Use AI to turn insight into immediate action
By Thijs van de Weijer, CTO Bright Cape
Applying all kinds of analytics techniques on your data can give you a tremendous insight into your business. But what is the value of this insight? It is zero, unless you use it to make decisions and take actions to improve. This applies to any type of analytics, also ‘process mining’, my personal favorite.
So.., what to do? The answer is simple: take action! One of my first customers understood the importance of ‘monetizing’ or ‘valorizing’ process mining – translating insights into (monetary) value. Using process mining they identified more than €50mln worth of value. And what is crucial here, they also kept track of realized value. This was around 60% of identified value. They noted that there was usually a one to two year delay between the finding of an insight and the value resulting from related actions. This is not strange - it can easily take up to a year to adjust processes and systems e.g. by removing redundant payment blocks, introducing an extra payment run, etc, such that payments are being done just in time, instead of too early or late.
“It’s all about the step from insight to action – Process Mining is the technology that is helping us to make that step more easily”
This delay can be brought down by a goal-oriented culture, a focus on actual benefits, and discipline to follow up on insights. And there is more… Recently, technology came on the market that turns insight into action instantly using AI. This software is called Celonis Intelligent Business Cloud, the latest product release of Celonis. This software provider takes the next strategic step from process mining to process transformation.
Through Celonis you not only get a 100% transparent view on business processes, e.g. identifying business processes. The Intelligent Business Cloud automatically predicts where and when bottlenecks are likely to happen and prescribes what to do to resolve it. Every user (humane or virtual) in an organization then automatically gets recommendations in real-time to take corrective action and prevent the mistake from actually happening.
Bright Cape is among the first to implement this software at a multinational, on its core process. On the 17th of January we will host a webinar with Celonis. Here we are demonstrating how Bright Cape and Celonis together can transform your business with Process Mining and the Intelligent Business Cloud.
Why process mining makes jaws drop
In my previous article, I explained what the value of process mining is. In short, you can gain insights such as in what different ways are my processes executed, what is the throughput time, where are the bottlenecks, and what is the amount of rework within your process. The value of this is the value you gain by implementing the actions you carry out, which you would or could not have taken without these insights. If you track these actions accordingly, the value is actually fairly easy to quantify.