Benefits Of Process Analytics

Benefits-Of-Process-Analytics

Process Analytics is a new analytical practice in business. It is a branch of Business Intelligence (BI). Process Analytics not only helps analyze how well your business operates but where it needs improvement. It utilizes the same analytics data as most other analytics. However, it looks at the analysis as data traces of business processes. 

It does this by arranging multiple records about one entity, such as an online order or an insurance claim, along with much information relevant to these records. This information is behind the records and discloses unique details, which are not normally obtained through other BI means.  

Process Analytics can uncover process hindrances or frictions and can help you understand what steps you should take to improve the process workflow. Many benefits are deriving from this kind of analytics: 

Immediate Knowledge 

When there is an important process error, you immediately learn about it right after the event rather than at a later report. You have ample time to correct it or fix a queue or check customer credit.

Event Location

In any IT system, searching is an important capability. Searching is usually done by looking for the attributes of an object. But with Process Analytics, you can see patterns that disclose where an event has occurred.

Negative Impact Information

Process Analytics can provide such information as what negative impact a process deviation has on the overall operation in terms of cost and time.

Individual Process Queues

You can monitor workflow operations and their related documents, events, or tickets, in their respective queues. You can see what is happening in each process queue, how long items are sitting in a queue, what employee misplaced something in what queue, etc.

Individual Process Costs

If you know the time a certain process takes, then you can calculate the related costs for that process and tie it to a specific business process or client.

Problem Detection

If there is a business problem such as multiple invoices for the same order, then Process Analytics will help detect the cause of the problem. Measuring the time that the parts of your process takes will help with this problem.

Visualized Workflows

The process deviations such as bottlenecks, delays, frictions, can be demonstrated and seen through the process workflows being displayed.

Error Exceptions Detected

Process Analytics can help detect the special events that can be costly. The errors that are repeated many times might not be detected and accounted for with ordinary reports that average the calculations. But they can be discovered with analysis of the operation.

Actual View of Process

Process Analytics gives you a reality check of your operations. You get an honest snapshot of how the actual processes are playing out as they are happening rather than how it is hoped to work. This helps you see what works and what needs improvement.

Focused Attention

Using the findings of Process Analytics, you can focus on whatsteps matter for smarter automation.   

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