As a Chief Financial Officer (CFO), your responsibility is to effectively manage your company’s finances and ensure that every investment yields a substantial return on investment (ROI). Consequently, it is entirely reasonable to approach an investment in process mining software with caution, possibly even reconsidering it multiple times.
It is important to recognize that the quality of available process mining solutions varies significantly. Many prominent players in the market leverage their well-established brands to sell their products, even when the actual process mining software may not meet the desired standards.
Some process mining vendors offer superior value for their pricing, while others may leave you with a sense of frustration and disappointment.
We acknowledge that various objections can arise when contemplating new investments. That’s precisely why we are here to address the most prevalent concerns that CFOs may have regarding process mining and demonstrate why an investment in a process mining solution such as QPR ProcessAnalyzer is a worthwhile decision.
According to CFOs, an increase in analytics insights is the way to redefine Finance in 2023
As organizations continue to advance their digital transformation efforts, Chief Financial Officers (CFOs) are increasingly embracing process mining tools to enhance their understanding of financial operations. These tools empower CFOs to scrutinize and enhance their business processes, ultimately leading to increased efficiency and cost reduction.
According to the 2023 Finance Benchmarking Report by SSON, which surveyed more than 1,000 finance leaders and CFOs, 37% of CFOs envision that elevating analytics insights will be the primary avenue through which they redefine Finance’s value proposition in the future.
37%
answered Driving analytics insights up
25%
answered Prioritizing business partnering
22%
answered Pushing costs down
16%
answered Innovative problem solving
Selecting the right process mining tool for CFOs
Given the multitude of process mining tools available in the market, CFOs may find it daunting to identify the ideal one for their specific requirements. This blog post aims to delve into the key factors that CFOs should consider when making their selection of a process mining tool.
User friendliness
Above all else, CFOs should prioritize the usability and user-friendliness of the process mining tool they choose. QPR ProcessAnalyzer, for instance, boasts an intuitive interface designed for ease of navigation, ensuring users can swiftly access essential information. Furthermore, the tool offers visual representations of processes, simplifying the comprehension of information flow and the identification of areas ripe for improvement—a feature particularly valuable to CFOs.
Integrations
Another pivotal aspect to weigh when choosing a process mining tool is its capacity for seamless integration with other systems. QPR ProcessAnalyzer excels in this regard, as it can seamlessly integrate with a diverse array of data sources, ranging from ERP systems to data warehouses, and amalgamate this data with inputs such as task mining data or CSV files. This capability simplifies the accessibility and analysis of data from multiple origins, enabling CFOs to attain a comprehensive perspective of their financial processes and pinpoint areas in need of enhancement.
Accuracy
Precision matters greatly when choosing a process mining tool. QPR ProcessAnalyzer relies on advanced algorithms and machine learning for accurate process data capture and analysis.
Data accuracy is also crucial, and data quality is at risk each time it’s moved. QPR ProcessAnalyzer Powered by Snowflake is unique, enabling process mining directly where data is stored, eliminating the need for constant data copying and extraction.
Cost
Last but not least, CFOs must factor in the cost associated with the process mining tool they choose. QPR ProcessAnalyzer presents a flexible pricing structure that permits CFOs to expand their analysis to numerous processes without being burdened by continually escalating licensing expenses. This affordability, combined with the tool’s advanced features, ensures that CFOs can enhance their financial processes without compromising their budgetary constraints.
“The license model of QPR ProcessAnalyzer is different from all competitors, with whom you end up with huge license costs and paying separately for each process. This is outstanding in the process mining vendor market.”
– Head of Process Intelligence at a global healthcare enterprise
To sum it up, the importance of choosing the appropriate process mining tool cannot be overstated for CFOs aiming to enhance transparency in their financial operations and boost productivity. QPR ProcessAnalyzer emerges as the ideal choice for those searching for a user-friendly solution that seamlessly integrates with various systems, offers precise analysis, and boasts a flexible pricing structure. By opting for QPR ProcessAnalyzer, CFOs can acquire the valuable insights required to streamline their financial processes and steer their organizations toward success.
