Initially a tool to shore up manufacturing procedures, process mining is now a practice used by nearly every industry. Analysts expect the process mining software market to reach $10 billion over the next seven years. Despite its growing adoption, many organizations are still missing the magic bullet: simulation modeling. Process mining and simulation modeling go hand in hand. One analyzes past behaviors: process mining analysts comb through records and logs to assess what happened. Simulation is a more forward-thinking approach aimed at predicting how future trends or potential changes will impact your organization's processes.
What is process mining?
Churning through a modern organization is a sheer infinite amount of process data. Many businesses are unaware of issues bubbling beneath the surface. More interconnected than ever, the amount of data can be impossible for a casual observer to decode. It’s the reason why companies bleed 20–30% of revenue each year, simply due to issues with inefficient processes that they’re unable to observe.Process mining seeks to plug the revenue drain by leveraging event logs to analyze process flows. These logs are often hidden in the cobwebs of a software platform, but smart process miners bring this data to light for audit and analysis. Process logs compile records like:
