the physical entity. Through this we can represent the real world behavior of the physical entity in a digital world. This means by using the digital twin you could exactly see how its corresponding physical entity behave in real world.
A digital twin of your process flow will give you a real time view of how your process function. Although, this is a complex and difficult process when this is done it would be worth it as it would give complete overview of how well or bad your process are executing and how much do you lose by deviating from your ideal process flow. Also, by doing this you could unlock the siloed data across different departments in your organization and judged the impact of process deviation caused by one department on the other and get an overview of the entire process chain in real time which normally is difficult to get in a siloed environment.
Most of the time we are dependent also on third party organization in order to fulfill our internal process for example consider a Purchase To Pay(P2P), Account Payable (AP) or Account Receivable (AR) process. Most common reason is either a delay from vendor, misinformation of product information or Maverick buying,..etc.
Imagine if we could avoid such things using smart contracts from a web3 blockchain.
Smart contracts enables the communication between two unknown parties in a complete trustworthy manner without having the hazel of knowing the other party. Now we could automate such smart contracts using RPAs, by which we would be in a position to mitigate maverick buying or other wrong information without the need of any human intervention. This is the capability what we see Web 3.0 can bring into process mining world.
Moving your process digital twin in to Web 3.0 block-chain based platform opens ups new possibilities and new opportunities in process mining and helps mitigate process flaws without need of human intervention for complex process chains involving multiple third party organization in it.
Deploying process mining on a Web 3.0 platform makes sense as it acts like a trust layer between organization as the data in block-chain is tamper proof and censor resistant.
Contact us today if you want to increase productivity and improve optimization with process mining along with identifying opportunities for automation.