Process mining technology extracts data from your systems to give you comprehensive, real-time visibility into how your processes actually run. With accurate and comprehensive visibility inefficiencies are quickly identified so that process improvement plans can be implemented, based on real data without needing to rely on gut feel or guesses, so that project outcomes are more predictable and measurable.
A Peercast discussion in Peeriosity’s Accounts Payable (P2P) research area featured a global company with $20B in annual revenue discussing their approach to implementing the Celonis process mining tool to better understand how they can improve the end-to-end P2P process. The project launched in Q3 2021 with a proof of value kickoff, discovery workshops, the definition of KPIs and project scope, and the build and configuration of the data module. In Q4 2021 focused on the go-live and data validations, and in Q1 2022 they hired 3rd party consultants to provide structured assistance, and in Q2 2022 they focused on the identification of opportunities with additional effort to validate and prioritize.
Using the Celonis process mining tools, 71 opportunities were identified with 10 specific recommendations to drive process improvement, efficiencies, and cost savings. Quick wins included up to a 25% reduction in invoice holds, and up to a 10-day reduction in invoice cycle times.
For details, Peeriosity members are encouraged to sign into the members’ area to view the complete presentation and listen to the recorded Peercast.
Polling Results Review
The results from live poll taken during the Peercast explore the experience of Peeriosity members with process mining tools. The first question looked at the use of process mining tools for Accounts Payable. The results were impressive with 43% currently using Celonis, 5% planning to implement soon, and another 43% investigating process mining tools. Only 9% are not using process mining tools, with no plans to investigate.
The second question looked at possible inhibitors to using process mining tools for Accounts Payable. 32% reported they were using the tools with no inhibitors, 38% cited cost as the greatest inhibitor, 12% selected implementation/knowledge capability, 6% selected availability of resources, and 6% selected the lack of high-level management support as the greatest inhibitor.
Having a clear view of work activities and process flows within and between multiple systems is a powerful method for identifying improvement opportunities. While there are several tools available, for Peeriosity members Celonis is one solution that is getting attention with early experiences with their solutions showing promising results.
What is the status of your company in utilizing process mining tools for Accounts Payable? Have you evaluated this opportunity, or do you have plans to do so in the near future?
Who are your peers and how are you collaborating with them?
“Peercasts” are private, professionally facilitated webcasts that feature leading member company experiences on specific topics as a catalyst for broader discussion. Access is available exclusively to Peeriosity member company employees, with consultants or vendors prohibited from attending or accessing discussion content. Members can see who is registered to attend in advance, with discussion recordings, supporting polls, and presentation materials online and available whenever convenient for the member. Using Peeriosity’s integrated email system, Peer Mail, attendees can easily communicate at any time with other attending peers by selecting them from the list of registered attendees.
“Polling” is available exclusively to Peeriosity member company employees, with consultants or vendors prohibited from participating or accessing content. Members have full visibility of all respondents and their comments. Using Peeriosity’s integrated email system, Peer Mail, members can easily communicate at any time with others who participated in iPolling.
Peeriosity members are invited to log into www.peeriosity.com to join the discussion and connect with Peers. Membership is for practitioners only, with no consultants or vendors permitted. To learn more about Peeriosity, click here.