ย 

MINE Your Finance Processes

Updated: Apr 13


Part 1: Process Mining

How does your organisation perform fundamental operational finance processes such as Procure-to-Pay, Order-to-Cash etc.? Do you want to uncover insights on organisational goals such as cost, efficiency, working capital metrics? Are you able to accurately and consistently know how these processes are run, and obtaining the best information on the best optimisation action?


In part 1 of this post, we look into how ๐๐ซ๐จ๐œ๐ž๐ฌ๐ฌ ๐Œ๐ข๐ง๐ข๐ง๐  ๐“๐ž๐œ๐ก๐ง๐จ๐ฅ๐จ๐ ๐ฒ aims to help finance departments tackle some of the biggest pain points by identifying and removing operational friction. It provides visibility into how your operational processes look like, not what people guess they look like or what the standard operating procedure documents states.


Here are some of the goals and challenges faced by most Finance departments, which can be managed with process mining:


๐†๐จ๐š๐ฅ: Optimising Working Capital

๐‚๐ก๐š๐ฅ๐ฅ๐ž๐ง๐ ๐ž๐ฌ:

โ–ช๏ธŽ Paying too early

โ–ช๏ธŽ Getting paid too late

โ–ช๏ธŽ Optimising payment terms


๐†๐จ๐š๐ฅ: Increasing productivity

๐‚๐ก๐š๐ฅ๐ฅ๐ž๐ง๐ ๐ž๐ฌ:

โ–ช๏ธŽ Manual changes

โ–ช๏ธŽ Invoice & order rework

โ–ช๏ธŽ Low automation rates


๐†๐จ๐š๐ฅ: Managing Risk & Compliance

๐‚๐ก๐š๐ฅ๐ฅ๐ž๐ง๐ ๐ž๐ฌ:

โ–ช๏ธŽ Maverick buying

โ–ช๏ธŽ Segregation of duties violations

โ–ช๏ธŽ Limited visibility & growing complexity





ย 


Part 2: Task Mining


๐“๐ก๐ž ๐€๐ฅ๐ฅ๐ข๐š๐ง๐œ๐ž ๐›๐ž๐ญ๐ฐ๐ž๐ž๐ง ๐“๐š๐ฌ๐ค ๐Œ๐ข๐ง๐ข๐ง๐  & ๐๐ซ๐จ๐œ๐ž๐ฌ๐ฌ ๐Œ๐ข๐ง๐ข๐ง๐  โ€“ ๐‚๐จ๐ฆ๐ฉ๐ฅ๐ž๐ฆ๐ž๐ง๐ญ๐š๐ซ๐ฒ ๐“๐ž๐œ๐ก๐ง๐จ๐ฅ๐จ๐ ๐ข๐ž๐ฌ


While Process Mining is a powerful tool for gaining insight into enterprise level processes, Task Mining operates at a desktop level to discover and analyse the tasks that users perform in between taking part in enterprise level processes. This is achieved via the installation of a local agent on each desktop which records user interactions (keystrokes, mouse clicks, etc) and combines this with context recognition to understand how tasks are executed and the variations that exist across teams.


Process Mining focuses on the end-to-end process to identify steps where a company is losing time and resources, Task Mining focuses on those particular steps (eg. filling in the PO, checking the amounts are correct, matching receipts to invoices etc), and reconstructs how work is really getting done by connecting employee interaction data with your application portfolio, so you understand the root causes of those inefficiencies.


๐“๐ก๐ข๐ฌ ๐œ๐จ๐ฆ๐ฉ๐ซ๐ž๐ก๐ž๐ง๐ฌ๐ข๐ฏ๐ž ๐ฏ๐ข๐ž๐ฐ ๐š๐ฅ๐ฅ๐จ๐ฐ๐ฌ ๐ญ๐จ:


โ—‰ Have a factual end-to-end view of what is done in the field in order to base decisions on actual operations: The discovery and analysis phases of what is done in the field allows for a better understanding of the performance of the execution in the company


โ—‰ Measure the efficiency of the flows and the productivity of the operators in the company. This allows for better allocation of the resources and the ability to identify the possible gaps of these two components


โ—‰ Objectively identify the various possible areas of optimization and therefore conduct Robotic Process Automation (RPA) or automation projects with an immediate and measurable ROI




ย