Merging Next Generation Process Mining with Proven Business Process Management: iGrafx acquires Logpickr
The iGrafx Business Transformation Platform gains patent-pending process mining capabilities, targeting faster value for digital transformation and regulatory compliance initiatives.
The iGrafx Business Transformation Platform enables organizations to connect strategy to execution while mitigating risk, ensuring compliance and providing a framework for governance and continuous business improvement. It is with that ideal of continuous improvement in mind that iGrafx announces the acquisition of the process mining specialist Logpickr, based in Rennes, France.
Logpickr is best known for developing the patent-pending Process Explorer 360 solution for next generation process mining. With this acquisition, iGrafx now delivers a comprehensive approach to process improvement, ensuring organizations focused on operational excellence, regulatory compliance, or digital transformation initiatives can improve process – and their bottom line.
Why Process Mining?
With process mining, organizations can uncover their process reality versus process assumption, extracting information from sources like event logs to gain a detailed understanding of which steps are undertaken to complete a business process.
According to Fortune Business Insights, the global process mining software market is growing at a CAGR of 49.3%. It is projected to surge from $627 million to $10 billion by 2028. While Gartner predicts the process mining market will surpass $1 billion in 2022 alone.
This growth is driven by process mining software vendors implementing artificial intelligence functionality along with mining capabilities, providing organizations with real-time analysis and more opportunities to enhance business operation capabilities. According to Accenture, 88 percent of companies that implemented machine learning in business process witnessed 8x improvement.
However, analyst Alan Pelz-Sharpe notes that while the business analysis phase of any IT project is the most critical, it is also the one typically given the fewest resources.
The Logpickr Advantage
The process mining capabilities of the Logpickr solutions are truly next generation with patent-pending technology that enables the tool to more easily understand complex processes and simplify analysis through the investigation of concurrent cases.
Traditional mining solutions work for simple, linear processes but fall short when it comes to the combination of concurrent events and multi-system events. This is problematic because it requires an organization to have greater technical skills to understand what has been mined, and potentially causes organizations to waste time analyzing false variants.
Because Logpickr can analyze concurrent tasks, Process Explorer 360 reduces the number of variants by up 80 percent. The solution also leverages predictive artificial intelligence capabilities to warn users about possible process issues.
Leverage patent-pending process mining technology combined with machine learning and artificial intelligence in an easy-to-use, highly functional interface.
More Complete Business Process Management
Comprehensive business process management begins with the deep discovery of existing systems, with all interactions mapped back to the intended design. Using the right solutions, teams can better understand the original process plan, gather data on what actually occurs, and seek areas for improvement and optimization.
With Process Explorer 360 and the iGrafx Business Transformation Platform, organizations can achieve:
- True 360-degree process management: Add Process Mining, to connect the “as-intended” view of the process and the “as-executed” view of the process to ensure correct conformance analysis, and identify opportunities for improvement.
- Greater operational intelligence: Combine the power of BPM and process mining to gain live insights and actionable information in context for customer-centric differentiation.
- Reduced time to value: Make smart decisions faster while gaining a competitive advantage with wider process analysis now at your fingertips.
Use cases include improving business processes, auditing and compliance, analysis and validation, and process automation.
A Process to Improve Performance
By utilizing the iGrafx award-winning Business Transformation Platform and Process Explorer 360, business analysts can ensure data and key performance indicators (KPIs) are aligned and tied into an operational view in the repository. This ensures greater operational intelligence and a true 360-degree view of the process.
Process Explorer 360 Delivers the Following Advantages for Process Mining:
- With concurrent event analysis, the potential for false variants is eliminated and ensures users focus on actual variants for faster insights.
- The solution reduces the need for analyst resources and comes complete with a connector module to over 100 popular systems with integrations done via simple low-code definitions.
- The solution can process large amounts of data in real-time at massive scale. This ensures companies with large datasets or high transaction volumes now can get the insights they need to make the right decisions for process improvement.
With iGrafx and Logpickr Process Explorer 360, businesses gain a more holistic approach to process improvement.
For more information about process mining or other iGrafx BPM solutions, please contact us today.