Robotic Process Automation (RPA) uses software technologies to perform routine tasks in a business setting. RPA is a related technology to Artificial Intelligence (AI) but not the same. RPA is a robotic tool that mimics human interaction by doing common work. It performs workflow operations that do not require decision-making and judgments. Process mining is the analyzing and monitoring of business processes. Data is gathered through, or mined from, corporate information systems which displays the actual process. It does this by capturing a time-stamp and an event log of each of the process steps. The process mining is accomplished by using strong algorithms combined with advanced data transformation enabling the discovery and improvement of the business processes.
What Is Process Mining?
Process mining is the collecting, analyzing, and monitoring of business processes in the form of event logs. It is a group of techniques combining data science and process management. Event logs provide the records needed to analyze the operational processes. The goal is to gain insights for action and improvements. It is a way to show the real activities of people, machines, and companies.
Process Mining Benefits
· Fast assessments of the processes of the entire enterprise, with high scale. With just the push of a button, minimal human effort is needed.
· Factual analyses of the processes, which are complete and precise.
· Pinpoint inefficient bottlenecks and deviations that prove costly and time-consuming, allowing the company to re-engineer those processes.
· Constantly monitor the processes and measure the improvements.
· Easier compliance with the availability of a full audit trail.
· Any industry can benefit from the process mining technique.
· The process mining technique can be used to analyze almost any business function area where there are customer transactions.
Process Mining Examples
· Accounts Payable Process mining can benefit an organization’s accounts payable department where it processes invoices. By using Machine Learning (ML), processing mining software can automatically extract invoice data, bypassing templates. Invoice costs go down and accuracy improves.
· Accounts Receivable In the collections procedure, customers that are more likely to pay and have invoice value are automatically prioritized. ML can then make cash forecasts based on the data from source systems.
· Procurements Optimize purchase requisition procedure with process mining software by improving purchase requisitions to automatically detect and correct issues such as discrepancies without human intervention.
· Order Processing Process mining software can help automatically detect and resolve order processing problems such as errors and blocks, credit checks that are unnecessary, or price and quantity variations.
Every enterprise has numerous processes for its business, whether using people or machines. The technique of process mining takes an X-Ray of the status and quality of a company’s actual business procedures. Using this information, an organization can see where steps in a procedure need improvement. These problem steps are unnecessary, or bottlenecked, or hindered, or error-prone, or require too much human intervention to be cost-effective and timely. With software tools empowered with ML, processes can be vastly improved, automatically, with touchless corrections