To tackle this problem, some pioneers, like Oklahoma's McIntosh, are turning to process mining platforms to achieve their goal.
Process mining leverages data to gain insights that can help organizations make faster, more informed decisions when overhauling their business processes. Using the information gleaned from process mining, companies can make workflows more efficient, improve resource allocation, and automate repetitive tasks.
The market for process mining tools is also growing: According to a November 2023 report from Global Market Insights, a global market research and management consulting firm, the process mining market is expected to expand at a compound annual growth rate of more than 40% over the next decade, reaching $31.52 billion by 2032.
Key growth drivers include increasing demand for process efficiency and the integration of artificial intelligence into process mining solutions. According to the report, AI enhances process mining by automating complex data analysis, discovering complex patterns, and predicting process behavior.
“The drive for efficiency, automation and insights is driving large enterprises to turn to process mining,” said Ray Wang, principal analyst and founder of Constellation Research. “This demand is fueled by [that] “Strategic companies have been telling us they need to cut costs to maintain profit margins. As these projects are implemented, they realize that process mining is the foundation for AI-driven process orchestration and automation.”
Organizations that have adopted process mining, like OMES, have seen great results.
