These process details can make or break every transformational effort. McKinsey & Company research found that “just 14 percent say their efforts have made and sustained performance improvements.” That means 86 percent fail to reach sustainable performance goals, frequently because “companies often miss all sorts of procedural elements that make a transformation thrive.” The result for your organization is wasted time, effort, and money. According to Harvard Business Review, of the $1.3 trillion spent on digital transformation in 2018, an estimated $900 billion was wasted because initiatives didn’t achieve their expected goals.
But, even when enterprises attempt to understand their internal processes, whether for business process automation, digital transformation, or enterprise optimization, they struggle with the lack of speed, accuracy, and coverage of traditional techniques. Legacy process mapping, process mining, and process discovery techniques are slow, expensive, and highly manual. To overcome those limitations, many organizations simply rely on estimations or small sample sizes, which results in less accuracy and less coverage.