Process Mining and Data Science in the Financial Industry

27:13Recorded on 28 May 2013 at TU Eindhoven

Lalit Wangikar(CKM Advisors, USA)

As a consultant for CKM Advisors in New York City, Lalit delivers projects for clients, mainly in the financial industry. A lot of their projects have a strong focus on data science, and process mining fits perfectly into this approach.

Synopsis

Lalit Wangikar, a partner at CKM Advisors, is an experienced strategic consultant and analytics expert. He started looking for data driven ways of conducting process discovery workshops. When he read about process mining the first time around, about 2 years ago, the first feeling was: “I wish I knew of this while doing the last several projects!".

Interviews are subject to all the whims human recollection is subject to: specifically, recency, simplification and self preservation. Interview-based process discovery, therefore, leaves out a lot of “outliers” that usually end up being one of the biggest opportunity area. Process mining, in contrast, provides an unbiased, fact-based, and a very comprehensive understanding of actual process execution.

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