The year 2018 is regarded as the breakthrough year for process mining! If you still are not familiar with the methodology of process mining, now is your time to catch up! In this blog post, I will share seven trends of the booming process mining market so you can stay up-to-date with the latest development in the world of data-driven process improvement.
Main trends behind the fast growth of process mining include:
- Digital transformation is shaping all aspects of human society.
- Robotic Process Automation (RPA) is used to make processes more efficient.
- Advanced analytics and artificial intelligence (AI) is taken into operative use in businesses.
- Process mining is becoming the key component for creating a Digital Twin of an Organization (DTO).
- Venture capitalists are investing in process mining vendors.
- Gartner has published their first "Market Guide for Process Mining".
- Process mining vendors offer proven technology and ready-made solutions for the most common ERP systems and business processes.
Trend 1 – Digital Transformation
It is no exaggeration to say that the whole world is starting to focus more and more on digital transformation. By the end of 2019, the spending on digital transformation will reach $1.7 trillion worldwide—up 42% from 2017, according to a report from the International Data Corporation (IDC). Based on the definition of i-SCOOP, digital transformation refers to the extensive change of commercial and organizational events, procedures, capabilities, and models. It aims to completely leverage the changes and possibilities of a combination of digital technologies and their accelerating effects across society in a tactical and prioritized way, with current and upcoming shifts in mind.
Process mining provides companies with operational intelligence by improving situational awareness and visibility into their progress of digital transformation. To learn more about how you can measure the progress of digital transformation, check out the blog post Measuring Digital Transformation Success Using Lean Enterprise Architecture.
Trend 2 - Robotic Process Automation (RPA)
Apart from digital transformation, robotic process automation is another buzzword among business process professionals. RPA spending will reach 9.7 billion USD in 2018, a growth of 21% from 2017, according to Statista. The statistics show a forecast for spending on the robotic process, intelligent process, and artificial intelligence automation worldwide, from 2016 to 2021.
Process mining paves the way to success for your RPA projects. With process mining, you get a full picture of your current processes and variations. From there, you can determine which processes to optimize and to automate. You can find more tips on how to get started in our blog post 4 Steps to Robotic Process Automation Success with Process Mining.
Trend 3 - Advanced Analytics and Artificial Intelligence (AI)
Another buzzword which I am sure you are already very familiar with is artificial intelligence or AI. Based on the Worldwide Digital Transformation 2018 Predictions, by 2019, 40% of digital transformation initiatives will be supported by cognitive or AI capabilities, providing timely critical insights for new operating and monetization models.
There are AI and advanced analytics capabilities in process mining software in the market. An example is the Machine Learning and Predictive Analytics in QPR ProcessAnalyzer, where future outcomes, such as delivery duration, are predicted based on historical data.
Trend 4 - Digital Twins of an Organization (DTO)
A rather new and trending buzzword is the digital twins, meaning a digital representation of a real-world entity or system. According to Gartner's Top 10 Strategic Technology Trends for 2018: Digital Twins, by 2023, 50% of major enterprises will use the digital twins of the organization, in combination with digital business platforms, to optimize process efficiency, effectiveness and customer outcomes.
Are you interested in building digital twins? Get started with understanding the digital twin of your organization.
Trend 5 - Venture Capitalists
Several venture capitalists have invested in process mining start-up vendors in 2017 and 2018. Growing expectations are also clearly visible in the stock prices of existing publicly listed leading vendors like QPR Software.
Trend 6 - Gartner Market Guide for Process Mining
Gartner published a specific Market Guide for Process Mining in 2018. Gartner's Market Guide helps to manage the risk of investing in an emerging market with insights into its direction and potentials, and survey the types of provider options in the market and understand how offerings are likely to evolve. See the press release for more information on QPR Software listed as a Representative Vendor in Gartner Market Guide for Process Mining.
Trend 7 – Validated Process Mining Methodology and Tools
I hope you enjoyed reading the six market trends above. As a bonus, I would say that one key driver for boosting the growth of process mining market is the maturity of leading process mining vendors and tools. I obviously look at this from QPR Software's point of view – but here is my personal analysis: happy customers, proven technology, great functionality, ready-made solutions for most common ERP systems and business processes and clear business benefits – all these are boosting the process mining revenues of QPR Software as the vendor of the leading process mining tool – QPR ProcessAnalyzer during 2018!
Schedule a demo with us and let QPR ProcessAnalyzer impress you with your data!
Rock & Roll,