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To get the most out of any technology investment, you have to be sure you're using it in the right way. Just as you wouldn't remove a lid from a jar with a spatula, you shouldn’t use robotic process automation (RPA) for a purpose it isn't well suited to. The same is true for process mining and RPA. To maximize the benefits of both, you first need to understand what these two technologies do best.

Financial services institutions are playing the long game in working toward digital transformation. Considering the rapid rate of change and innovation over just the last 10 years, leading financial organizations are realizing that digital transformation isn’t a destination. It’s a journey. While there isn’t one right way to approach digital transformation, some strategies are less effective than others.

Manufacturing companies face complex challenges in a competitive landscape. To meet these enormous challenges, manufacturers have long invested in continuous improvement methodologies like lean manufacturing. Also, increasing numbers of manufacturers are adapting and investing in Industry 4.0 technologies to tame the complexity by increasing automation, adopting smart machines, and enhancing smart factories.

Banks and financial institutions are highly regulated, where any noncompliance with strict rules and regulations can lead to heavy fines. Add to that skyrocketing customer expectations and it’s easy to see why finance is so competitive. Success in this environment requires accountability, coupled with process efficiency and the ability to optimize for continuous improvement. How do you get there? Process mining in finance is quickly becoming integral to success.