The real next big thing in business automation

Process mining will help automate business long before chatbots do

Running a big business is complicated—often mind-numbingly so. Seemingly straightforward processes such as taking an order and receiving the payment can take thousands of possible paths, for example if an extra credit-check is needed, delivery has to be confirmed or a follow-up invoice sent. Though often necessary, the rigmarole complicates life for companies and slows things down. The resulting inefficiencies can cost businesses eye-watering amounts—between 20% and 30% of annual revenue, according to one estimate.

Software-makers are now finding ways to untangle the procedural spaghetti with the help of “process mining”. Its dull name notwithstanding, it is one of the fastest-growing areas of information technology (it). It generated around $1bn in annual sales in 2022, reckons Gartner, an it consultancy, and could treble in size in the next few years. 

To read the full article - check out The Economist.