Optimizing Days Sales Outstanding (DSO) and Days Payable Outstanding (DPO) is crucial for any procurement process as it directly impacts the cash flow of a company. DSO refers to the average number of days it takes for a company to collect payments from customers, while DPO refers to the average number of days that a company takes to pay its suppliers. By reducing DSO and increasing DPO, businesses can achieve better working capital management and improved financial stability. One way to streamline these processes and optimize DSO and DPO is through Process Mining. Process Mining is an analyt ..read more

Are you tired of constantly playing catch-up when it comes to procurement cost savings? It's time to turn the tables and stay ahead of the game with real-time execution intelligence. In this blog post, we delve into the powerful impact that real-time data can have on your procurement strategies, allowing you to make informed decisions and drive significant cost savings. Say goodbye to missed opportunities and hello to a more efficient and effective procurement process. Don't let your competitors get ahead – read on to discover how real-time execution intelligence can transform your approach an ..read more

A telco giant was suffering from its cumbersome P2P process. Typical procurement included from office supplies to complex procurement negotiations like data access and the P2P cycle touches multiple departments and systems. The nature of such a complex and department- jumping process makes P2P process a good fit for process mining. Applying purchase to pay process mining showed the potential to save $3M in annual savings. Root Causes & Solutions Increase Productivity It was found that orders with price change need longer time to complete the P2P process. On price the PO is rejected and a ..read more

A global semiconductor manufacturer had problems with his account receivables process involving multiple customers from different locations. Process mining was employed to identify the root causes. Improvements in working capital, revenue optimization and productivity maximization were the key improvements found which incurred huge savings. Root Causes & Solutions Increase Working Capital Days Sales Outstanding (DSO) was high. 30% of the payments were delayed. Automating the task of tracking late payments and ensuring the payments happen on time will free up the working capital needed ..read more

Web 3.0 is a world wide web on a block chain which incorporates concepts like trust less networks, decentralized web infrastructure and token based economics. This technology offers a way to execute processes in a trustworthy manner over a computer network without any mutual trust between nodes. In our modern globalized world business process of an enterprises are not limited within the organization. Multi-party or inter-organizational business processes is the new normal for a modern enterprise. At some instant it is difficult to trust the process part belonging to other organization in big ..read more

Are you looking for ways to increase cost savings in the procurement process? If so, this article is for you! We'll explore the concept of process mining and how it can help you unlock significant cost savings in your procurement procedures. From greater visibility into what’s happening within your organization to improved compliance and reduced risk, find out how process mining can be used as an effective tool to help you save money and streamline operations in your procurement department. Introduction In many organizations, procurement is often seen as a necessary evil. It's a department tha ..read more

Process mining generates multiple data sets which need analysis to determine the root cause of the process deviations. Deep reasoning could be a way to automate this process of identifying the root cause analysis. There could be multiple factors resulting in a process deviation. The reason why and when this factors come up could be conditional, behavioral or situational etc. The idea of deep reasoning is to predict these events which may occur in the future by applying AI\ ML techniques. Deep Reasoning builds up its own knowledge graph based an AI\ Machine learning based technique used to lea ..read more

The chemical industry is undergoing a revolution thanks to process mining. From discovering inefficiencies in the production process to uncovering new opportunities, process mining is transforming the way chemicals are made. In this article, we'll take an in-depth look at how process mining can revolutionize the chemical industry and improve its operations. What is Process Mining? Process mining is a branch of data mining that deals with the discovery and analysis of business processes based on event logs. Event logs are a type of data that record all activities that have been carried out in a ..read more

An giant Asian retailer wanted to analyse its account payable process to keep good relation with its vendors, ensure proper working capital usage and reduction in avoidable spends. To identify the issues he employed process mining tools to uncover hidden savings potential. Root Causes & Solutions Increase Productivity Touch-less invoice process covers a small percentage of overall cases. Analytics show 150K invoices needed quantity changes. The reason was incorrect invoice ingestion. Automating invoices ingestion and checking for inaccuracies in ingestion and correct it immediately befor ..read more

Inflation is grasping the entire world and businesses all over the world are feeling the effect of it. Cost of raw materials, energy, logistics across all industries are constantly raising. Businesses are becoming very cautious on what they are spending on. CFOs and CIOs want to identify and avoid all the wastage and are eager than ever to make their execution as lean as possible. However, the challenge here is to identify the data points in their execution, which can be optimized for costs. To do this we need to look into their current execution process. They need a transparent view of their ..read more