3 Process Mining Methods That Will Unlock Ideal ROI Results
3 Process Mining Methods That Will Unlock Ideal ROI Results
What do you use for your process mining methods that will unlock your ideal ROI results? Some CIOs say that the ends justify the means sometimes. By the same token, the business process management methods a CIO deploys to accomplish an objective can speak volumes about them and their business.
Between cost efficiency and productivity to customer satisfaction and avoiding mistakes or delays, process mining (i.e., using data and automation to analyze and optimize operations) is one particular approach that is layered with benefits for CIOs and their corporate allies.
Use evidence and data — don’t just guess
THE KEY: Similar to process intelligence (aka business intelligence), process mining helps companies make more informed decisions using evidence and data — plus, both strategies use KPIs and other data tools.
Why process mining beats business intelligence
The difference between process intelligence vs. process mining resides in root-cause analysis.
While process intelligence is more about monitoring and reporting to tell you an activity went wrong, process mining tells you arguably the more important factor: the why.
And that understanding will help CIOs unlock their business processes’ true potential.
Business mining is all about timing
The fluidity of business operations is such that statuses can change on a dime. One of the biggest perks of process mining is the real-time data it provides, allowing CIOs and other C-suite members to adapt quicker.
For enterprise legacy companies, this means modernizing internally amid digital transformation. In fact, about 80% of CFOs in a Gartner study said industries such as finance must lean more on solutions like artificial intelligence and robotic process automation to effectively support businesses by 2025.
Ideal ROI results because the numbers and data don’t lie
How does process mining work? By indicating when a process started, showing how it operates, and creating a log that can assess how successful the process is. Process mining applications deliver 30-50% gains in productivity and can improve customer satisfaction by 30%.
Legacy companies trying to catch up and embrace these strategies sometimes struggle. For example, to see the risks or bottlenecks, you need to analyze logged data — which legacy companies often don’t have.
Plus, as CIOs well know, the IT built for individual departments creates silos that can spark inter-departmental friction, companywide issues, poor customer experience, and lack of employee retention.
Overcoming irrational fears of process mining
And with change always comes bouts of doubt and reluctance. Some CIOs and other leaders might not be prepared for the time and demand a digital transformation requires — especially if they’re new employees who don’t know the system yet. “Fear of the unknown” is common in cases like this, but the payout is worth it.
Finally, many legacy companies are not prepared or built to continuously improve — or to be governed and regulated. For organizations such as financial institutions, this poses a real issue when their process frameworks aren’t up to date and don’t comply with mandates or new regulations (such as fraud and data protection).
How to effectively mine your enterprise process management
Beyond the potential roadblocks, CIOs need to understand the long-term value of enterprise process management. Process mining automation creates on-demand actions and results. There will be more of an influx of low-code tools to help with this, and process mining vendors will have to decide which routes they want to take with their technologies.
As priorities and rules change, understanding how process mining software works in tandem with business process management methods will be key.
For businesses to succeed, they need a solid BPM platform that looks at the bigger picture and incorporates process mining technology to extract the full picture and identify the risks.
Taking a deliberate approach to your digital transformation
Phased approaches where you introduce new systems and technologies to teams over time will best help leaders understand what the outcomes will be, what the organization is trying to achieve, and how the implementation will hit all goals.
To help CIOs use process mining to unlock returns on technology investments, these methods must be implemented deliberately.
1. Stay practical and positive
A common worry for a company looking to advance its technology is that failing processes will be detrimental to overall business success. These process inefficiencies are silent killers in business and can’t be seen without process mining. This is an imperative strategy before implementing or adding any more technology investments.
2. Step back and look at what your company will require
Process mining helps your company scale. By investing in process mining technology, you can look at the needs and demands that your organization will require and evaluate future technology solutions. Moreover, you can decide if these opportunities fit in with the “to-be” state you determined when you mined your processes.
3. Invest in quality
Process mining creates a bigger picture of the “as-is” state and where inefficiencies live. While it might seem like a costly endeavor, implementing cheaper software that doesn’t do the full gambit of process mining will hurt potential ROI and lead to more budget being spent to overhaul or restart an implementation.
Process mining provides an ongoing look at every element of your business operations. To see its true value, ensure you have a well-thought-out rollout process so your company’s efficiency can soar.
Featured Image Credit: Provided by the Author; Photo by Carlos Muza; Unsplash; Thank you!
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