IBM, in association with Quadrant Knowledge Solutions, recently hosted a webinar titled “Don’t just discover problems, fix them with IBM Cloud Paks for Automation”.
The short, but enlightening event focused on IBM’s recent acquisition of myInvenio for its Process Mining Solution. According to speaker Harley Davis, VP of Automation Intelligence, IBM, Process Mining helps drill down into inefficiencies, performance problems, errors in the execution of processes, conformance checking and the creation of a Digital Twin (DTO) of an Organization. This in turn, allows organizations to measure the impact of automation even before leveraging it.
The webinar started off with a global market analysis by Apoorva Dawalbhakta, Senior Analyst at Quadrant Knowledge Solutions, who provided insights on how Process Mining solutions are benefitting organizations in augmenting and strategizing business processes. Apoorva emphasized how these solutions are gaining significant market traction in current times because they offer “detailed, data-driven and fact-based actionable insights to perform conformance checking, performance mining, and gain enhanced process modelling to drive various operational excellence, process automation, and digital transformation programs”.
According to Quadrant’s revised report on the statistics of the growth estimate of the global process mining market, it is expected to grow at a Compound Annual Growth Rate (CAGR) of 75.3% from 2020-2025. The global process mining market was valued at $245 million in 2019 and is expected to reach $7.11 billion by 2025.
The IBM Mindset
Following the statistical insights into the Process Mining markets, Harley dove into IBM’s vision and strategy providing AI-powered automation to organizations.
“We’re really excited about the overall potential of AI automation… We think that automation is best done in the context of a Hyperautomation platform that really covers all the capabilities that you need in order to automate business processes, tasks, decisions, and how business is being done in an enterprise.”, he stated.
According to Gartner, “Hyperautomation is rapidly shifting from an option to a condition of survival as the technology has proved to be the must-have ingredients for addressing critical business demands.”
IBM backs this fact up with their own analysis – They believe that $134B in labour value will be released in 2022 by employing both automation and AI. 80% of those scaling AI-powered automation expect their organization to outperform the competition in revenue growth.
To generalize, IBM intends to use technology to eliminate inefficiencies and implement AI for accurate decision-making and ride the wave of Hyperautomation. Process mining, according to them, is integral to identifying the past structure of business processes and reconstructing the structures of organizations to make them automation ready.
IBM Cloud Paks – What is it?
IBM Cloud Paks for Automation helps to automate business operations with an integrated platform of automation capabilities. The platform relies on Kubernetes, which is an open-source application container orchestration software that makes it easier to configure, deploy, and manage containerized applications.
The IBM Cloud Paks suite of tools aims at accelerating automation with the sophisticated usage of Robotic Process Automation, Process Mining, and Operational Intelligence. They are AI-powered software solutions that “help organizations build, modernize and manage applications securely across any cloud”.
The Cloud Paks is designed as a comprehensive package providing opportunities for automation in the areas of Customer Experience, Business Operations, Workforce Management, and Application Integration.
What you’ll find inside the Cloud Paks –
1. IBM Cloud Pak for Business Automation
2. IBM Cloud Pak for Watson AIOps
3. IBM Cloud Pak for Integration
4. IBM Cloud Pak for Network Automation
myInvenio – How It Fits into IBM’s Offerings
myInvenio is primarily a Process Mining and Digital Twin of an Organization (DTO) solution. It puts together RPA, ProcureToPay and Process mining technologies to make a composite Hyperautomation solution.
myInvenio’s integration into the IBM Cloud Paks promises to club process mining with AI-powered automation, making the Cloud Paks a more comprehensive suite for enterprises.
The emergent solution will allow organizations to understand the time-consumption of manually examining invoices and auditing purchase requests, streamline their accounts receivable process by looking at interactions with ERP and invoicing systems, examine the most common IT requests, automate inquiry resolution, and improve efficiency while freeing employees to do more strategic work. It will also allow companies to overcome the challenge of streamlining business processes that are cumbersome or create bottlenecks, identify the most impactful business processes to automate, and make a transition to truly “complete” enterprise automation.
Process Mining helps organizations view and understand how businesses actually run – how employees interact internally, with systems, and in customers interactions, how systems process data, how transactions occur between different nodes and touchpoints, and finally, how all of these processes affect the customers in real-time.
Understanding the current state of business processes is quite easily the foundation of any change – in order to identify inefficiencies, organizations must be able to identify bottlenecks, errors and complexities that may cause roadblocks for Hyperautomation.
This information also brings to the forefront the top-runners for automation – areas that have the potential for automation can be analysed for patterns and continuously monitored for improvement.
Due to an increase in complexities around business applications, adoption of comprehensive AI-powered automation solutions for digital transformation has now accelerated. With the help of tools like IBM Cloud Paks for Business Automation, entire enterprises can now be automated, and insights can easily be turned into action.
With tech giants like IBM investing in Process Mining solutions, the global market peak is only going to go higher. Early adoption of these technologies will take organizations towards sustainable & resilient digital process models.