Demand for process intelligence technologies, including process mining and task mining, is being driven by finance and accounting, IT and digital, sourcing and procurement and supply chain, according to an HFS Research report.
In the HFS Horizons: Process Intelligence Products, 2023 report, the research firm ranked vendors in the process intelligence market including Celonis, which was a leader. HFS also surveyed 400 executives from Global 2000 enterprises and found that about a quarter of them are increasing spending on process intelligence technology and related services by more than 10% over the next 12 to 18 months.
These executives said that Finance & Accounting and IT & digital had the most process intelligence demand in their organizations. Many enterprises are also prioritizing industry-specific process excellence. "We see the adoption of process intelligence across a wide range of use cases, from process excellence to automation ROI, ERP modernization, organizational visibility, risk and compliance, and training and development," said Reetika Fleming, Executive Research Leader at HFS Research.
Process mining products were being used to streamline operations, drive data-driven transformation, productivity monitoring, systems migration, continuous monitoring of processes and working capital, said HFS Research. Process automation was also a key use case.
Research firms have been identifying process mining as a key technology for driving value in turbulent economic times. Gartner recently released its Magic Quadrant for the process mining market. IDC also noted that process mining will drive more business value engineering. Not surprisingly, CFOs have been betting on process mining and automation technologies.
Among the other key findings from HFS Research:
71% said the complexity of inter-related business processes was a challenge.
70% said deficiency in data quality was a challenge as was an inability to invest in foundational data readiness.
71% said a lack of in-house talent focused on process intelligence was a challenge.