ServiceNow announced the acquisition from the mining company of the Czech Republic UltimateSuite, giving the enterprise a new way to capture and understand how work flows through a business. The companies didn't reveal the price, but this was a 3-year-old startup that had raised €768.000 (approximately $839.000), so it's probably not a huge number.
Task mining is part of process mining, a growing global market that helps companies understand how work flows through an organization, looking for bottlenecks to increase efficiency. For example, celonis one of the leading startups in this space has raised $2.400 billion and was valued at $13.000 billion as of October 2022. UltimateSuite is substantially smaller, having raised less than $1 million, but gives ServiceNow another tool in its task mining arsenal, says Eduardo Chiocconi, vice president and general manager of process mining at ServiceNow.
Prior to the UltimateSuite acquisition, the company had the ability to delve into a workflow, but lacked the ability to reach the user's task level. “And as we zoomed in and figured out where a specific inefficiency might be, we lacked the ability to inspect or understand what individual users are doing. And that is exactly what UltimateSuite task mining comes to help us with,” said Chiocconi.
He says it's really about creating more efficient business processes, and adding UltimateSuite gives him greater ability to do that. “Knowledge without action has little value, so the idea is that as you figure out exactly what needs to be solved, we also give you on the same platform the ability to automate some of those inefficiencies to better streamline the process.” from beginning to end. finalize the business process.
The plan is to merge UltimateSuite functionality with ServiceNow's process mining capabilities. If you notice how ServiceNow has made acquisitions in the past, we are proud to organically incorporate these capabilities into our unified platform,” said Chiocconi. That means it won't be sold as a separate product in the future. “Our whole goal is to bring more value to our customers by re-platforming all of this intellectual property and knowing how it comes from UltimateSuite and presenting it as an organic extension of process mining.”
This is ServiceNow's third acquisition in recent years involving artificial intelligence and automation. You acquired an AI-powered workflow tool G2K in 2023 and Element AI, a Canadian startup in late 2020.
