By Michael Reh, Chief Product Officer and Co-Founder, Live Objects
For me, 2020 began with a lot of excitement, plans, and aspirations. I have decided to join Live Objects as Chief Product Officer and Co-Founder.
In the past, I have spoken with lots of executives who were all excited about what lies ahead for them and their businesses. At the same time, they were all completely stressed out, trying to juggle so many challenges and opportunities. The clock is ticking faster and faster, and they all need to produce better, smarter, and cheaper while avoiding distractions and disruptions all around them. To be able to stay relevant during these times of continuous change they need to transform their business.
IDC predicts that, by 2020, 30% of G2000 companies will have allocated capital budget equal to at least 10 percent of revenue to fuel their digital strategies. Initial projects often focus on digitization, but process improvements yield more fundamental and far wider-reaching benefits. But that requires deep insights into business processes, which is something that is extremely manual, time-consuming and costly.
Process mining is one approach that can help, but up to now, that has its limitations. With Live Objects, we have the opportunity to redefine the process mining space.
Traditional process mining products collect data from application event logs and create process maps out of it. We call them “business blueprints” based on facts. However, if you look into existing application system landscapes, they are very “heterogeneous”.Therefore, a complete process map should contain data from multiple systems, since a business process like Order to Cash (OTC) starts with lead generation in System A, then Order Fulfillment in System B, and Invoice reconciliation in System C. In addition, a lot of process relevant activities are performed off-application systems and handled by people via mail, spreadsheets, and chat. This ad hoc and off-application activity and the resulting unstructured data should also be captured in the process map.
The next generation of process software, continuous process optimization, which Live Objects offers, starts with process discovery, the generation of “as is process maps” from application and unstructured data. They will become the system of systems and — powered by Artificial Intelligence — become the orchestrator in the enterprise for continuous monitoring, learning, collaboration and improvement of business processes based on these new ways of working in order to deliver better business outcomes.
In the decade ahead we see massive growth in the adoption of Artificial Intelligence in the enterprise based primarily on new machine learning applications, business process optimization, automation of operations thru RPA, and the use of chatbots
At Live Objects, this inspires us to build the next-generation business process platform, make progress insights actionable, and reshape the industry for continuous process optimization.
To learn more about Live Objects, please visit their website.
