Although we hit 2021, the pandemic effects are still there. Businesses are struggling to provide the better customer experiences and to reduce the cost. Statista revealed that a business intelligence app is estimated to generate $23.258.94 million in revenue in 2021. It will even climb more in 2025.
Today, the way data is collected is faster than ever. Have you ever thought about what companies are doing with that? Well, recording data is the best way to analyze the market and customer purchasing behavior.
Don’t blink an eye; you will miss the chance!
In this era, where there is competition worldwide, it is challenging for organizations to do everything all at once. To survive in the global market, businesses need to be more transparent and competitive. You might wonder that how can an organization win the market? Technology is the only answer. In this writing piece, we will talk about the wonderful combination of business intelligence and data mining. Besides this, we will discover how it can help you in making more effective decisions.
Let us first clear the basic concept of both business intelligence and process mining.
Business Intelligence: It supports the decision-maker of any organization in making strategic decisions. It analyzes the internal data of a company and assists you in interpreting it. Basically, data is visually transformed into a graph and chart to translate the data. With the figures, organizations get an idea of what is going on and areas that need improvement. Moreover, it forecasts future trends and overall business operations.
Process Mining: It is the process that enables business intelligence to convert complex and unstructured data into an insightful conclusion. It provides a cleaner version of the massive data to the organizations. It is even used by e-commerce companies and even the political sector to deliver a large audience’s key message.
What is the Difference Between Business Intelligence and Process Mining?
Both business intelligence and process mining have a common goal to assist organizations in making better decisions. The good news is that making a decision based on evidence is not difficult today. There is only a single difference between business intelligence and data mining. For instance, business intelligence informs you that there is something wrong, but process mining tells you why it is wrong. Process mining is the winner in terms of giving the expert interpretation.
Different businesses require different business suggestions. You cannot consider BI and process mining as the same. Understanding each term is necessary to get the digital transformation and competitive advantage within the organization.
Benefits of Data Mining in the Business Operations
Process mining or data mining generates the suggestion based on facts and figures. It is not something that gives recommendations based on personal opinions. Data mining is the most valuable asset for any business when it comes to Robotic Process Automation (RPA).
Help Businesses in Forecasting Future Outcomes
Business intelligence and data mining may be different, but these can wonderfully contribute to making your business succeed. It is considered the crucial component of business intelligence that standardized, utilized, and structured the data. It does not only help you structure the data, but it also allows you to use the data in a better way. It gives you accurate predictions and guessing the future outcomes.
How Process Mining Enhance the Customer Experience?
By using past data, process mining predicts future outcomes. Not only this, but it also suggests the most effective actions to improve the customer experience. You can get exact data to streamline your business process and to make better decisions. Besides this, it helps you design such a method that provides the best services to your customers. Companies can enjoy the leverages, and at the same time, customers also get a fast experience.
Monitor Transactions to Prevent the Problems Before
It sends the alerts to the management before the issues occur. In this way, employees can work on the problems before it gets worst. Business intelligence solutions providers are providing end-to-end services today.
How a Process Mining Support Digital Transformation?
It is important to remember that if you don’t know your business process and the future outcomes, it will cause problems. It will help organizations to develop a sustained digital transformation. Based on the thorough research, it predicts better results.
Transparency-The Greatest Benefits of Process Mining
To be cost-effective, a business must be efficient. On the other hand, speed and convenience for the customer are also critical. If you failed to handle customer service, you would give your customers to your competitors. Remember that one good customer may recommend your business to one or two. But a customer with a bad experience can tell more than ten, which can lead your business to significant damage. But don’t worry, with the process of mining, you get the area of improvements before the disaster happened. It will ultimately increase brand loyalty and retain customers.
How Data Mining Convert the Raw Data into Business Insight?
There are several stages of transforming the data through process mining.
- In the first step, data mining extracts the massive data, transforms it into the standardized form, and then loads it into the warehouse.
- In the second step, businesses manage the data through several database systems.
- Once the data stored in the data warehouse, business analysts and data scientists get access to organized it.
- Based on customer queries, the data is analyzing and sorted.
- In the last stage, the end-user gets under the stable form of data, including reports or graphs.
How Can Your Business Become Data-Driven with Business Intelligence?
Business intelligence is here to grow your organization on a large scale. How? By providing you a user-friendly experience. Business expansion means having a more knowledgeable database. Right?
So along with all the technological advancements, it’s necessary to educate the staff. We cannot just expect everybody to be data-driven. There is always a necessity for guidance and education to teach someone. As we cannot expect anybody to fly a plane, we cannot expect to use the BI and process Mining. Unless or until you provide them a proper education. It is also necessary to tell your workers your firm’s goals and how you can achieve them. Once they get a clear understanding of the business’s objectives, they will ultimately know the importance of BI and process mining. It is easy to do something when you have knowledge in your hand.
Business Intelligence and Process Mining- Hot Topic in the Market!
Business intelligence e and process mining are not new players. Combining these both guide you on what you should do and what not to automate in your business. Companies are using this today to become more responsive toward the customer’s needs. But remember one more thing, technology alone cannot do anything. Technology needs to be combined with the tech experts to get the maximum Rate on Investment (ROI). With so many other valuable partners, Cubix is one of those. Process Mining is here to stay; let’s wait for what is coming next!
