Enterprises spend more than $1 trillion annually on “digital transformation” “Artificial Intelligence” “Machine Learning” “Business Analytics” to transform and reinvent their business processes and make it more efficient. But as the processes get established, most of them are lost or abandoned without a trace. Then the organization attempts to reinvent themselves again as they notice the expenditures ballooning up further and find themselves in this vicious cycle.
This is where Celonis saves millions of dollars by mining the processes and providing thorough audits to customers. No wonder, Celonis, has attracted the attention of many investors and raised $290 million in a Series C round of funding, giving the startup a post-money valuation of $2.5 billion. It has already been growing at a triple-digit rate, with customers like Siemens, Cisco, L’Oréal, Deutsche Telekom and Vodafone among others.
Celonis is a clear market leader in a category with open-ended potential. It has demonstrated an enviable record of growth and value creation for its customers and partners. Celonis helps companies capitalise on two inexorable trends that cut across geography and industry:
1) the use of data to enable faster,
2) better decision-making and
3) the desire for all businesses to operate at their full potential.
The core of Celonis offering is to provide process mining around an organizations' IT systems. Celonis has 5 to 100 different pieces of software and it monitors a company’s whole solar system of apps to produce its insights and X-ray view of the situation.
Celonis insights are used either by the company itself, or by consultants engaged by the organization to make further suggestions, like whether to implement robotic process automation (RPA) to speed up a specific process, or use a different piece of software to crunch data better, or reconfigure how staff is deployed, and so on. Celonis software continuously monitors to pick up new patterns or problems.
In recent times, the company has started to expand the system into a wider set of use cases by providing tools to monitor operations and customer experience. And, also to apply its process mining engine to a wider set of company sizes beyond large enterprises and by bringing in more AI to its basic techniques.
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