Process analytics is the analysis of business processes to improve their efficiency, effectiveness, and overall performance. This involves collecting and analysing data from various sources, such as business systems and transactional data, to gain insights into how processes are performed and identify areas for improvement. The insights generated from process analytics can be used to optimize business processes, reduce costs, increase productivity, and improve customer satisfaction. The goal of process analytics is to provide valuable insights into the performance of business processes.
Banks could use process analytics to monitor and analyze their credit card transactions in real-time. The analytics software can be programmed to identify suspicious transactions, such as those that are outside the customer’s typical spending patterns, occur in unusual locations, or involve large amounts.