Process mining leaders are evolving the technology rapidly with additions such as predictive and prescriptive analytics as well as simulation analysis, according to Everest Group's latest PEAK Matrix Assessment 2022.
In Everest Group's PEAK Matrix Assessment, the research firm rated Celonis a leader across multiple product categories, industries and company sizes. The report also provided an overview of functionality among the competitors.
Process mining providers are starting to offer artificial intelligence and machine learning predictive analytics. These analytics engines are also becoming more prescriptive and recommending next-best-actions for optimizing business processes.
Simulation analysis is also being added to platforms to examine the impact on potential cost and time savings. These tools equate to early steps to creating process digital twins, which would enable companies to run scenarios and see how they'd impact process flows as well as outcomes.
Speaking on a webinar examining the business value of process mining, Everest Group Vice President Amardeep Modi said that simulation is a capability that has garnered "very high interest in the market." Vendors are also looking to add more simulation tools, he added.
"Process simulation as a capability has very high interest, but if you look at adoption and maturity it's still limited," said Modi. Many enterprises are early in their process excellence journey, but features like pre-built connectors, near real-time data streaming, customer journey maps, conformance checking, and continuous monitoring are providing business value.
Modi was also upbeat about process mining as a way to identify automation opportunities and triggering actions.Rising Technical Star