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ServiceNow to further explore task mining through recent acquisition

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ServiceNow announced this morning It is said that it is acquiring a Czech task mining company. Ultimate Suite This gives companies new ways to see and understand the flow of work in their business. The companies haven’t disclosed the price, but the three-year-old startup has raised 768,000 euros (about $839,000), so it’s probably not that big of a deal.

Task mining is part of process mining, a growing global market that helps companies understand the flow of work within an organization, look for bottlenecks, and increase efficiency. please consider that selonis, one of the leading startups in this space, has raised $2.4 billion and is valued at $13 billion as of October 2022. Ultimate Suite is substantially smaller, having raised less than $1 million, but it provides another tool to ServiceNow’s task mining arsenal, says Eduardo, ServiceNow’s vice president and general manager of process mining. His manager is Mr. Chiocconi.

Before acquiring Ultimate Suite, the company had the ability to drill down into workflows, but not down to the user task level. “And when we investigated and discovered where certain inefficiencies were, we lacked the ability to inspect or understand what individual users were doing. , that’s exactly what Ultimate Suite Task Mining is here to help us with,” Chiocconi told his TechCrunch.

He says the goal is actually to build more efficient business processes, and the addition of Ultimate Suite gives them more capabilities to do that. “Insights without action are of little value, so once we find out exactly what needs to be fixed, we also have the ability to automate some of the inefficiencies for end-to-end efficiency.” The idea is to offer it on the same platform. Finish the business process.”

The plan is to integrate Ultimate Suite’s functionality with ServiceNow’s process mining capabilities. “If you look at how ServiceNow has made acquisitions in the past, we pride ourselves on organically building these capabilities into our integrated platform,” Chiocconi said. This means that it will no longer be sold as a separate product. “Our overall objective is to re-platform all of this IP and create more value for our customers by learning how it can be derived from Ultimate Suite and surface as an organic extension of process mining. to bring about.”

This is ServiceNow’s third acquisition related to AI and automation in the past few years. Get AI-powered workflow tools G2K in May This year, and at the end of 2020, Canadian startup Element AI joined us.

Source: techcrunch.com

Looking to invest in a startup? Explore 4 ways to begin as a solo GP

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nathan beccord

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sometimes non-traditional The route will lead to the best results. Zack Coeliusis a managing partner at Coelius Capital and started out as an entrepreneur. Over the past 20 years, he has founded many companies and after successfully exiting one of his ventures into the world of angel investing through a syndicate.

and after a while that His connections led him to VC, but not as part of a group. Essentially, Coelius’ connections and reputation allow him to serve as the sole general partner (GP).

In this column, I’ve summarized the takeaways Coelius shared with me about his experience getting his foot in the door, how to leverage favor, and the strategies he found most useful as a solo GP.

Focus on the founders first

If you want to become a VC, you should get involved with some VCs, right? Not necessarily, Coelius says.

That’s the problem largely Entry-level investors go to VCs first. But unless you’re a close friend of the VC, they probably aren’t offering you quality deals. Investors keep the best deals to themselves, so you probably won’t have access to the best unless you start making significant changes.

Not ready to put your trust fund or wealth from a successful exit to work? Coelius has a better and cheaper proposition. It’s about making friends with the founders. Then please help them.

At the end of the day, it all comes back to relationships. The more you support VCs, founders, and the startup community at large, the more prestige you’ll gain.

This requires a lot of networking, but being able to bridge the gap between founders and VCs can be a huge boon for founders. And if you can be helpful at a critical time, you’re more likely to be rewarded and get involved in the deal.

But don’t give it away. No one likes to be bound by strict agreements. Rather, it’s a “you get what you give” situation. Founders don’t want to feel like you’re tying them down, so keep it casual.

This leads to his next big tip.

Source: techcrunch.com