Thankfully, a more efficient and affordable method for driving business optimization has emerged: Process Mining, a new type of Big Data Analytics. Powered by machine learning and artificial intelligence, Process Mining technology leverages the digital footprint manufacturers leave behind in their IT systems and provides complete transparency into how processes are working in real life. For instance, it can pinpoint delays in invoicing after an order has been shipped. It can also identify where automation would help speed up delivery and reduce cost, or where vendors are not meeting their commitments and the specific resulting impacts.
Process Mining is essential for ambitious, fast-growing manufacturing organizations because it can reduce inventory costs, identify production bottlenecks, improve on-time delivery, optimize logistics between production sites, distribution centers and end clients, and reduce reworked and scrapped inventory due to mistakes or failures in the process. Additionally, Process Mining can improve manufacturers’ capital and team utilization by ensuring materials are available when they’re needed to avoid downtime.