Process Mining I: Why is process mining important for corporates
Dear Intrachain Community,
In last week’s blog post I have opend up about the most important elements that are necessary when founding a successful company.
Today, I want to come back to my favorite topic: Process Mining. More specifically, in this first blog post of a series on Process Mining, I want to elaborate on the reasons why Process Mining is so important for corporates.
In today’s globalized world, multinational firms often have numerus subsidaries across dispersed geographies. Thus, they are characterized by heterogeneous financial systems, multiple, often incompatible IT landscapes, servers, and sorts of data. Furthermore multinational value chains became part of daily business partices. All of this leads to a notable internationalization and consequently a higher complexity of accounting processes.
In this complexity, every firm is nonetheless required by law to draw up accurate and transparent financial statements. When financial statements are created, accurate data are absolutely vital for every stakeholder involved. Governments, shareholders, prospective investors, the firm’s management, and financial institutions rely on them.
I believe accounting standards need to undergo disruptive change in order to keep up. This change is necessary, considering the current state of developments and disadvantages of prevailing tools and technologies. Today, the majority of companies still reconciles using manual techniques. This technique is often responsible for accounting practices being inefficient, containing human errors and delivering inaccurate data.
That is the reason why Intrachain has developed the first process mining software with an integrated blockchain for intragroup cost allocation and transactions.
Why do corporates need our software
Because Intrachain avoids the flaws of manual reconciliation processes as performed by many large corporations to date and will satisfy the demand for automation. Furthermore, the high degree of automisation saves companies immense costs.
After having elaborated on the urgent need for Process Mining, I will in detail explain what Process Mining is next is. Stay tuned!
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