To tackle that issue, some early movers, like Oklahoma’s McIntosh, are turning to process mining platforms to help achieve their goals.
Process mining provides the potential to enable organizations make quicker, more informed decisions when overhauling business processes by leveraging data for insights. By using the information gleaned from process mining, companies can better streamline workflows, enhance resource allocation, and automate repetitive tasks.
And the market for process mining tools is growing. According to a November 2023 report by global market research and management consulting company Global Market Insights, the process mining market is estimated to expand at a compound annual growth rate of more than 40% over the next decade, reaching $31.52 billion by 2032.
Among the key growth factors are increased demand for process efficiency and the integration of artificial intelligence into process mining solutions. AI enhances process mining by automating complex data analysis, uncovering intricate patterns, and predicting process behavior, according to the report.
“The push for efficiency, automation, and insight are driving leading companies to process mining,” says Ray Wang, principal analyst and founder of Constellation Research. “The demand is coming from companies [that] have been told by strategy firms that they must cut costs to preserve margins. Once these projects are in place, there is a realization that process mining is the foundation for AI-driven process orchestration and automation.”
Organizations, like OMES, that have deployed process mining are seeing significant gains.
