Automate Smarter | April 2022
Reading the Tea Leaves of Process Discovery
Market interest around process intelligence emerged in 2020, kicked into overdrive in 2021 and is exploding in 2022. Given the latest industry news and analyst research, it’s no surprise that Process Intelligence is the top emerging technology investment among the Global 2000 according to HFS Research. All the market signals point to continued enterprise growth and wider adoption across organizations.
Can’t Stop, Won’t Stop
The global process mining software and services market size is expected to reach a whopping $11 billion (USD) by 2030, according to research published by Polaris. That’s up from $374 million in 2021, increasing at a 49% compound annual growth rate (CAGR) during the forecast period. The BFSI segment accounted for the largest market share in 2021 and is expected to maintain its position in the coming years. With its historical roots in Europe, the region continues to account for the highest revenue share with Asia Pacific delivering the fastest growth.
If You Can’t Beat Them, Buy Them
You know a market is red hot when Microsoft buys in less than a year after announcing GA of their own tool. Microsoft acquired the process mining company Minit earlier this month. The small but well-regarded company is in the Leaders quadrant in research from ISG, NelsonHall, Everest and SPARK Matrix. The platform is feature rich with a user-friendly modern UX, and this should really scare the competition — they focus on fast results and delivering “day 1” value with risk-free, low cost of ownership.
Microsoft is rolling out the same playbook they used with RPA, and it promises to be just as disruptive for the market. They launched a limited RPA tool Flow, then bought Softomotive and quickly became a viable alternative and leader in the market. From corporate announcement, “the acquisition signals Microsoft’s commitment to help organizations quickly discover and optimize their business processes by bringing data and execution together to unlock powerful insights.”
Delivering a One-Two Punch
Too many companies still think it’s a process mining or task discovery decision. In reality, the technologies answer fundamentally different questions. Process mining tells you what happened, while task discovery details how it happened, and at the end of the day, organizations will eventually need both to win. And before you even mine, you need operational diagnostics to inform you where (and why) to look.
Comprehensive process intelligence requires a mix of process mining, modeling, and documentation. Used individually—and properly—each solution can certainly drive value for the organization depending on the use case. When combined, it creates a 360-degree view of your operations and creates an opportunity to deliver a value-driven, process-led, and data-based transformation. The integrated insights accelerate value creation regardless of whether the targeted outcome is an automated workflow, streamlined process, improved experience, or enhanced compliance.
It Takes a Village
While traditional process mining can trace its roots back to IBM in the 1990s, the technology remained largely an academic exercise until just a few years ago. The emergence of artificial intelligence (AI), cloud computing, big data, and advanced analytics helped push process technologies out of the lab and into the workplace.
It’s similar to the path of RPA. This automation technology started primarily as a stand-alone task automation tool and has since evolved into “hyperautomation” to include AI/ML, data extraction, recorder, and BPM capabilities. Process intelligence has also evolved into a complementary tool to drive increased business value. Microsoft, SAP, Oracle, and other large software platforms are establishing operational excellence solutions that integrate previously diverse technologies into a comprehensive approach to deliver enterprise value.
Start Now, Think Big, Go Fast
It’s an exciting time in intelligent automation to say the least. As Gartner notes, “Recent trends in automation and knowledge of the underlying processes and interactions are key to digital transformation.”
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