Process mining is a game-changing technology, which is reshaping industries and revolutionizing business processes.

In brief

• Process mining provides organizations with actionable insights for efficient business transformation by visualizing, monitoring, and improving real processes.
• The industry is witnessing rapid growth, with a market size of US$1.8 billion in 2023, projected to reach US$12.1 billion by 2028.
• The benefits of implementing process mining are multifold, offering organizations a valuable tool to gain transparency, improve efficiency, ensure compliance, and drive continuous process improvement.

In today's fast-paced business landscape, organizations continually strive to enhance their operational efficiency and effectiveness through successful business transformation programs. Despite frequent declarations of commitment to lean practices, agility, and transformation, our experience indicates that most transformation projects encounter challenges and may falter. Process mining is a powerful tool that can help businesses address various challenges. These challenges include failure to set data-driven targets, lack of process transparency, ineffective change management, weak implementation strategies, and the inability to monitor real-time performance. By using process mining, businesses can gain insights into the business operations, identify bottlenecks and avenues for improvement, which can aid the organizations in enhancing their transformation programs. 

At its core, process mining utilizes event logs and data analytics to discover, monitor, and improve real processes. This approach enables organizations to extract valuable insights from their existing digital footprints, providing a clear and transparent view of how their processes function. Through the analysis of event logs, which contain timestamps and other relevant information, process mining can visualize the steps involved in a process, identify variations, and highlight potential areas for improvement.

Figure 1: Process mining explained 

Originally, process mining was used as a tool to investigate occasional process performance issues. However, it has now evolved into a comprehensive platform for monitoring and enhancing the execution of operational processes on a large scale. The process mining industry is experiencing rapid growth and is expected to continue expanding in the coming years. The market size of process mining is US$1.8 billion in 2023 and is anticipated to grow to US$12.1 billion by 2028, with a CAGR of 45.6%¹.

Driving this growth, financial organizations are the largest consumers of process mining, benefiting significantly from its ability to optimize processes seamlessly and enhance customer satisfaction. The manufacturing industry is next in line to adopt process mining due to its stringent adherence to quality standards and a strong focus on waste reduction and quality enhancement, all facilitated by process mining. The healthcare sector is expected to experience exponential growth in process mining, driven by the increased usage of smart and wearable medical devices, and enhanced patient care with a simultaneous reduction in costs. Additionally, the retail industry is poised for substantial growth, leveraging the capabilities of process mining to improve the customer experience.

Key capabilities of process mining 

Process mining offers transformative capabilities that impact various aspects of business operations. One fundamental aspect is automated process discovery, which utilizes event logs to visually represent the flow of a process, thereby pinpointing areas for improvement. Conformance checking ensures alignment with standard processes, highlighting deviations and ensuring compliance with rules and regulations. Performance mining examines process efficiency from diverse perspectives, unveiling bottlenecks, costly steps, and opportunities for automation. Variant analysis facilitates the comparison of process versions, revealing differences and suggesting data-driven improvements. Predictive process mining leverages AI/ML to anticipate delays, empowering teams to proactively adjust strategies. Lastly, action-oriented process mining translates diagnostics into actionable steps through automation solutions and streamlined workflows. Together, these capabilities drive transformative insights, enabling businesses to optimize their processes and enhance overall efficiency.

How process mining elevates the competitive position of businesses

Process mining has emerged as a transformative force, leaving a significant imprint on diverse aspects of business operations. According to a recent study, enterprises embracing process mining for end-to-end continuous improvement are projected to be 20% more profitable compared to their counterparts who do not adopt these practices². Another study reveals that by 2025, 80% of organizations will integrate process mining capabilities into at least 10% of their business operations³. 

To better illustrate the transformative impact, consider a real-world case of a major consumer healthcare company that embarked on their process mining journey three years ago. It strategically segregated its consumer goods business from its pharmaceutical operations. Additionally, it also aimed to enhance the application of process mining models to garner deeper process insights, streamlined operations and increased efficiency. Leveraging process mining, the company was able to navigate the transition phase more effectively and with greater efficiency. Eventually, the use of process mining evolved and expanded across multiple functions across the organization. Process mining provided the company with a more granular understanding of their operations and highlighting key areas for improvement.

Future horizons of process mining industry

In a world where business transformation is essential for staying competitive, process mining provides organizations with a data-driven approach to process optimization. Its ability to harness the power of data to drive operational improvements makes it an invaluable tool for businesses seeking to reach their full potential and remain at the forefront of their industries. With the process mining market expected to grow significantly in the coming years, organizations that embrace this technology will have a competitive edge and be better positioned to achieve competitive business operations.