Over the past 3 days, Monday has been holding its marquee product conference, Elevate [1]. I connected to a few of the sessions after work – and I specifically wanted to highlight their upcoming products for 2022, as I found it to be the most worthwhile session.
(1) Workdocs Updates
This is Monday’s product to “connect, collaborate, and execute ideas and workflows – all in one place” [2]. Think about it like a Google Docs with the ability to connect across other activities being performed on Monday (i.e. boards). Updates: Monday will add many more widgets to the existing ones to the board, a few examples that were listed are:
-Hovering over a task can show you the entire to-do list where the task is located
-Typing a stock ticker can add the company’s price and market cap
-Adding a bullet about a deal that the sales team is closing can be automatically updated once it closes
They also indicated that text will be able to be transferred into a board item, Gantt charts will be able to be linked, and analytical dashboards will be able to be integrated with live data.
(2) Workflows at Scale
These are a set of Monday products to manage projects, deliveries, and other business activities [3]. Updates: include a re-vamped infrastructure that will be able to speed the user’s activities on the product, such as filtering and adding tasks. They will also enable boards to by linked to a “master board” that will summarize the key points from the set of boards that its linked to. The example that was providing here, is that previously status reports occurred as follows:
Employee receives reports from multiple teams → Employee summarizes reports for status meeting → Employee receives feedback → Employee makes updates → Employee receives comments during status meeting → Employee updates based on comments and re-distributes. Monday is trying to simplify this manual process so that everything happens instantaneously on the “Master Boards” with minimal intervention. They mentioned that this will also be able to be integrated with other tools, and trigger actions from other apps.
(3) Apps Marketplace
These are Monday’s apps that customize workflows further based on its developer ecosystem [4]. They mentioned that they now have 3x the amount of apps and 2x the amount of developers contributing to the creation of these apps compared to last year. The key update will be new app analytics that will provide developers feedback on their apps, so they can know what users are using, what is/isn’t working, in order for them to enhance their apps further.
(4) Enterprise Offering
Monday’s focus for their enterprise customers is centered on security. They indicated that they will add:
-Admin governance at scale: to manage account grids with many departments and thousands of users, simplifying the centralization of control
-Permissions: rolling out unique permission models to allow organizations to define custom roles
-Security compliance: including tenant encryption, “bring your own key” [5], and building new data centers in APAC
A reminder that enterprise customers play a pivotal role in Monday’s revenue growth. Customers with >10 users accounted for 65% of ARR when they published their S-1 (up from 53% in 2019) [6]. It wouldn’t be surprising for this figure to already be in the low 70%’s since they grew customers with >$50,000 in ARR by 226% in their last quarter [7].
(5) Teaming Solutions
These are a set of Monday’s solutions that are tailored for specific teams to collaborate. They currently have 6 of these tailored solutions: Marketing and Creative, Software Development, Sales and CRM, HR, IT, and Operations. While they hinted at potentially rolling out new solutions the updates are mainly enhancements to the existing ones, such as:
-CRM: the ability to manage pipeline (leads and deals), post-sales process (client onboarding and customer support) and sales operations (quota attainment, legal documents)
-Marketing: the ability to manage campaigns, events, and product launches; and the creative process (annotation and approval, requests and production)
-Software: product management (backlog, priorities), software development (bug tracking, incident management), and product design
One point that stood out, is a quote that was mentioned multiple times about becoming “the only tab you have open at work.” A decade into Mark Andreesen’s “software is eating the world” publication [8], rationalizing the hundreds (if not thousands) of software (and legacy) applications in enterprise ecosystems is a crucial task that is being undertaken across companies of all shapes and sizes. Hopefully this can provide clarity on steps that Monday is taking to become the Operating System for work.
-RMTZP
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[1] https://www.elevatebymonday.com/
[2] https://monday.com/workdocs
[3] https://monday.com/project-management/features
[4] https://monday.com/marketplace
[5] https://cpl.thalesgroup.com/faq/key-secrets-management/what-…
[6] https://discussion.fool.com/project-management-software-overlook…
[7] https://discussion.fool.com/mondaycom-q2-2021-results-34906482.a…
[8] https://a16z.com/2011/08/20/why-software-is-eating-the-world…