Companies are keen to embrace emerging technologies like RPA but lack the expertise to do so efficiently. This article explores how process mining and RPA can help analyze operational data, unearth insights for decision-making, and help achieve digital transformation.
Process mining tools have recently become prominent due to ongoing investment in the sector. Even though the technology has enormous potential to revolutionize corporate processes and expedite digital transformation, process mining has shown to be successful and genuinely beneficial when paired with robotic process automation (RPA).
This was demonstrated by Gartner’s recent CFO study, which revealed that more CFOs anticipate these technologies to collaborate directly in the following years to expedite the development of financial operations. Indeed, 80% of finance directors think their divisions must dramatically hasten digital technology such as RPA and AI by 2025 to serve the company properly. CFOs consider investing in process mining as the cornerstone to extracting returns using RPA.
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How Process Mining And RPA Can Improve ROI And Drive Efficiencies
Is process mining really beneficial when paired with RPA?
Palak Kadakia, VP of product management, UiPath, thinks that it’s definitely fair to say that RPA enhances the value of process mining. “The surge in the investment we have seen in the process mining space has been driven by the desire to reimagine business process management in our increasingly digital world.”
Kadakia adds, “Since the start of the pandemic, the number of companies embarking on a digital transformation journey has skyrocketed. Process mining allows companies to see through the noise by analyzing enterprise data from different sources across a business and mapping the way that data moves and interacts. This detailed analysis makes identifying backlogs and inefficiencies possible.”
She believes that understanding how data flows throughout an organization can be a useful tool on the path toward digital transformation. Companies can optimize workflows and make the necessary personnel and process changes by identifying where bottlenecks exist. However, the value of process mining is significantly enhanced by combining the technology with RPA.
By using RPA in concert with process mining, businesses can do more than just identify backlogs and areas for improvement. They can quickly create and adjust automated workflows that rectify inefficiencies.
– Palak Kadakia, VP of product management, UiPath
Process mining is often deployed as part of an effort to save employees’ time. Combining it with RPA, process mining creates an immediate return on investment on that front, says Kakadia. With the critical insights that process mining offers, businesses can easily identify activities that are prime targets for automation. This boosts employee productivity and ensures teams have more time to spend on tasks that require strategic, creative thinking.
Arvind Jha, senior vice president for software development at Newgen Software, agrees that process mining tools are gaining high traction as enterprises digitize more processes and workflows. “These are pathbreaking tools that play a vital role in process discovery, analysis, and optimization and help organizations expedite their digital transformation with high impact,” Jha responds.
While organizations are keen to leverage process mining with RPA and achieve savings on repetitive tasks, there are many more ways in which process mining can be used.
Through valuable insights, process mining tools can help organizations streamline and enhance their business processes and workflows. For instance, it can be used for deciding the most prominent path, key performance indicators matrices, and forecasting workload demand.
– Arvind Jha, senior vice president, software development, Newgen Software
Ways how process mining improves RPA efficiency
Jha lists a few ways in which process mining can help organizations enhance RPA efficiency:
- Organizations can use process mining to identify existing choke points and bottlenecks in their process automation initiatives. This can help kickstart their RPA journey as these bottlenecks are more likely candidates for bot-based automation.
- Process mining before and after RPA deployment can help validate the assumptions and enhance bot deployment and their efficiencies, eliminating the bottlenecks.
- These tools also provide Business Process Model and Notation 2.0 complaint output that business process monitoring tools can invoke to create an ideal process flow.
- Furthermore, it helps organizations ensure continuous process improvements right from the deployment stage. They can also offer suggestions on capacity planning to handle load spikes and new business initiatives.
Adding to Jha’s points, Kadakia mentions a few more areas where process mining can be seen driving RPA efficiency:
- Process mining improves RPA efficiency at every step of its lifecycle, starting with implementation. Because process mining leverages system data to generate a map of as-is business processes at a company, it can play a key role in smoothly implementing RPA. The process maps created by process mining can be used as guidelines for deploying RPA robots.
- During the implementation stage, process mining can also help businesses identify which processes need to be automated first to boost efficiency and maximize return on investment.
- Process mining also plays an important role in boosting efficiency after the deployment of RPA. The technology can monitor existing automated workflows and help identify more ways to boost efficiency and improve outputs.
- Both before and after RPA implementation, process mining can be used to identify process variations that can be streamlined and corrected using RPA.
See More: RPA vs. Intelligent Automation: Four Key Differences to Know
Improving financial processes
Process mining’s unique ability to handle big data and complex processes makes it the perfect fit for companies looking to improve finance processes, states Kadakia. “This is especially true in industries like banking and insurance, where financial business processes are the lifeblood of the company.”
“The combination of these technologies can also help financial leaders identify skills gaps in their teams. In a rapidly digitizing world, it’s natural that there will be areas where workers need to be brought up to speed,” adds Kadakia. “RPA and process mining can help identify the digital skills most central to a business’s success and help leaders create training programs to further develop those skills.”
The way these two technologies work together to offer a holistic look at a business also has benefits.
As companies look to optimize finance technology, making fast and smart investment decisions is critical. The control and insight offered by RPA and process mining allow executives to invest confidently.
– Palak Kadakia, VP of product management, UiPath
Kadakia affirms that process mining and RPA can help companies looking to digitize by easily integrating multiple technologies and strategies to provide the best possible outcomes. The technologies can identify redundant or time-consuming work, like accounts payable and receivable functions, and be utilized to automate those tasks in the most efficient way possible. “It can help improve SLAs, drive better governance and reduce the time and cost of doing business while increasing employee and customer satisfaction.”
Even Jha believes that process mining and RPA can be game-changers for organizations as they can strengthen their hyper automation business objectives. These technologies, he thinks, will enable organizations to optimize and accelerate their finance-based business processes and workflows by reducing the waiting time and forecasting turnaround times, helping improve customer experience and building loyalty.
Have process mining and RPA improved your team’s decision-making ability? Comment below or let us know on LinkedIn, Twitter, or Facebook. We would love to hear from you!