VIDEO: Process Mining with MyInvenio’s George Bennett
George Bennett gives you an overview of Process Mining and how MyInvenio makes it easier and helps companies see compelling ROI.
Krista White: Thanks George for sitting down with us today. In your session you’ve been talking about process mining and that’s what Myinvenio does. Can you give us an overview of process mining in general? What is it?
George : Sure, thank you. Process mining is a software solution. We go in and we take the transaction logs from your different systems, different stakeholders, whether it be SAP or Oracle or Salesforce. We take those transaction logs and we actually build a BPN model or model with your actual activity. We can take that information and we can simulate things like robotic process automation. If you wanted just say, do I really want to do this automation for this project? We can take the actual data from the actual transactions, and it can be a complex process like a purchase to pay, order to cash process. We can say if we were to automate a specific activity within that process, because we gather all the information and create that model, we can actually show you the ROI before we actually do the project.
Krista White: Process discovery without me having to sit and whiteboard in, and then actual modeling without me having to model.
George : Correct. In the traditional way of doing a process discovery, you can spend thousands and thousands of hours doing surveys, questionnaires. Then even doing that, you only get a a snapshot of what you’re actually doing. With process mining, we’re taking the actual transactions. We’re creating what the Gartner calls a digital twin of the organization, which is the exact operation. When you do a simulation and you do what if analysis, it’s really with the real data.
Krista White: Nice. When people come to you and say, we want to get started with process mining, we would like to do X, what is generally where they start? Where do people … what’s the best practice for Myinvenio?
George : A lot of times when people are looking to do robotic process automates or automation, I almost consider it more like task automation because what they’re really doing most of the time they’re looking for the low hanging fruit. They take a manual task and they automate it, and they call that a process. We take a look at more complex processes, like I mentioned purchase to pay or order to cash, or other types of I’ll say a more complex type of activities and where you can see significant ROI.
George : We suggest for most companies is to start with one of those processes for two reasons. One, it’s a fairly short time cycle to actually see the ROI. The second is that the ROI is very compelling. Most companies when they do a purchase to pay process with us, there’s at least a savings of over a $1,000,000. That’s why we focus and tell people to start with those two different types of activities.
Krista White: Well, those are big numbers to get excited about.
George : It is very compelling, I think.
Krista White: Well, thanks for sitting down with us and for speaking here at Driven. If you’d like to know more about process mining, you can subscribe to our YouTube channel right here.