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It may be a new concept for some! But the idea is taking root in Europe and expanding its footprint in the US. Don’t take our word for it. Here is what Gartner says:
“Process mining is growing fast and is all set to become three to four times its current size in the next two years (Gartner).”
In 2020, Process Mining and Process Discovery will take center stage in companies' quest to automate and digitize. It is a foundational step. Not only will Process Mining and Process Discovery enables enterprises to uncover their hidden business processes but also open new ways for them to streamline, automate, or simply eliminate problems from their processes.
Here is a simple take on Process Mining and Process Discovery Trends in 2020.
The inability to understand the underlying nuances and subtleties of any business process has led many enterprises to fail automation attempts. Every enterprise needs a full picture of its operations. And in 2020, companies would rely on process mining and discovery to succeed with their RPA initiative.
RPA, aka Robotic Process Automation means automating repetitive tasks. But knowing the processes and functions that can be automated and the outcome of this automation is equally essential for an enterprise.
Process mining solutions would help discover the process, and based on the transparency offered, it would drive insights into processes; in turn, helping companies to identify the right candidate process for automation.
We believe Process mining would become evolve and become a real-time tracking of the enterprise’s process health. The constant monitoring of processes can lead to process conformance and compliance.
With real-time actionable insights, enterprises can take instant action when notified of any issue or discrepancy in the process.
We’ll see process mining leap from analyzing event logs to becoming the “Process Pulse.”
Typically, companies in finance, retail, and telecommunication pioneered the usage of process mining. Within these sectors, companies focused on horizontal shared services such as:
● OTC (order to cash)
● P2P (procure to pay)
● Sales cycle
● Client acquisition
● Billing management
In 2020, we expect to see an expansion into other sectors such as healthcare, logistics, and manufacturing.
A digital twin of an organization (DTO) is nothing but a digital model of an enterprise in the physical world that focuses on the business processes rather than the enterprise’s offerings. This digital twin experiences a change or alteration as and when its physical counterpart is changed or altered.
It “operationalizes its business model, connects with its current state, responds to changes, deploys resources and delivers expected customer value,” states Marc Kerremans in Market Guide for Technologies Supporting a DTO.
Gartner’s recent survey revealed that only 13% of the enterprises had a digital twin in 2019. However, in 2020, over 62% of the enterprises are planning to join the bandwagon of adopting a digital twin.
This process digital twin would help organizations get a more in-depth insight into their virtual functions and improve their performance and optimize the processes.
Another research by Gartner has also pointed out that by utilizing a Digital Twin, organizations can transform their 70% chances of transformation failure into a 70% success rate.
It can offer pre-digital transformation insights that drive the transformation towards success.
Process mining, when done without context, will not yield the right insights and not deliver relevant results. Data is a treasure trove for enterprises seeking a transformation. But only with the proper context can you transform it into information that acts as valuable insight.
The father of Process Mining, Prof. Wil van der Aalst believes that context is everything in process discovery and analytics.
“Existing process mining techniques tend to use a rather narrow context, i.e., only the instance in isolation is considered. However, the handling of cases is influenced by a much broader context. Therefore, an analysis should not abstract from anything not directly related to the individual instance.” – Wil van der Aalst