5 common objections and hesitations from CFOs considering process mining
Let’s address the common objections that CFOs often raise when considering process mining, and illustrate the compelling reasons why investing in a solution like QPR ProcessAnalyzer is a valuable proposition!
1. Lack of time
As a CFO, your time is precious. QPR ProcessAnalyzer, a dedicated process mining solution, is tailor-made to optimize your time investment by delivering invaluable insights into all aspects of your company’s operations, especially the financial processes.
With its streamlined data collection and analysis automation, you can swiftly pinpoint inefficiencies and growth prospects within your operations, leading to significant time and resource savings for your team or even your entire organization.
2. Lack of Money
Although process mining entails an initial investment, it’s crucial to bear in mind that it can yield substantial long-term cost savings. By pinpointing inefficiencies and enhancing your financial processes, you have the potential to trim operational expenses and boost revenue.
While certain process mining software options provide adaptable pricing to suit your budget, others primarily charge for their brand prestige. QPR ProcessAnalyzer stands out among our customers due to its pricing and licensing model for the following reasons:
With QPR ProcessAnalyzer, we were able to analyze the process in two or three hours, compared to three weeks in the past.
– Christof de Groote, Service Manager at KBC Group
“The license model of QPR ProcessAnalyzer is different from all competitors, with whom you end up with huge license costs and paying separately for each process. This is outstanding in the process mining vendor market.”
– Head of Process Intelligence at a global healthcare enterprise
1. Lack of time
As a CFO, your time is precious. QPR ProcessAnalyzer, a dedicated process mining solution, is tailor-made to optimize your time investment by delivering invaluable insights into all aspects of your company’s operations, especially the financial processes.
With its streamlined data collection and analysis automation, you can swiftly pinpoint inefficiencies and growth prospects within your operations, leading to significant time and resource savings for your team or even your entire organization.
With QPR ProcessAnalyzer, we were able to analyze the process in two or three hours, compared to three weeks in the past.
– Christof de Groote, Service Manager at KBC Group
2. Lack of Money
Although process mining entails an initial investment, it’s crucial to bear in mind that it can yield substantial long-term cost savings. By pinpointing inefficiencies and enhancing your financial processes, you have the potential to trim operational expenses and boost revenue.
While certain process mining software options provide adaptable pricing to suit your budget, others primarily charge for their brand prestige. QPR ProcessAnalyzer stands out among our customers due to its pricing and licensing model for the following reasons:
“The license model of QPR ProcessAnalyzer is different from all competitors, with whom you end up with huge license costs and paying separately for each process. This is outstanding in the process mining vendor market.”
– Head of Process Intelligence at a global healthcare enterprise
3. Concerns that the product won’t work for you
We understand your need to ensure any investment fits your specific requirements.
That’s why we offer free demos and guided trials of QPR ProcessAnalyzer so you can try it before committing. Our expert team provides dedicated support to ensure the product aligns with your needs.
With QPR ProcessAnalyzer, you can integrate data from multiple SAP systems, visualizing and analyzing all key financial processes like Accounts Payable, Accounts Receivable, Order-to-Cash, Purchase-to-Pay, HR, and more in one place for informed decision-making.
4. Lack of belief in the product
We take pride in the significant positive impact QPR ProcessAnalyzer has had on our clients, including leading global enterprises renowned for their resilience.
Our product stands testament to its success with a track record of proven results and positive reviews from esteemed customers such as KBC Insurance, Sanofi, Metsä Board, Piraeus Bank, and many others.
We have full confidence that QPR ProcessAnalyzer will similarly deliver substantial value to your organization.
“QPR goes beyond just being a tool vendor. They work with us as true partners, providing honest feedback and open communication. QPR is transparent and takes our concerns seriously.
