What Freelancers Can Learn from UltimateSuite's Acquisition: 10 Ways to Outperform Employees
The fact that the company is moving in the right direction was confirmed by an investment of nearly CZK 19 million two years ago.
What to expect
Hot tech: ServiceNow, a workflow giant, just snapped up Czech company UltimateSuite for its "Task Mining" tech.
Fast growth: UltimateSuite, founded just 4 years ago, is already a leader in Task Mining, serving big clients like Generali and Societe Generale.
Czech connection: Founder Robert Šamánek stays on, excited to integrate UltimateSuite's tech into ServiceNow's global platform. This is a win for Czech innovation!
When the US-based ServiceNow NOW 0.00%↑ acquired Czech startup UltimateSuite, it didn't just mark another tech takeover. It has ignited a new era in task-mining technology, with a market experiencing an astonishing 87% growth rate and $1 billion in revenue by the end of 2022.Â
Large enterprises typically dominate task mining, but the landscape is shifting. Czech freelancers are on the brink of an unparalleled opportunity to gain a competitive edge and become trailblazers in this field. Here, we'll explore ten powerful strategies freelancers can adopt to survive and thrive in the competitive freelance market by harnessing the potential of task mining.
Unraveling the Mysteries of Task Mining
So, what's the buzz around task mining? Simply put, task mining is a revolutionary technology that seamlessly extracts intricate data about manual activities performed by employees within different business processes. The potential advantages include enhanced efficiency, clear visibility into workflows, unbiased performance measurement, operational benchmarking, improved compliance and risk management, and cost-saving.
In essence, this technology uncovers the inner workings of a company's operations and paves the way for optimization. But UltimateSuite didn't stop there. They propelled task mining to new heights by offering rapid insights and enabling data-driven, fact-based organizational improvements.
This groundbreaking solution immediately caught the eye of investors. One such investor was Tensor Ventures, a DeepTech-focused fund that saw the immense potential in task mining for its cost and time-saving abilities. Katerina Syslova from Tensor Ventures shared, "We spotted task mining as a solution to real-world problems, underlining its robust technological foundations within the deep tech space. Falling under Robotic Process Automation (RPA), it tackles existing challenges and propels the overall ecosystem's growth."
Standing out from its rivals, UltimateSuite pushed task mining solutions to advanced levels, focusing chiefly on inefficiency in areas where the scope for optimization is significant, a scenario more common in large enterprises than small businesses.
It's no surprise that US-based ServiceNow acquired a 100% stake in December 2023, underlining the solution's potential and its demand on the global market. Until recently, UltimateSuite was solely owned by the company's founder, Robert Šamánek, with only two investors, deep tech fund Tensor Ventures and investor Michal Rostock-Poplar.
Roman Smola from Tensor Ventures concluded, "I am overjoyed and content with the speed and terms of the transaction. It mirrors our commitment to excellence and proficiency in execution. This marks the successful completion of the Tensor Ventures phase, and we eagerly look forward to what the future holds."
Is the Czech Republic the New Silicon Valley?
Silicon Valley is no longer the only hotbed for tech startups. The Czech Republic is making waves, with an increasing number of innovative tech startups emerging year after year. For example, Kiwi is revolutionizing the travel industry with unique, cost-effective solutions. Rohlik Group, an online grocery delivery service, has successfully expanded into various European markets. Productboard, a software company, attained unicorn status in 2022 after securing $125 million in funding.
Tensor Ventures, a venture capital firm deeply rooted in the Czech Republic, is spearheading this tech revolution. They are investing in local startups and expanding their reach globally, recognizing the potential impact of deep tech beyond the borders of the Central and Eastern Europe (CEE) region.
Despite its local roots, Tensor Ventures' vision transcends borders. They collaborate with venture capital partners and world-class universities across continents, nurturing the tech landscape and fostering innovation. Their relentless efforts put the Czech Republic on the map as a burgeoning startup hub, rivaling Silicon Valley.
10 Powerful Strategies for Freelancers to Outshine Full-Time Employees
Drawing insights from UltimateSuite's journey and success, let's delve into how freelancers can leverage these lessons not only to match but outperform full-time employees:
Embrace the Power of Flexibility. Freelancers are the masters of adaptability. They're quick to respond to evolving market conditions or customer needs. Furthermore, they harness AI and state-of-the-art technologies to automate tasks, boosting their efficiency and productivity—a classic case of working smarter, not harder.
Become a Master of Your Craft. Freelancers often possess profound knowledge in a specific field, allowing them to bring a unique perspective and skill set to projects. This expertise is invaluable for businesses seeking authoritative opinions. Just as UltimateSuite capitalized on best practices, freelancers can also use this trend to their advantage.
Deliver Cost-effectiveness. While corporations use solutions like UltimateSuite to automate time-consuming manual tasks, freelancers save businesses money by operating on a project-by-project basis, eliminating overhead costs.
Unleash Your Innovation. Freelancers are often the creative game-changers, challenging the status quo and driving fresh ideas that enhance businesses' products, services, and processes. When this creativity is paired with cutting-edge technology, it's a recipe for groundbreaking innovation.
Bring Diversity to the Table. Freelancers, with their varied backgrounds and experiences, provide unbiased and unique perspectives in the workplace—an invaluable asset in our globalized world.
Stay Focused and Committed. Deadlines—everyone's love-hate relationship. Freelancers, however, excel in this domain. Keeping their work organized within timelines and budgets is a crucial aspect of their operational model.
Exhibit Proactive Communication. Freelancers often guide you through the project's progress and alert you to potential issues. They keep the lines of communication open, ensuring transparency and trust.
Showcase Your Problem-solving Skills. As independent operators, freelancers have extensive experience overcoming challenges and finding optimal solutions to complex situations. Their adaptability is their strength.
Demonstrate Resourcefulness. Freelancers are like treasure hunters—they can find the information and resources they need to complete their projects, even if they aren't readily available. They utilize technology to enhance their research capabilities, ensuring they're always a step ahead.
Let Your Passion Shine. The most successful freelancers are those who love what they do. Investing in a project because you genuinely care shows in the quality of your work. Remember, passion is the ultimate driver of excellence.
The groundbreaking solution, UltimateSuite, has shaken up large enterprises by optimizing their operations. Yet, this doesn't mean the more minor players can't join in – freelancers like you can learn from this example.
Just imagine taking your project management skills to the next level. Implementing task-mining techniques and adopting a more systematic approach can boost your productivity and efficiency, just like the big players do with UltimateSuite.
Sure, you might have access to a different technological sophistication than large enterprises. But remember, you're a freelancer – resourcefulness is your middle name! Even without high-end tech, you can still identify and eliminate inefficiencies in your workflows. The result? More time to focus on high-value activities and significantly increase your profitability.
In essence, the secret to outperforming in the freelance market is not about working harder but smarter. So, gear up and get ready to conquer the freelance world!
