The newest advancement in business automation is process mining. This is a technology-based approach that uses log files from IT systems to model, optimize and analyze complex business processes. Its potential applications include cost savings for companies and finding new ways to limit inefficiencies. Companies such as Celonis, a German process-miner, are leading the way in applying it to streamline operations for large businesses.
Celonis was created by three students from Munich in 2011. After successfully helping a local broadcaster fix their IT system in three months, they decided to target senior management with their software offering with their business model offering potential savings. After beginning with German engineering giant Siemens, Celonis has since expanded abroad. They now have 3,000 employees and $1 billion raised in funding at a valuation of $13 billion. This has made them Germany’s biggest startup and hottest tech success story since software giant SAP was founded over fifty years ago.
Their process mining involves extracting log files that show how IT systems operate and then processing them with algorithms. This creates a realistic view of the process, showing what is actually happening and where there are delays or inefficiencies. This combined with artificial intelligence is able to predict potential problems and eliminate manual handling with the potential for great savings.
This has been a huge success for the company, with its tools being used to optimize speed and efficiency by a number of big businesses. There are now over 50 firms offering a range of process mining services, pushing Celonis to stay ahead of the competition. For businesses, this could result in fewer problems, cost savings and better overall performance.
Founded by Bastian Nominacher, Celonis has come a long way in just 10 years, operating at the forefront of the process mining movement. Mr. Nominacher’s vision and business acumen has given Celonis the success they have seen while defining them as a leader in the process mining business.
Process mining technology has changed the way large businesses operate and optimise their processes. With its potential to reduce costs and improve efficiency for their customers, its popularity is still growing. Companies such as Celonis are making waves in the process mining field and companies everywhere would be wise to consider how they can benefit from this technology.
