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What Is Process Mining and Why Does It Matter To Your Organization?

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With rapid changes in our current business landscape, modern businesses are constantly looking for new ways to optimize and improve various business processes. One of the most effective and efficient ways to improve existing business processes is through process mining.

Process mining refers to a subsect of business process management that involves capturing, analyzing and leveraging data from day-to-day business activities to develop detailed event logs. These event logs are then further analyzed to obtain valuable insights into the current performance of various business processes. Process mining can help businesses identify inefficiencies in day-to-day business processes and develop comprehensive and holistic strategies to address them.

A recent study conducted by IBM has found that process mining can increase process automation rates by 75% and process conformance rates by 67%. Therefore, your business must understand what process mining is and how it can transform your current business process management strategies.

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How To Improve KYC Compliance With Low-Code

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KYC is defined as a ‘Know Your Customer’ or ‘Know Your Client’ process that involves verifying a user’s identity as well as the suitability and potential risks involved with maintaining a business relationship. KYC procedures are especially crucial for financial institutions to understand the nature of a customer’s activity, verify their identity, confirm the legitimacy of a customer’s financial history before providing loans and evaluate potential risks.

It is an essential tool for helping to protect organizations across numerous industries from fraud and other illegal activity. As business processes become more and more complex, modern organizations across all industries such as insurance, banking, retail and much more must closely monitor KYC compliance. However, KYC compliance can often be extremely time-consuming if performed using manual processes.

Low-code is a visual approach to software development that requires almost no traditional coding to create powerful enterprise applications and business processes. These platforms enable citizen developers with little to no traditional coding experience to leverage the power of low-code automation to eliminate various time-consuming, impractical aspects of KYC compliance. Recent studies have shown that 26% of executives believe that low-code platforms are the most critical investment in automation.

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How Do You Manage Tasks?

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Building and managing a business empire is extremely challenging. Lack of direction and ineffective allocation of tasks can threaten an enterprise’s status. 75% of the companies fail within the first 18 months of establishment. All it takes is one oversight, one clerical error, or one operational mistake to jeopardise a project. This is why, in the time-specific corporate world, task management is a crucial practice.

Task-management is a process used by managers to start, execute and complete a task through its lifecycle successfully. It helps teams identify the tasks that need to be done, set deadlines for their completion, and assign them to the various departments and team members. Tasks concerning sales, resource-allocation and operations require extreme scrutiny, detailed descriptions and in most cases, an automated workflow to support managers. Read more

CRM – What Does It Mean?

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Would you believe that the next few minutes you spend reading about ‘What is CRM’, will make your business more efficient and profitable soon?

Curious, aren’t you?

We understand, operating a business poses its own challenges that are to be addressed with utmost caution and prudence. From the software you use to manage your operations, to the amount you spend on talent acquisition, you face hundreds of decisions every day. More often than not, these decisions have a direct influence on your employees and majorly, on your customers. No wonder, the latter is one of the most critical aspects of your business.

But here’s CRM – Customer Relationship Management software – to take the load off your shoulders. How? Let’s take a deep dive: Read more

How Digital Transformation is Rewriting Business Models

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Digital Transformation rewrites business models by making them more flexible and responsive to organisations’ evolving customer, supplier and partner landscapes. A digital transformation strategy assembles and co-ordinates the critical components of your business, enabling process and workforce agility in the face of constant market change.

Not so long ago, the world of business software was dominated by Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM). Questions such as “What is a BPMN engine?” entered the equation, naturally, but inevitably in the context of the two powerhouse domains. Long-term business logic was embedded at the heart of day-to-day operations to maximise the efficiency of repeatable tasks. Read more

Is an Open-Source Low-Code Platform Really Right for You?

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Some users and even software vendors seem to think that open-source and low-code platforms compete with one another. I’ll be honest, the title of this article even came from one such vendor. And, it is a crazy line of thought, in the same way as the Mattermost vs Slack argument in the field of open-source chat. It’s futile without putting the respective feature sets front and center. Whether an open-source low-code platform is the best choice for your organisation or not is dependent on the feature set and quality of the product – not that the software code is available in the public domain or not.

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