In this paper, we show how process mining can be used in financial operations, and we give an example of its use in the banking sector to improve loan approval processes.
What is process exploration and discovery?
Process mining is a data-driven approach to discovering phone number in the philippines and analyzing business processes. It searches for event logs in computer systems and uses this data as a digital fingerprint to create a visual representation of each process and workflow. This allows businesses to better understand their operations and identify areas where they can improve efficiency.
Process mining techniques, such as process discovery, enable organizations to monitor and analyze their processes in real-time, facilitating process optimization and improving customer satisfaction.
Example of loans for process mining in event logs
Simplified example of event logs in a mortgage data set
Process mining is not a new technology. It originated in the field of data science and can simply be considered as the application of data mining techniques to business process management. With significant investments and technological advancements such as artificial intelligence (AI), we have seen a rapid expansion of different types of process mining software companies.
