We have come a long way from the days of theoretic business process optimization. A massive wave of digital transformation is leaving electronic footprints and fingerprints that enable the ongoing optimization of business processes based on facts and figures. As a result, we are seeing a wave of new vendors in the business optimization market, which includes process mining and robotic process automation (RPA).
Process mining technology extracts business application data, tags it based on time and location within a business process, visualizes the business processes, logs variations, and makes recommendations for process improvement based on built-in advanced analytics. RPA technology identifies repetitive business processes with potential for automation and codifies the logic necessary to take intelligent action without human intervention. In some more critical areas, the RPA engine makes recommendations for validation by human decision-making.
The winners in this market will be the vendors who tie process mining to both action and automation. Initially, closed-loop analytics may be done organically or through partnerships among RPA and process mining vendors. In addition, process mining vendors are already providing integration with business applications, so process owners can make changes from within the process mining tool. RPA vendors are also expanding their ability to mine business processes. Ultimately, there will be consolidation tying action to insight.
The following solution areas are already seeing early traction: customer acquisition, customer satisfaction, procurement, distribution, logistics, supply chain, manufacturing, accounts payable, IT service management, master data management, and the Internet of Things. The longtime promise of analytics and business intelligence has been to provide closed-loop intelligence, a continuous flow of data from business applications, and a continual flow of insight from analytics platforms to business applications. Business process optimization is finally delivering on this promise. EMA believes that this market will become the modern value creation engine for the digital world.
EMA identified Celonis as a process mining Vendor to Watch. EMA Vendor to Watch: Celonis is now available in our online research library. EMA Vendors to Watch are companies that deliver unique customer value by solving problems that previously went unaddressed or provide value in innovative ways. The designation rewards vendors that dare to go off the beaten path and define their own market niches.