myInvenio: how to optimize your business processes
As markets, industries and business change at increasing speed, companies also need to adapt – the faster, the better. If data is the fuel of the 21st century, intelligent analytics is the energy boost that can help find new ways to react to change.
That’s why, back in 2013, the Italian startup myInvenio was founded “to change the way we analyze, constantly monitor and improve business processes,” as its CEO, Massimiliano Delsante, states. Their solution performs process mining and creates a digital twin of an organization’s internal operations, and has been applied in a pilot project with us at Enel to improve some of our processes. Now, they are marking a new milestone in their journey, having been acquired by IBM.
So, how can technology support big companies to better understand their processes and be more efficient and resilient? Let’s take a closer look.
Intelligence and automation out to win
How can you know what works and what doesn’t on a granular level within an organization? The myInvenio Process Mining solution aims to instantly boost core business processes by automatically discovering activities and constantly monitoring compliance and performance. It achieves this by recreating a real digital twin of the organization, which is an extremely precise model replicating its processes.
“myInvenio is used to improve business processes. We start with a digital footprint and identify any existing issues. We are able to do that automatically thanks to our algorithm, and can obtain insights, represent the process and highlight any kind of feedback: who is doing what, why it is taking so long to do something, and so on. Understanding this is crucial for companies,” explains Stefano Pedrazzi, VP of Sales & Marketing at myInvenio.
The solution is based on a highly detailed, intelligent and in-depth process analysis: it delivers measurable ROI thanks to AI, advanced analytics, simulations and “what-if” analyses. With this wealth of information and technology, organizations can analyze past patterns; monitor activities, performance and compliance in real-time; identify bottlenecks, critical activities and resources; and predict future process trends.
myInvenio can support customers during every phase in their journey. “We accompany our user in the end-to-end business process. We analyze the office, the team, the core of the business,” details Pedrazzi. For example, they try to answer questions like: “Is the project being carried out as expected? What are the most frequent pain points? Is progress too slow? Is a delivery date changing too often? Is this wasting money?” he adds. The final goal is to use the answers to prompt actions that improve the process and save money.
A successful pilot project with Enel
The startup offers its automated business intelligence solution through a web application that can be deployed directly on the customer’s site. In this way, the myInvenio team is able “to extract user information and offer an analysis and visualization of the process in an interactive way,” explains Pedrazzi. That is how the myInvenio pilot project is being carried out at Enel.
“We met Enel one year ago and started a project with them in order to understand their procurement process,” reports Pedrazzi. The pilot project simulated the automation of the Invoice Registration activity for the countries in which Enel is present. “We extracted six months of data and focused on ways to transform the process,” says Alberto Franchi, the project manager myInvenio dedicated to this endeavor with Enel.
“Analyzing the compliance of this process, we realized that 65% of cases were non-conformant. When you compare reality with expectations, you can detect inefficiencies in terms of performance and cost. You can also conclude which countries performed well and which was the most relevant one in certain cases,” the expert explains.
Headquartered in Italy at first, myInvenio have already opened new offices in the United States and Japan. Working with Enel has been instrumental in their development. “It has been a positive experience: we reached our objectives together and the project is ending on a high note,” says Franchi. Pedrazzi agrees: “The relationship with Enel is very important to us: it is not every day that a big multinational puts its trust in a small startup. To have this kind of visibility is a huge opportunity for us – honestly, one of the biggest so far.”