One of the most fascinating evolutions in business process management has been from Six Sixma to “not” Six Sigma. From this methodology being the holy grail, to unimportant. Much of the up and down was thanks to Jack Welch and GE. When GE was on top of the world, so was Six Sigma. When it fell from grace, it took Six Sigma with it.
We surmised recently that digital twin organization or DTO was the cause for the demise of Six Sixma or at the very least technology in general – IoT sensors, cameras and algorithms have allowed an organization to evolve to a point where software does the important task of improving repeated and other operations.
In our recent interview with John Parr, founder of Geminio Digital, he told us how his startup was helping companies build a digital model or twin of their organization which can be used to improves processes and spot problems.
Celonis is a major player in the space and recently received $290 million in funding to continue growing its platform used by Airbus, 3M, Lufthansa, L’Oréal, Siemens, and Uber.
We first told you about the company in 2017.
It should be noticed – the organization refers to themselves as the market leader in AI-enhanced Process Mining and Process Excellence software.
Arena Holdings led the round alongside a group of principal investors and established entrepreneurs who have successfully scaled profitable, high-growth businesses. The group includes Ryan Smith, co-founder and CEO of Qualtrics, as well as Tooey Courtemanche, founder and CEO of Procore. Smith will serve as a special advisor to the company and work closely with Celonis board member and Hybris founder, Carsten Thoma.
“Celonis is the 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,” said Feroz Dewan, CEO of Arena Holdings. “Celonis helps companies capitalize on two inexorable trends that cut across geography and industry: the use of data to enable faster, better decision-making and the desire for all businesses to operate at their full potential.”
“Process Mining performs an X-ray on every operational process, allowing companies to discover inefficiencies and clearly identify recommended actions to streamline processes, save money and improve customer experience,” said Alexander Rinke, co-founder and co-CEO of Celonis. “We are the best in the world at Process Mining and, just as importantly, we are now leading the way in Process Excellence, which is essential to every company’s ability to stay competitive.”
The future of work continues to evolve – organizations continue to have new solutions to choose from to become more productive and efficient. Celonis is leading the space and we are happy to see the market-leader get rewarded for success.
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