Three Process Mining Methods that Will Deliver Ideal ROI Results
What are your best process mining methods to unlock your ideal ROI? CIOs sometimes believe that the ends justify their means. Business process management strategies that the CIO uses to achieve an objective also speaks business volumes.
Process mining is a multi-benefit approach that CIOs and corporate partners can use to improve cost efficiency, productivity, and customer satisfaction and avoid mistakes or delays.
Don’t guess. Use evidence and data.
The key: Process mining is similar to business intelligence, which helps companies make better decisions. It is done using data and evidence — both strategies also use KPIs and other tools.
Business intelligence beats process mining.
Root-cause analysis is what makes the difference between process intelligence and process mining.
Process intelligence is more about reporting on what went wrong and monitoring the situation, but process mining tells you the most important thing: why.
This understanding will allow CIOs to unlock the true potential of their business processes.
Timing is everything in business mining.
Because business operations are fluid, they can change statuses at a moment’s notice. Process mining’s real-time data provides an excellent benefit for CIOs and other members of the C-suite, allowing them to respond faster.
That means the enterprise legacy companies must modernize their internal systems and embrace digital transformation. According to Gartner, 80% of CFOs surveyed said that industries like finance need to rely more on robotic process automation and artificial intelligence to support their businesses by 2025.
Perfect ROI results are possible because numbers and data don’t lie.
What is process mining? You can indicate when a process began, show how it works, and create a log to help you assess its success. The process mining application can increase productivity by 30-50% and customer satisfaction by 30%.
Legacy companies sometimes have difficulty catching up with these strategies and adopting them. To see risks and bottlenecks, for example, you must analyze log data, which many legacy companies don’t have.
As CIOs know, IT designed for specific departments can lead to silos, which can cause inter-departmental friction, poor customer service, and employee retention.
Process mining: Overcoming your irrational fears
Change is not always easy. There are often doubts and hesitations. Sometimes, CIOs or other leaders may not be ready for the demands of a digital transformation. It is especially true if new employees aren’t familiar with the system. It is a common situation, but it is well worth the risk.
Many legacy companies aren’t built or prepared to improve, govern, or regulate. Financial institutions are a prime example of this problem. Their process frameworks don’t meet new regulations or mandates, and outdated processes can hamper them.
How to efficiently mine enterprise process management
CIOs must understand the long-term benefits of enterprise process management beyond the possible roadblocks. Automation in process mining creates immediate actions and results. That will lead to a more significant number of low-code tools. Process mining vendors must decide what routes they want to pursue with their technologies.
Understanding how process mining software works with business process management methods is crucial as priorities and rules change.
Businesses need a robust BPM platform to help them succeed. It should look at the whole picture and use process mining technology to identify and extract the risks.
Take a deliberate approach when it comes to digital transformation.
Leaders will benefit from a phased approach that introduces new technologies and systems to their teams over time. It will help them understand the expected outcomes, the goals of the organization, and the best way to implement those changes.
These methods help CIOs make the most of process mining to maximize technology investment returns.
1. Keep positive and practical.
One of the biggest concerns for companies looking to improve their technology is that process failure could lead to a loss of business. These inefficiencies can be silent killers for businesses. Without process mining, you can’t see these inefficiencies. It is a crucial strategy before implementing or adding any technology investments.
2. Take a step back and consider what your company will need.
Your company can scale up with process mining. Process mining technology can help you assess the future needs of your company and determine the best technology solutions. You can also decide if these opportunities are compatible with your “to-be” state that you created when you mined your processes.
3. Invest in quality.
Process mining provides a more excellent picture of the state and shows where there are inefficiencies. It may seem expensive. But, it will reduce potential ROI by using cheaper software that does not do all the process mining. It will also result in more budget to upgrade or restart an implementation.
Process mining allows you to look at all aspects of your business operations. For process mining to be of real value, you must have a well-planned rollout process that will allow your company to increase efficiency.