Process mining for CFOs: common objections, use cases, and vendor selection

As a CFO, you're tasked with managing the finances of your company and making sure that every investment you make provides a strong ROI. Therefore, it's understandable that an investment in process mining software is worth a second or third thought.

The quality of process mining solutions varies a lot, and many of the bigger players in the market make sales through their well-known brand, even though the underlying process mining software isn't up to the mark.

Some process mining vendors have more to show for their price, while others leave you feeling nothing but frustrated and disappointed.

We understand that many objections can arise when considering new investments. That's why we're here to address the most common objections that CFOs have to process mining and show you why a process mining solution like QPR ProcessAnalyzer is worth the investment.

Read more: QPR ProcessAnalyzer Product Page

According to CFOs, an increase in analytics insights is the way to redefine Finance in 2023

As companies continue digitizing their operations, CFOs increasingly turn to process mining tools to gain visibility into their financial processes. These tools allow CFOs to analyze and optimize their business processes, improve efficiency, and reduce costs.

According to a 2023 Finance Benchmarking Report by SSON, where over 1000 finance leaders and  CFOs were surveyed, 37% of CFOs believe that driving analytics insights up will be their main way of redefining Finance's value proposition in the future. 

• 37% answered Driving analytics insights up
• 25% answered Prioritizing business partnering
• 22% answered Pushing costs down
• 16% answered Innovative problem solving
  
  

Selecting the right process mining tool for CFOs 

With so many process mining tools on the market, it can be challenging for CFOs to choose the right one for their needs. In this blog, we will explore what CFOs should look for when selecting a process mining tool.

User friendliness

First and foremost, CFOs must ensure that the process mining tool they select is user-friendly and easy to use. QPR ProcessAnalyzer is designed with a user-friendly interface that is easy to navigate, allowing users to access the information they need quickly. The tool also provides a visual representation of the processes, making it easier for CFOs to understand the information flow and identify improvement areas.

Integrations

Another critical factor to consider when selecting a process mining tool is its ability to integrate with other systems. QPR ProcessAnalyzer can integrate with a variety of data sources, including ERP systems, data warehouses, and combine this information with anything from task mining data to CSV files, making it easy to access and analyze data from multiple sources. This feature ensures that CFOs can get a comprehensive view of their financial processes and identify areas for improvement.

Read more: The 7 steps of process mining

Accuracy

Accuracy is also an essential consideration when selecting a process mining tool. QPR ProcessAnalyzer uses advanced algorithms and machine learning to capture and analyze process data accurately.

Accuracy can also refer to the accuracy of the data itself. Every time data is moved from one place to another, the quality of your data is at risk. QPR ProcessAnalyzer Powered by Snowflake is the first and only process mining tool that allows you to do process mining right where your data is stored without endless copying and extraction. 

Cost

Finally, CFOs need to consider the cost of the process mining tool they select. QPR ProcessAnalyzer offers a flexible pricing model that allows CFOs to easily extend the analysis to several processes instead of ending up with ever-increasing license costs. This makes it an affordable option while still providing the advanced features CFOs need to improve their financial processes.

"The license model of QPR ProcessAnalyzer is different from all competitors, with whom you end up with huge license costs and paying separately for each process. This is outstanding in the process mining vendor market."

- Head of Process Intelligence at a global healthcare enterprise

In conclusion, selecting the right process mining tool is essential for CFOs who want to gain visibility into their financial processes and improve efficiency. QPR ProcessAnalyzer is the right choice for you who are looking for a solution that is user-friendly, easy to integrate to a range of systems, provides an accurate analysis, and has a flexible pricing model. With QPR ProcessAnalyzer, CFOs can gain the insights they need to optimize their financial processes and drive business success.

5 common objections and hesitations from CFOs considering process mining

It's time to tackle the most typical objections CFOs have towards process mining and demonstrate why investing in a process mining solution such as QPR ProcessAnalyzer is worthwhile! ⬇️

1. Lack of time

As a CFO, your time is valuable. A process mining solution like QPR ProcessAnalyzer is designed to save you a lot of time in the long run by providing valuable insights into the company's processes, including all of your financial processes.

By automating the data collection and analysis process, you'll be able to quickly identify inefficiencies and opportunities for improvement in your operations, ultimately saving your team – or entire company – time and resources.

With QPR ProcessAnalyzer, we were able to analyze the process in two or three hours, compared to three weeks in the past.

- Christof de Groote, Service Manager at KBC Group

2. Lack of Money

While process mining is an investment, it's important to remember that it can lead to significant cost savings in the long run. By identifying inefficiencies and improving your financial processes, you can reduce operational costs and increase revenue.

Some process mining software offer flexible pricing options to fit within your budget, while others make you pay for their brand. Our customers prefer QPR ProcessAnalyzer because of its pricing and licensing model:

"The license model of QPR ProcessAnalyzer is different from all competitors, with whom you end up with huge license costs and paying separately for each process. This is outstanding in the process mining vendor market."

- Head of Process Intelligence at a global healthcare enterprise

3. Concerns that the product won't work for you

We understand that you want to be sure that any investment you make will work for your specific needs. 

That's why we offer free demos and guided trials so you can try QPR ProcessAnalyzer before committing. Additionally, our team of experts is dedicated to providing excellent support and ensuring that the product works for you and your team.

With QPR ProcessAnalyzer, you can combine data from tens of different SAP systems and see a clear visualization of your financial processes. All important processes – Accounts Payable, Accounts Receivable, Order-to-Cash, Purchase-to-Pay, HR, etc. – can be visualized, monitored, and analyzed in one place for smooth decision-making.

"QPR goes beyond just being a tool vendor. They work with us as true partners, providing honest feedback and open communication.  QPR is transparent and takes our concerns seriously.

Unlike other vendors who forward you to consultants, QPR is proactive in sharing their knowledge so we can grow and develop our own internal capabilities. Their support and education make all the difference."

Head of Process Intelligence at a global healthcare enterprise

4. Lack of belief in the product 

We're proud of the positive impact that QPR ProcessAnalyzer has had on our clients, including leading and resilient global enterprises.

Our product is backed by proven results and positive reviews from satisfied customers: KBC Insurance, Sanofi, Metsä Board, Piraeus Bank, and more.

We are confident that QPR ProcessAnalyzer will deliver value to your organization as well.

“The business process owners and the management are happy with the outcome, as they can see how the overall global KPIs are performing.

They are able to interactively drill down to the processes to pinpoint the problem areas and prepare plans to address them in order to improve the overall process performance.”

Azuhar Mohammed, Head of Global Solution Center - Expertise & Innovation at Sanofi

5. "I don't need it"

While you may think that your financial processes are already optimized, there's always room for improvement.

QPR ProcessAnalyzer offers valuable insights and a data-driven approach to process improvement, which can lead to significant cost savings and revenue growth.

• Caverion was able to find €17m worth of uninvoiced order lines
• Metsä Board's order lines and volume increased by 60% – with the same supply chain headcount
• KBC Insurance got 100% faster customer request processing
  
  

Additionally, our team works with you to identify specific areas for improvement and tailor the product to meet your needs.

"Before, there was no consistency between different geographical units and KPI calculations were difficult to manage. The fragmentation made it difficult to understand the processes. But with process mining, we are able to increase harmonization and resolve these issues."

Head of Process Intelligence at a global healthcare enterprise

In conclusion, we understand that investing in a new product can be daunting. However, we are confident that QPR ProcessAnalyzer can provide significant value to your organization and ultimately lead to cost savings and revenue growth.

Contact us to schedule a demo and see how QPR ProcessAnalyzer can benefit your financial operations.