Best Practices, Process mining
How is the Current State of Process Mining Influencing Your Industry
The story of the commercial use of Process Mining is only beginning to be written. According to MarketWatch, “the global process analytics market size is expected to grow from $185.3 million in 2018 to $1.42 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 50.3% during the forecast period.”
In the future, the market can expect more advanced Process Mining solutions based on AI, as well as the rise of the in-house Process MIning experts. According to Marc Kerremans, Senior Director Analyst from Gartner, Process Mining could become an essential part of companies' business transformations.
Industries Mostly Influenced by Process Mining Today
The impact of Process Mining in various industries differs, as each of them comes with their own nuances. Companies that have seen the most widespread and earliest adoption of Process Mining into their everyday operations come predominantly from the retail, finance, and telecommunications industry.
In retail, Process Mining helps companies effectively manage their inventories, purchasing, as well as employees, while also providing the best possible user experience. The processes undergoing Process Mining analysis usually include Order-To-Cash, Procure-To-Pay, material, stock and delivery processes, or quality management.
Finance, especially banking and insurance, are highly regulated businesses, always in need of strong compliance management. In addition to those needs, Process Mining helps companies in this industry identify upsell and cross-sell opportunities, while also uncovering risks and optimizing fraud management. Among the typical processes analyzed by Process Mining in finance, you can find loan approval, risk and investment management, or selling and consultancy.
As telco is a very customer-focused and innovation-oriented industry, companies grabbed the Process Mining solution in an instant. Businesses in the industry need to have short innovation cycles, so the necessity for processes to work correctly and efficiently is in place. Client acquisition, sales and billing management, and service procurement are some of the processes that are most highly under the magnifying glass of Process Mining.
Industries Where Process Mining Has the Highest Potential in the Short Term
As Process Mining is still only in its infancy, more and more industries will start dealing with this new phenomenon in the upcoming years. Surely, not every company can deploy Process Mining software into their operations. (Yup, pointing at you, who have no IT systems in place.)
Which industries, on the other hand, can we see mounting the horse of Process Mining in the near future? Here are three of the hottest candidates.
It's apparent! We already see more and more use cases in healthcare, as well as academic focus on the usage of Process Mining in the industry. In the future, it's going to be a widely adopted approach in the sector, helping to map the patient's journey, improve their experience and optimize the way hospitals function. With clear processes at hand, doctors and other medical staff will be able to focus on the most important part of their work, helping patients.
Yes, definitely. Overflowing with processes both on-premise and across the supply chain, manufacturing is gradually wrapping its head around Process Mining. It will help reduce overhead costs in your company by tracking down and eliminating gaps or redundancies in the production environment, by streamlining procurement procedure, and by helping determine the optimal mix of make-to-stock versus build-to-order for your production facility.
Of course! With its global value of $1.17B (2017), logistics is an industry ripe for Process Mining and the benefits it brings to the table, such as optimizing throughput times, warehousing and delivery. The Process Mining analysis will include processes from ordering, purchasing, to storage shipments, import/export and customs up to internal process stream of materials.
Ready for a change?
If you found your industry listed above and are in the adoption phase of a Process Mining, give yourself a pat on the back. For those of you who have found your industry above and are not yet preparing for the implementation, you may be headed for a continued process nightmare.
“The definition of insanity is doing the same thing over and over again, expecting different results.” - Albert Einstein
Did you find your industry mentioned above and want to know how to start the Process Mining initiative in your company? It's not too late to get in touch.
Michal Tomek Writer & Content Manager at Minit
04. 07. 2019