Custom Vendor Landscape
Process Mining Software
Prepared for: [Client Name Redacted]
An Important Note
Understanding a Custom Vendor Landscape
- Info-Tech’s Custom Vendor Landscapes are custom deliverables that are built with a heavy emphasis on the use cases and selection criteria of the requesting client. They are intended to provide an external point-of-view on a smaller or niche software marketspace. They are built over the course of one week based on secondary research by one of our Software Selection Services analysts.
- These deliverables may be sanitized and published for convenient access by our other members; it is important to understand that they are not intended to be general market analysis reports like our SoftwareReviews Data Quadrants or Software Selection Guides.
- The report is bespoke to the client that requested it and is not intended to be an omnibus view of the entire marketspace (these deliverables are limited to ten vendors, and the vendor shortlist is often dictated in full or in part by the requestor).
- Please ensure that you are conducting your own due diligence on vendors within the space; the sanitized version of this report may be a helpful starting point for initial vendor shortlisting; the limitations of its scope and the highly custom nature of the vendor list and analysis contained within does not make it synonymous with the analysis in our omnibus market analysis research (SoftwareReviews Data Quadrants and Software Selection Guides).
Understanding the Selection Initiative
Objective
[Redacted] is looking for best-of-breed process mining software to manage business processes from discovery and monitoring to simulations.
Currently, there is no software in place for process mining capabilities. The new vendor must have an intuitive platform, high levels of customization and easy integration with current systems.
The goal of this research is to assist [Redacted] to select the best-suited vendor going forward, enabling a strong view into its operations and improving overall efficiency.
Vendor Selection Criteria
- Breadth and depth of capabilities for Process Mining Software
In evaluating the marketspace for Process Mining Software, Info-Tech’s analysts looked at the following vendor attributes:
- Vendor footprint (vendor market presence, vendor share of mind, vendor stability and long-term viability)
- Focus on vertical-specific capabilities
- Customization potential and ease-of-use
- Affordability transparency
Selection Rigor Matters.
Enterprise software is a key driver of digital transformation - having a strong approach to vendor selection is essential. Info-Tech’s research shows that 70% of application selections fail because of poorly defined requirements and inadequate vendor validation.
Defining the Market
Market Definition
- Process Mining Software is an essential tool in providing an end-to-end analysis and understanding of business processes. Leading solutions can mine high volumes of data from business processes efficiently and intuitively.
- Typical features of software in this space include process discovery and monitoring, reporting, simulations, suggestions, platform integrations, customization and automation.
- The primary drivers for these software are providing organizations with a clear, real-time view of processes, minimizing errors or excesses, and ensuring overall smooth business operations with continuous improvements with RPA.
- The chosen software must focus on providing a multi-functional, customizable and easy to use experience for an established and growing organization.
Key Trends in Process Mining Software
Top technologies for Process Mining platforms in 2024:
Source: AI Multiple Research
- Object-Centric Process Mining
- Hybrid Intelligence
- Digital Twins
- Predictive Analytics
The Process Mining software market is expected to grow rapidly. (2023-2028)
Source: Markets & Markets
45.6% CAGR
80% of surveyed organizations are motivated to integrate a Process Mining tool.
Source: MPMX
Top Level Features for Process Mining Software
Feature Name |
Description |
| Process Discovery | The solution must provide process discovery, downloadable diagrams with direct drill through document list, KPI dashboards, providing a clear view of interconnected objects, systems and flows. |
| Monitoring | The system must be able to monitor all processes in real-time, identify and alert when deviations occur, ensure constant compliance. |
| Optimization | The platform should be able to simulate business processes, with the help of diagrams, digital twins, etc. With this, it should enable prioritization and overall process improvement. |
| Analytics | The software must provide strong analytics and reporting capabilities, KPIs for different data ranges, and outputs displayed in volumes and in EUR. |
| Customization | The platform must support frequent customizations to support complex business functions. Examples include customizable KPIs and combining FI, MM invoices into a single source of truth. |
| Integrations | Must have built-in interface with Salesforce, ServiceNow, etc. and integrate with existing SAP products, along with other major business software. |
| Intuitive Platform | The platform must be easy to use, with clear dashboards and reports, easy communication and role-based management. Users with no technical knowledge should be comfortable. |
| Data Hosting | The platform must be SaaS, with data being hosted in the EU and have GDPR compliance. |
Key Players
Info-Tech identified 8 platforms applicable to the use case. The platforms are listed in alphabetical order.
