Celonis, a provider of so-called process mining services and platforms, is doing very well. So well, in fact, that it expects process mining, particularly in combination with low-code, to become more important to companies than RPA. This is what Celonis CEO Alexander Rinke says in conversation with the American tech website Venturebeat.
Process mining is a technology that helps companies identify processes for automation. This invertarisation process often takes place before the RPA process in which all processes and workflows are actually automated.
The advantage of process mining is that it gives companies a better overview of all business processes. This gives them the opportunity to understand and optimise them better before they digitise and automate all processes, for example via RPA.
Savings with process mining
In the interview, CEO Alexander Rinke says that process mining allows companies to create a kind of ‘map’ of all their business processes and thus find the proverbial ‘pot of gold’ that lies hidden in all these processes. This in turn leads to interesting savings.
In practice, the process mining engine is placed in the core of the business ERP and CRM applications, such as SAP, Oracle or Salesforce. These applications can then be ‘fine-tuned’ for analytics in such a way that the required business information emerges over time. For example, why profits are not being made on certain orders. The business specialists can use this information to make improvements, whether or not by automating the processes.
Meanwhile, major providers of RPA platforms and tools, such as UiPath, Automation Anywhere, and Blue Prism, are already showing considerable interest in process mining. Celonis is the market leader in the latter field, with a market share of 60 percent.
The Celonis CEO sees even more opportunities for the future and indicates that process mining will soon surpass RPA. Especially the combination of low-code and process mining should contribute to this. According to Alexander Rinke, this combined technology offers possibilities to become the gateway for AI and automation. According to him, the combined technology works much more efficiently than traditional RPA methods because there is less overhead for the user interface. According to the CEO, process mining can also be used to combine and otherwise streamline processes without automation.
Large investments in low-code and process mining
Rinke is now investing heavily in the combination of process mining and low code, with the takeover of the low-code platform Integromat. This platform’s technology is now being combined with that of Celonis to build a so-called Execution Management System for the automatic discovery, prioritisation, and implementation of business automation.
In addition, CEO Alexander Rinke is challenging companies with up to 2 billion dollars in revenue to save 10 million dollars annually using Celonis process mining solutions. If they don’t succeed, Celonis will donate 100,000 dollars to a charity of the company’s choice. Already 80 companies are said to be interested.