From multinational corporations to agile, tech-driven startups, organiwations are only as efficient as their key business processes allow them to be. Nevertheless, how is it possible to better understand and validate whether the internal workflows are functioning as intended?
Indeed, as businesses grow in complexity by adding resources, technologies, and policies, it is no longer feasible to manually extract and analyse process data fast enough to make informed decisions.
Process mining lets decision-makers deep dive into operations and unearth the truth instead of going by the assumptions. It allows them to pinpoint the root causes of failures, optimise resources, and scale confidently. Process mining is a versatile approach that is increasingly being used by companies across sectors, including:
Manufacturing & Distribution
As competition grows and customers become more aspirational, the processes by which products are designed, developed, and pushed to the market are being closely scrutinised. Also, the evolving Environmental Health & Safety (EHS) regulations worldwide suggest that such processes should be strictly compliant to avoid regulatory risks. .
Here process mining can help promote greater collaboration between manufacturing locations, remove distribution bottlenecks, ensure operational compliance and deliver critical outcomes for all the stakeholders.
Banking & Financial Services
As an essential services sector, the BFSI industry operates under substantial regulatory oversight, making process conformance necessary. In fact, insurers have been one of the earliest to realize the benefits of process manning.
In addition to compliance, process mining can help financial institutions to correlate customer behavior, revealing cross-sell and upsell opportunities and countering attempts of fraud. Today key workflows in the banking and financial services sector, including credit approval, insurance underwriting, due diligence, sales, and investment advisory, are all covered by process mining.
In today’s experience-driven economy, process mining allows e-commerce players to analyse how customers interact with the front end to elevate the buyer’s journey further. For instance, an ecommerce company can cross-refer process data to churn out critical metrics like the relationship between web pages, critical paths to purchase, order-to-cash, and time to issue resolution for the customer experience architects to make informed decisions.
In a clinical environment, process mining can redefine inter-department coordination, reduce cost and elevate the patient journey. The implications of process mining in healthcare are diverse and far-reaching, ranging from shorter wait times for patients at the front desk and improved availability of medical records to intuitive systems that allow healthcare workers and doctors on what they do best rather than being cluttered with unnecessary details.
For an industry that has embraced the user-centric service-delivery model as a strategic imperative, the telco has been redefining service experience standards through digital transformation. Consequently, enterprises in this sector rely on short innovation cycles to make convenience available to the customer with minimum delay.
Here process mining caters to the needs of planners to continuously assess the ideal and real work states to deliver the best possible customer experience. It maps processes, analyses them, and detects vulnerabilities in real-time, allowing businesses to fine-tune customer acquisition, billing, sales, and service procurement.