Unlike other vendors who forward you to consultants, QPR is proactive in sharing their knowledge so we can grow and develop our own internal capabilities. Their support and education make all the difference.”
Head of Process Intelligence at a global healthcare enterprise
“The business process owners and the management are happy with the outcome, as they can see how the overall global KPIs are performing.
They are able to interactively drill down to the processes to pinpoint the problem areas and prepare plans to address them in order to improve the overall process performance.”
Azuhar Mohammed, Head of Global Solution Center – Expertise & Innovation at Sanofi
3. Concerns that the product won’t work for you
We understand your need to ensure any investment fits your specific requirements.
That’s why we offer free demos and guided trials of QPR ProcessAnalyzer so you can try it before committing. Our expert team provides dedicated support to ensure the product aligns with your needs.
With QPR ProcessAnalyzer, you can integrate data from multiple SAP systems, visualizing and analyzing all key financial processes like Accounts Payable, Accounts Receivable, Order-to-Cash, Purchase-to-Pay, HR, and more in one place for informed decision-making.
“QPR goes beyond just being a tool vendor. They work with us as true partners, providing honest feedback and open communication. QPR is transparent and takes our concerns seriously.
Unlike other vendors who forward you to consultants, QPR is proactive in sharing their knowledge so we can grow and develop our own internal capabilities. Their support and education make all the difference.”
Head of Process Intelligence at a global healthcare enterprise
4. Lack of belief in the product
We take pride in the significant positive impact QPR ProcessAnalyzer has had on our clients, including leading global enterprises renowned for their resilience.
Our product stands testament to its success with a track record of proven results and positive reviews from esteemed customers such as KBC Insurance, Sanofi, Metsä Board, Piraeus Bank, and many others.
We have full confidence that QPR ProcessAnalyzer will similarly deliver substantial value to your organization.
“The business process owners and the management are happy with the outcome, as they can see how the overall global KPIs are performing.
They are able to interactively drill down to the processes to pinpoint the problem areas and prepare plans to address them in order to improve the overall process performance.”
Azuhar Mohammed, Head of Global Solution Center – Expertise & Innovation at Sanofi
5. “I don’t need it”
While you might believe your financial processes are already at their peak, there’s invariably room for enhancement.
QPR ProcessAnalyzer provides invaluable insights and employs a data-driven approach to process improvement, which can result in substantial cost savings and revenue growth.
Consider these successes:
– Caverion unearthed €17 million in uninvoiced order lines.
– Metsä Board achieved a 60% increase in order lines and volume, all with the same supply chain headcount.
– KBC Insurance accelerated customer request processing by 100%.
Furthermore, our team collaborates closely with you to pinpoint specific areas for improvement and customize the product to align with your unique requirements.
“Before, there was no consistency between different geographical units and KPI calculations were difficult to manage. The fragmentation made it difficult to understand the processes. But with process mining, we are able to increase harmonization and resolve these issues.”
Head of Process Intelligence at a global healthcare enterprise
5. “I don’t need it”
While you might believe your financial processes are already at their peak, there’s invariably room for enhancement.
QPR ProcessAnalyzer provides invaluable insights and employs a data-driven approach to process improvement, which can result in substantial cost savings and revenue growth.
Consider these successes:
– Caverion unearthed €17 million in uninvoiced order lines.
– Metsä Board achieved a 60% increase in order lines and volume, all with the same supply chain headcount.
– KBC Insurance accelerated customer request processing by 100%.
Furthermore, our team collaborates closely with you to pinpoint specific areas for improvement and customize the product to align with your unique requirements.
“Before, there was no consistency between different geographical units and KPI calculations were difficult to manage. The fragmentation made it difficult to understand the processes. But with process mining, we are able to increase harmonization and resolve these issues.”
Head of Process Intelligence at a global healthcare enterprise
In summary, we recognize that adopting a new product can be intimidating. Nevertheless, we have strong confidence that QPR ProcessAnalyzer can deliver substantial value to your organization, ultimately driving cost savings and revenue growth.
