Process Mining for Finance
Operational Efficiency Practice at FineDigit
Process mining, just a trendy topic or an inescapable approach to make properly evolving business processes in the financial ?
Process mining is above all a science-based methodology to analyze processes. You just need to extract data from your business process management tool(s).
Such data must include, at least, values to identify an activity/task corresponding to a node in your business workflows as well as its timestamp and any information relating to the operator in charge. However, such extracted data must be enriched with all the necessary characteristics and attributes of business occurrences being operated to optimize the upcoming exploration.
The eventual goal is to have one single solution for the sake of process analysis and monitoring.
Many industries (i.e. aeronautic, telecom, energy, health sector, …) have already brought process mining with intensity for years to better control production and/or supply chain.
Financing industry, more than ever, is deeply scrutinizing its business processes in terms of performance and conformity to find the next savings, but not only. Standardization of products and services is de facto pushing for the adoption of benchmark models for post-trade activities. Such models must be implemented, maintained and monitored: it is a necessity to step up effort to go along the road to full industrialism.
Then, positioning sensors at the right place make easy the detection of any structural breaks along the chain causing latency, residual manual handlings impacting your STP rates, inefficient repetitions generating huge rework.
In terms of operational risks mitigation, such a solution is the ideal partner to model your KRIs and monitor them, sum weak signals to raise any structural risky patterns and fraud attempts, highlight wrong behaviors and atypical sequences.
Process mining for finance will be a crucial tool for transforming chain of values and eventually the basic brick for steering it.
At last, but not least, process mining can give the second breath to your current RPA projects by helping to discover the coming next enhancements based on quantifiable facts and to measure afterwards the concrete added-value of each single robot along the chain.
Selecting the good process mining solution is very key. Knowing what you are going to do with is even better for both transforming and monitoring your business processes in the financial.