Microsoft has acquired process mining technology firm Minit, the company, however, has not disclosed the amount. Process mining involves taking a microscopic view of companies’ workflows to find bottlenecks, assess workflow alternatives against companies’ goals, and then implement the most optimal workflow to reach those initiatives.
Microsoft’s announcement comes at a time when data processing company Celonis acquired Process Analytics Factory, a competitor to Minit that integrates with Microsoft’s Power BI data analytics and visualisation platform.
Process mining is software that allows the user to monitor, discover, and improve processes running on a machine. This software can be installed on a company's computer to discover where inefficiencies or errors may be present in the process. Through robotic process automation (RPA) and data science, the process mining software can visualise all possible issues and gaps in an existing process, predict their consequences, and find ways to mitigate them. For example, the growing need to improve enterprises’ audits and compliance processes is increasing the demand for mining software.
“Minit currently enables businesses to transform the way they analyse, monitor and optimise their processes. Minit’s solutions have helped businesses gain deep insights into how processes run, uncover root causes of operational challenges and help mitigate undesired process outcomes,” Justin Graham, Microsoft’s general manager of process insights, wrote in a post on Microsoft’s corporate blog.
Minit, which was founded in 2015 by Slovakia-based serial entrepreneur Rasto Hlavac and was among fast-growing startups developing process mining tools aimed at the enterprise.
“With the Minit acquisition, our customers will be able to better understand their process data, uncover what operations look like in reality, and drive process standardization and improvement across the entire organisation to ensure compliance at every step,” said Graham.
Microsoft first entered the process mining space with the launch of new features in Power Automate in 2019 and a year later, it acquired Softomotive, an RPA software provider. But with Minit, the tech giant is betting big on the software category.
According to a research report published by Polaris Market Research, the global process mining software market size is expected to reach $11,096.7 million by 2030 from $373.9 million in 2021, at a compound annual growth rate (CAGR) of 49.0% during the forecast period 2022 to 2030.
Organisations across the globe are seeking to be more operationally resilient and accelerate their digital transformation plans. Seamless operations and ensuring that every component of each business process runs smoothly is critical, but most leaders are not able to understand the actual performance of their processes and end up making decisions based on subjective information. Gartner notes that “recent trends in automation and knowledge of the underlying processes and interactions are key to digital transformation.”
This automation process helps to minimise the cost and maximize efficiency. IBM BlueworksLive could be a good example. Tech majors such as Dell, SAP, and Microsoft use this software to understand their process data, uncover what operations look like in reality and drive process improvement across the entire organisation.
Microsoft’s Minit acquisition comes at a time when the business automation industry, is moving toward greater consolidation. Besides Celonis, similar deals in the past include SAP’s buyout of Sigvanio, IBM’s acquisition of myInvenio, and Appian’s acquisition of Lana Labs.
In March 2021, ServiceNow acquired Intellibot, an RPA company based in Hyderabad. Earlier in 2018, Salesforce’s MuleSoft acquisition also aimed at greater automation and helped the company gain prestigious customers like Coca-Cola and Anheuser-Busch.
In August 2021, Microsoft also bought automation tech provider Servicetrace, an RPA provider, and now experts believe the Minit acquisition will help the tech major grab a bigger share of the pie in the niche automation space.