Data is generated at an unparalleled rate by today's information systems, from both digital and physical sources. This plethora of data may be utilized to identify patterns and insights that pave the way for better customer experiences and new operational efficiency when properly digested, integrated, and evaluated.
Let us see how Business Intelligence and Process Intelligence are instrumental in achieving the above through slightly different approaches.
Process Intelligence and Business Intelligence are terms that have been used interchangeably often, it is integral to understand that both these concepts come with very clear differences.
The main objective might be the same, i.e ;
- To increase optimal efficiency
- Identify discrepancies within and between business processes by the means of analyzing static and dynamic data in real time
- Uncover inefficiencies and reduce redundancies
- Delivering actionable insights
But Process Intelligence is focused on analyzing exactly how the operational processes are working by analyzing large amounts of data. It helps produce accurate and relevant information about:
- Which tasks are performed or omitted and in what order
- Who is accountable for these tasks
- What is the average time to accomplish a task
- Which step in the process is causing a hindrance
- Where the inefficiencies lie
While Business Intelligence has more to do with providing actionable knowledge on the health of the business at a point in time. By displaying current and historical data within the context of their business, BI may assist firms in making better decisions. Expert analysts may use BI to gauge performance and competitive benchmarks, which will help the company run in a more efficient manner!
Both sets of data are important for various stakeholders and workers in the organization but what they mean and how they are used is very different.
What exactly does BI and PI help accomplish in an organization?
- Essentially BI will help you understand if your organization is performing and if it is not, then what are the factors that contribute towards the underperformance.
- While BI can help present relevant information, there is no proper understanding of where exactly the problem stems from, nor does it help in attaining solutions for the respective problems.
- By extracting knowledge from event logs readily available in your information systems, Process Intelligence allows you to find, monitor, and enhance processes in real-time.
- Process Intelligence improves your processes by highlighting variants that impact your performance, clearly showing you all the rework in your processes and pinpointing areas for automation.
- Process Intelligence will increase your returns on digital transformation investment.
- Operational optimization, improved customer experience and margin improvement are all outcomes of Process Intelligence.
However, If you’re looking to trace back the inefficiencies that have been discovered within a particular business process, Process Intelligence helps you do just that with accurate and complete traceability !
Here are a few key differences between the two:
- BI helps tell you what went wrong in your business process, while Process Intelligence dwells on the “Why’s”.
- Marketers utilize BI to track website traffic in real time, which helps them forecast ROI and accomplish optimization goals. For example, the sales teams might employ BI to close deals and discover customers with higher conversion potential who, as a result, demand special attention.
- Process Intelligence on the other hand, deals with the realities of defective processes, unanticipated causation, and a slew of other issues that might arise at any moment within any process.
- Process Intelligence helps you with a clear orientation of all the end-to-end processes that can significantly impact your business, whereas, BI is more data driven and focuses on improving the data quality along with improved decision making ability.
- With BI solutions, you can expect to improve employee engagement, customer satisfaction, and operational efficiency while you can aim to transform your business processes with the help of Process Intelligence.
- PI consists of process discovery, process mapping and helps elaborate on roadmaps for business optimization whilst giving executive suggestions. BI entails business analytics, data mining & data visualization which helps come up with data-driven decisions.
- Key performance indicators can now be accurately tracked with the help of BI tools and helps with identifying sudden deviations and/or developments. Process Intelligence can be of use when your as-is and to-be processes need to be compared to align your business process with its respective output goal.
To conclude both, Business Intelligence and Process Intelligence are vital components of digital transformation that can help achieve time utility, effective and optimal efficiency, increased productivity as well as continual improvement in business processes!