Supported by increased software capabilities, rising costs in major tech hubs such as NYC and SF and a re-thinking of what a work-life balance should look like, “the office” as we know it is shifting quickly. Whether it be established companies integrating remote working options for their employees or companies operating entirely remotely, this trend is here to stay.
Currently available products such as Tandem.chat enable seamless collaboration and management efforts, and are able to integrate with other existing workflow tools. However, very few provide actionable data-driven insights or automation. By integrating AI with remote working software, remote teams will be able to collaborate and plan more effectively than ever before.
Remote working software is expected to grow stronger in 2019, and the main players have yet to incorporate much (if any) AI into their platforms. As such, we see growth opportunities based around integrating AI into three main remote working software categories:
1. Task & Project Management Category. These software products foster team collaboration as they allow you to stay on top of tasks and the status of projects. Some leading companies in this area are Asana, which acts as a sort of personal assistant, and Trello, a Bowery Capital favorite. Moving forward, AI will help automate and maximize the efficiency of assigning tasks, deadlines, and other project logistics.
2. Team Management Category. These software products help companies manage their employees, from on-boarding to tracking time and productivity and more. Teamwork, for example, allows you to track hourly progress to boost productivity. iDoneThis allows managers to stay focused on the big picture of their remote staff’s work by having their team members check in daily. AI integration will provide managers with more actionable insights based on the continually growing internal databases these products provide. Furthermore, AI will be able to identify strengths and weaknesses and potential plans of action for individual improvement.
3. Payroll & Taxes Category. These software products help simplify payroll, taxes and other HR functions such as benefits. Gusto, for example, helps handle the complexities of payroll and taxes with remote workers in another state, but having remote workers based in another country creates a new set of challenges (largely due to the fact that most companies that utilize international remote employees hire them as independent contractors). SigmaIQ is an innovative company that uses an AI-powered matching reconciliation engine, maximizing margins and maintaining compliance for complex transactions. However, there are currently no software products that focus on streamlining international hiring and payroll. Keep an eye out for companies who seek to leverage AI when it comes to cross-border compliance, assessing labor market arbitrage and other insights as to where they can and should hire new talent.
With remote working software, companies are able to secure more specialized workers while paying lower salaries. They also tend to see an increase in productivity among those who are granted work flexibility paired with lower turnover. Furthermore and perhaps most significantly, companies are able to source the best talent from around the world to collaborate. Employees benefit from higher standards of living, lower commuting costs and generally more opportunities. AI integration will provide insights and automation to this process, enabling companies and their employees, wherever they may be, to maximize productivity.
If you liked “AI Opportunities: Remote Working Software” and want to read more about our take on AI, check out “Enterprise AI: Why It Matters & What Will Drive Adoption” and “The Four Waves of AI” on the Bowery Capital Blog.
Below we have compiled a list of metrics that could be relevant for most B2B marketplaces and hope that it serves as a framework for tracking KPIs for success.