At a time where customer expectations are sky-high and IT landscapes are more fragmented than ever, companies need to rethink their business to stay competitive. Many of them have understood that they need to optimize, innovate and accelerate not only their products and services but also the day-to-day operations at the core of their business.
It’s companies that embrace digital transformation and use data insights to drive business outcomes who will lead the pack. Think of companies like Amazon, Netflix or Uber. Their business success fundamentally relies on how they’re executing processes — and how they leverage data.
A new generation of insights-driven companies
In the last few years, we’ve seen a new generation of insight-driven companies emerging. Seeking to achieve greater transparency into their operations, they started looking into a promising new software category: Process Mining.
Today, companies from diverse industries like Vodafone, Siemens, Lufthansa, Uber, and many others use Process Mining to help steer and accelerate their operations to drive better business outcomes.
The recently published 2020 PEAK Matrix Report on Process Mining from Everest Group is the latest evidence that Process Mining has closed the gap from emerging tech to well-established BizOps Software. The industry analyst annually assesses the market positioning of global service providers, locations, products, and solutions within various market segments.
There are mainly two big takeaways from the State of the Market report.
1. Process Mining is a key enabler to achieve process excellence and automation in organizations’ digital transformation journeys. 2. Celonis is a market leader in the Process Mining field. Let's dive deeper into those two. Takeaway #1: Process Mining is a must-have technology to accelerate operations
This assessment has been licensed for exclusive use and distribution by Celonis
The Everest Group report recognizes Process Mining as an “integral part of a strong digital ecosystem that is necessary to successfully implement a digital transformation initiative.” Everest Group’s prediction falls in line with forecasts by other Process Mining experts and analysts. Wil van der Aalst, one of the world’s most cited computer scientists (with more than 92,000 according to Google Scholar) and the founding father of Process Mining, expects the technology to “become a standard tool for analyzing and improving processes.” In its Market Guide for Process Mining, published in June 2019, Analyst and research firm, Gartner, expected the market to triple or quadruple within the next two years.
While leading research and analysis firms such as Gartner, Forrester, Nelson Hall, and HFS have long recognized the strength of Process Mining and have shown the technology’s rapid growth — this is the first-ever quadrant analysis that ranks the market’s competitors and provides an in-depth analysis of capabilities needed for a process mining solution.
What you should know about Process Mining, according to Everest Group:
Process Mining is a requirement to achieve Process Excellence, intelligent automation, and digital transformation.
Process automation is evolving in more than one direction and it’s driving the need for enterprises to review and optimize processes and gain insights before automating them.
Adopting Process Mining solutions can help enterprises, not only by achieving cost savings and operational efficiency by optimizing processes, but also by enhancing the employee experience through better resource allocation.
This analyst’s perspective confirms a continuing trend that we’ve seen in the IT market. In the last years, more and more organizations have baked Process Mining into their core technology needs. Today, Process Mining is a core component of the enterprise IT landscape. In retail, Process Mining helps companies effectively manage their inventories and purchasing in core processes like Order-To-Cash, Procure-To-Pay, material, stock and delivery processes, or quality management.
In Finance, companies use Process Mining to identify upsell and cross-sell opportunities, while also uncovering risks and optimizing fraud management. In Telco, the technology comes to use in Client acquisition, sales and billing management, and service procurement. Those are just some of the industries where Process Mining has seen widespread adoption. Companies in Healthcare, Manufacturing or Logistics (to name a few) are exploring and implementing the technology at a rapid pace, too.
Takeaway #2: Celonis is a Market Leader in the Process Mining field With its comprehensive overview of product capabilities and features of 13 Process Mining vendors, the Everest Group report is meant to help companies find the right Process Mining tool for their business goals and unique requirements. Based on the analysis, Celonis emerged as a Leader. Based on factors including market adoption, portfolio mix (coverage of industries, geographies, use cases, etc.) as well as value delivered, Celonis scored high in both the Market Impact and the Vision and Capabilities dimensions.
“Celonis is a Leader on Everest Group’s Process Mining Products PEAK Matrix ® assessment. Superior process mining capabilities and continued investments in product innovation, thought leadership, and customer success are some of the other key factors that contributed to Celonis’ position,” says Amardeep Modi, Practice Director at Everest Group. Key success factors of Celonis:
Celonis holds over 60% share of the Process Mining market.
The company witnessed almost 400% year-over-year growth in its client base.
Celonis has the highest market share in all industry market verticals including manufacturing, public sector, high-tech/telecom, CPG/retail, banking/financial services/insurance, and healthcare/pharma.
5 of the top 10 pharmaceutical companies, 6 of the top 10 Oil and Gas companies, and 5 of top 10 manufacturing companies are among the leading companies that have adopted Celonis and are rapidly moving past competition in removing friction from their operations and optimizing their processes for better business outcomes.
The positioning at the peak of the Process Mining market is a clear indicator of Celonis’ industry success and shows that we continue to set trends in the market with both our product innovation and value delivery for our customers. But it’s more than that. It reflects Celonis’ focus on helping companies drive better business outcomes. It’s the CIOs and CFOs, it’s the Process Excellence experts and consultants, it’s the business analysts and data scientists who drive change in their business. It’s their success that matters. That’s why we are especially proud that, according to the Everest Group study, “clients have indicated high overall satisfaction with Celonis, especially for its vision, product strategy, and customer support.” To learn more about what to look for in a Process Mining solution, read this exclusive custom version report on the Process Mining market landscape and Celonis capabilities.