PEX Network’s weekly news bulletin rounds up the latest research, reports and publications in the areas of operational excellence (OPEX), digital transformation, artificial intelligence (AI) and automation, business process management (BPM), process mining/intelligence and more.
This week includes:
- Gartner assesses critical capabilities of process mining platforms
- Digital transformation now means “continuous reinvention”
- Automation can address the talent challenge in American manufacturing
- Digital transformation market to be worth $4.6 trillion by 2030
Gartner assesses critical capabilities of process mining platforms
Analyst firm Gartner released the Critical Capabilities for Process Mining Platforms report, a companion to the 2024 Gartner® Magic Quadrant™ for Process Mining Platforms report published earlier this year. The critical capabilities report scores competing process mining products and services against a set of meaningful differentiators, revealing which options are the best fit in various use cases to help businesses make faster, smarter decisions regarding process mining platforms.
“Process mining platforms can be difficult to justify when considering their many advanced capabilities,” Gartner stated. “This advanced functionality is not required in a staged approach, where you start with basic use cases for well-defined pockets of opportunity.”
Each offering assessed by Gartner scored very high for core capabilities such as process discovery and analysis, process conformance and gap analysis. “Moving from these initial basic use cases for well-defined pockets to larger-scale, connected initiatives and scaling beyond traditional use cases to advanced use cases such as automation, case management or supply chains will require advanced capabilities,” Gartner added.
READ: A summary of Gartner’s 2024 Magic Quadrant™ for Process Mining Solutions
Digital transformation now means “continuous reinvention”
One-third of business leaders consider digital transformation to now be “continuous reinvention” rather than episodic improvement, according to a new study from KPMG International. The Transforming the enterprise of the future report revealed the importance of advanced technologies in driving transformation with 76 percent of senior leaders stating that generative AI, neural networks and digital twins will significantly enhance the likelihood of transformational success.
The research also found that 88 percent of large enterprises are pursuing two or more concurrent organizational transformations, with 54 percent running three or more concurrently. That’s despite only 29 percent of respondents rating their organization’s tech foundation readiness as “very high.”
“We’re at a real inflection point in the digital revolution. Enterprises can capitalize on this to create and unlock greater value and achieve competitive advantage – including the deliberate choices on how digital and data is utilized, to risk management and driving product and service innovation,” commented Tash Moore, global transformation leader at KPMG International. “Transformation is now a continuous journey. Our research underscores the importance of trust in leadership and the strategic use of partnerships in navigating this complex digital landscape.”
READ: 10 digital transformation pitfalls and how to avoid them
Automation can address the talent challenge in American manufacturing
A smarter, more flexible and holistic approach to automation is required to address talent challenges in American manufacturing, according to McKinsey & Company. “Talent shortages have a range of unsavory knock-on effects. In 2023, turnover rates – traditionally high across manufacturing jobs – reached 36.6 percent, on average, in the manufacturing sector,” representatives of the company wrote.
As research from the McKinsey Global Institute has found, when applied at scale, modern automation has two distinct effects on labor and skill requirements. “On one hand, it can significantly reduce the number of the low-skill roles companies find hardest to fill, while eliminating many of the tedious, repetitive and strenuous tasks that drive high labor-turnover rates.” On the other, extensive automation can change the nature of the workplace, easing recruitment and retention by creating new technical roles with pay, opportunities and working conditions that compare favorably with options in other sectors.
READ: 6 things intelligent automation can’t do for your business
Digital transformation market to be worth $4.6 trillion by 2030
The global digital transformation market will be worth US $4.6 trillion by 2030, with a compound annual growth rate (CAGR) of 26.7 percent from 2024 to 2030. That’s according to data from Grand View Research which predicted a period of phenomenal growth of digital transformation, fueled by a relentless pursuit of innovation and efficiency.
“A prime instance of this growth is Huawei Technologies Co., Ltd.’s announcement in July 2024 at the Africa Connect 2024 event in Johannesburg,” according to a press release. The company introduced its Xinghe Intelligent Network Solution, designed to help African nations leverage Net5.5G technology and accelerate their digital transformation journeys. “This initiative highlights the expanding role of next-generation networking solutions in driving regional growth and infrastructure development.”
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