According to the 2023 Process Optimization Report by Celonis, a whopping 97% of finance and shared services professionals agree that process optimization is important or even essential to meet their business objectives.
Yet, almost half (44%) reported that their business-critical processes like accounts receivable and accounts payable are running in a sub-optimal way.
When probed further, they cited the following as the top 3 impediments for their process excellence initiatives:
- Complexity of processes
- Opportunities to improve are hard to identify
- Legacy technology
Not surprisingly, a mere 26% are currently using process mining tools to gain visibility into finance processes. For the uninitiated, process mining is a technology that discovers, monitors and improves actual processes by leveraging real-time and historical data for business processes and operations.
Some of the ways process mining can help include:
- Identifying and defining opportunities for improvement within a process
- Understanding how processes interact
- Orchestrating improvements across people, processes, and technologies
- Understanding how processes actually run
- Measuring how a process currently performs
- Analyzing how to optimize the process
#processmining #processdiscovery #processexcellence #operationalexcellence #continuousimprovements