Sergey Nivens - Fotolia
If I’ve understood this referendum debate correctly, once Article 50 is triggered we only have a couple of years to enjoy trading with firms in the EU in the same way that we have enjoyed for years. That means the clock is ticking on the chance to benefit from the genius of companies like Celonis, which has invented process mining techniques to help massive corporations like Siemens, Deloitte and Vodafone to be more profitable.
Venture capitalists Accel and 83North have raised $27.5 million in Series A financing for Celonis, so they must be expecting massive growth. Already Celonis is Germany's fastest-growing technology with 200 global corporates as customers. Demand (measured in revenue) has grown so fast, at 3,951%, that it is seeking to recruit a UK channel of reseller or service partners.
Hang on though. This begs so many questions. Such as: what on earth is process mining? Is this Big Data’s silliest name for a genre so far?
Process mining seems to be an investigation into how the machinery of the enterprise regularly grinds to a halt or wastefully chews up the materials. Picture, if you will, some massive sclerotic pan european organisation that loses millions of euros through wasted time and resources.
Celonis has developed software that looks at all the data - through algorithms - and identifies all the areas where there’s a spanner in the works or a screw loose in the machinery. Metaphorically speaking.
I wonder if Celonis’s invention would identify that the phrase Process Mining is a barrier to explaining the concept. Then again, that gap is a gift to the UK reseller, as it creates an opportunity for them to add their value to the sales process. If they can clarify and explain what it all means, that gives them a unique offering.
Celonis was founded in 2011 by three former students of the Technical University of Munich, Alexander Rinke, Bastian Nominacher and Martin Klenk. They are the people you might want to contact via LinkedIn and asking them how much support they will give you.
Laurel Bowden, a partner at 83North, which is bankrolling the UK channel expansion, is impressed. "Celonis finally delivers a true and holistic view of how organisations create value, by going way beyond what traditional analytics could ever accomplish."
Its benefits can be easily translated into business and bottom line benefits and the market is enormous, Bowden says: “We are just at the beginning of seeing process mining use-cases."
As we all know following the Brexit vote the idea of embracing European things might not be in vogue at the moment but this German data specialist is well worth looking into.