myInvenio: Process Mining and Digital Twin of an Organization (DTO) for Continuous Process Improvement

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Organizations run many processes to carry out their operations. In the best case scenario, organizations’ management has a general idea of how their processes should work and have developed reference models to prescribe and monitor processes’ behavior. Business Process Management (BPM) solutions’ help to better understand the purpose of these processes from a top-down approach, starting from designing the model of the process.

The issue with dealing with processes with a top-down approach, however, is that it is very easy to miss the complexity of a process and to fail to understand how a process actually runs in the real world the “As-Is process.” As CEO of myInvenio— formerly Cognitive Technology, with offices in Boston (USA) and Reggio Emilia (Italy), recognized as Cool Vendor in Analytics by Gartner (2016)—Massimiliano Delsante knows well how Process Mining solves these issues applying a data-driven ‘holistic’ and bottom-up approach to process discovery.

Leveraging six years of R&D in collaboration with prestigious academic institutions, myInvenio provides decision makers with a holistic and comprehensive solution to analyze processes, govern process automation, and provide guidance for enhancement initiatives.

“With myInvenio, we are assisting firms in streamlining their end-to-end processes’ operations consisting of both automated and manual tasks and drastically changing the approach toward analysis, monitoring, and improvement of business operations,” states Delsante.

Starting from event logs data that is already available from organization’s information systems ERP, CRM, myInvenio is able to discover and monitor a process ‘As-Is’ by using its proprietary Process Mining algorithms. While myInvenio is not the only Process Mining vendor on the market, Delsante attributes myInvenio’s success in winning the trust of leading organizations against other vendors to myInvenio’ superior design and advanced simulation capabilities. The former provides decision makers with a simple yet comprehensive view that can be readily drilled down to any level of detail analysis of the actual process. The latter allows to simulate the impact and the return on investment (ROI) of process enhancement initiatives such as RPA, before their actual implementation, with accurate predictions made by leveraging real data.
“Major industry analysts have recognized the digital twin of an organization as one of the biggest trends of 2019, and myInvenio employs it by combining it with a distinctive design and set of algorithms,” says Delsante.

A client success story where one of the largest Italian banks has partnered with myInvenio to automate its bank account closure procedure can better illustrate myInvenio’s capabilities. The client was facing difficulties in acting on account holders’ requests to terminate their accounts within 12 days as prescribed by European regulations. To meet regulatory compliance and improve process efficiency, the bank relied on myInvenio to automatically identify the most critical activities related to the end-to-end bank account closure process in terms of cost, performance, and inefficiency. myInvenio helped its client to quickly and objectively identify the best activities to target with automation initiatives and enabled the bank to implement robotic process automation and meet its goal. The risk of introducing change, with unknown impact and ROI, into the process was strongly mitigated thanks to myInvenio’s advanced simulation capabilities, which enabled the customer to simulate the next year of operations related to the bank account closure process and compare the performance of the original process with the new one.

“We evaluated the ROI of the digital transformation before starting any improvement initiative such as RPA implementation, which is an important advantage that myInvenio brings to the table,” explains Delsante. Owing to many such collaborations and its ability to deal with clients’ challenges efficiently, Cognitive Technology— now myInvenio—has been identified as a representative vendor in the Gartner “Market Guide for Process Mining” report, April 2018.

Despite being a relatively young company, myInvenio has already established an international presence, with sales operations in EMEA, Japan and the US. To support its American clients better, myInvenio has just opened a US office in Boston and appointed industry veteran George Bennett as VP of Business Development. Part of Bennett’s job is to further develop partnerships with industry leading stakeholders to accelerate myInvenio’s development and emerge as a leader in the business process management landscape.

Company
myInvenio

Headquarters
Reggio Emilia, Italy & Boston, MA

Management
Massimiliano Delsante, CEO

Description
With offices in Boston (USA) and Reggio Emilia (Italy), myInvenio was recognized as Cool Vendor in Analytics by Gartner (2016) and as Hot Vendor in BPM’ by Aragon Research (2018)

MyInvenio