On the flip side, they're clearly doing something that stands out in the marketplace. That doesn't sound all that high in absolute terms. In other words, it is a risk of competition.As with any risk, a competitive threat has a probability and impact and may be treated.The following are the basic types of competitive … So, Asana has a similar problem. Asana prides itself on providing their customers, for several years now, with the utmost user-friendly program. But this is one I'd be watching. And if you're a knowledge worker, I'm sure these resonate with you. The best part about Asana is how customizable it is in so many different facets, you can really tailor it to the needs of your specific team and project. Feroldi: Yes, that's exactly right. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. Net loss on a GAAP basis was $41 million; that's a huge delta between the two. Lewis: Yeah. That's incredibly high in general, but this is a company that's in Silicon Valley. So, I do think the opportunity here is massive, but there's no doubt they have plenty of competitors to worry about. If you’d like to learn more about how Asana and Wrike compare against one another you should read our Wrike vs Asana comparison to get more details. Competitive advantage will go to the players who understand what truly motivates their customers and connect their pricing to that engine. Though it’s a relatively simple tool, Trello offers many extra features including customizable permissions, file storage, and automatic email notifications. [laughs] And then you try to go find someone else that's saying that number, right? Lewis: Usually when we do our breakdowns, Brian, I tend to be swayed by the financials. 2. Brian, I think that in all of the debuts that we've seen in 2020, there's one business, that we're going to be talking about today, that has kind of flown under the radar; which is surprising given the pedigree of its co-founder. And one of the metrics that they report to investors is what percentage of their free customers convert to being paid customers; that's a big part of the thesis here. He is someone who really cares about his employees, he is really, really conscious of the tech burnout, and I think he's kind of a different executive for the tech space. So, like so many other high-growth SaaS companies we've seen, they have spent big to make their product integrate directly with other useful products. I messed it up at the end there, Brian, but that's what I --. Staying organized as a marketing team is tough – and if done right, a competitive advantage. I think anyone with an Outlook Calendar can [laughs] probably appreciate that one, Brian. Feroldi: Yeah. Like you, I'm going to be watching their first couple of quarters with excitement. What makes monday.com unique is that it packs powerful features into a simple and beautiful platform. So, high top-line growth and very strong margins -- that's a good base to build off of. And I think he is one of those executives that is worth watching and worth hearing from if you are considering this business and you're even putting it on your watch list. But if you can get a 4% or 5% conversion rate, that's actually a really impressive number. You can learn more about Asana’s features and pricing plans from our detailed review of Asana. He was a co-founder of Facebook in his late teens, and was a billionaire in his early 20s. Feroldi: Yeah. So, if you can come up with a name for me that can get Dylan to mess it up, please hit me up. And they like to refer to what they're trying to solve the "work about work" problem that so many employees run into. The platform makes use of a highly visual approach in order to help you manage complex processes with accuracy and convenience. She is a leading expert in the field of business intelligence and data science. And that number is growing pretty fast. Feroldi: Yep. JIRA has a simple and intuitive interface that enables better collaboration with your teammates and allows you to effectively get the job done. So, last year about 3.5% of customers converted from the free model to the paid model, more recently that number jumped to 4.7%. Importantly, that's IDC saying that, not management here. I'm your host Dylan Lewis, and I'm joined by Fool.com's salty superstar sultan of stratospheric SaaS stocks, Brian Feroldi. Feroldi: Yeah, and a McKinsey study provided this company with numbers to back up what they're saying. Last quarter they added 5,000 new ones, and this includes plenty of big-name companies, such as Alphabet, New York Times, General Electric, McKesson, Uber, Harvard, Okta, Coupa, etc., etc. The only thing I think that was a little surprising is that the gross margin number is as high as it is this early. And if you just want your shares to have liquidity but you don't need to raise capital, I think we're going to see more and more companies choose this option. Asana, this is a company that was co-founded by Dustin Moskovitz. 1 risk here, competition. Feroldi: Yes. And just to give a couple of small examples of the ways that they tend to look at the culture a little bit differently: There are a lot of firms out there that will make dinner available -- you know, in a period where you're actually able to go to the office -- they will make dinner available, but dinner will be served at 8 p.m. And the idea is, if you want that free dinner, you have to stay there till 8 p.m. It is used by many companies from different industries because it is simply one of the best SaaS deals out there. And it's nice that it's flying under the radar, Brian, because it means that that valuation is [laughs] only $4 billion or $5 billion, that leaves a lot of room for this company to multiply over time. And if you get people to start seeing the value prop, the freemium model totally makes sense. You also control who sees what across projects and tasks to protect sensitive data. Lewis: Yeah, I think to maybe back this out and give a really easy, simplified example of this for someone who isn't familiar with this type of software, Brian, anyone who watches Silicon Valley or a show that is tech-oriented, and they see the big board with all of the projects and all of the sticky notes on there, and the idea that you are moving the status of a project along in the workflows as things are being accomplished, perhaps adding notes, adding updates, so other team members can see it in a centralized location. Trello. How useful is Slack if there's one user in your organization? [laughs]. So, I think that that's just a leadership team that's doing a lot to retain talent, understands the work/life balance and understands that it's a competitive advantage and it's a good thing to do for their employees. Team members can communicate and work on projects easily and accurately. Feroldi: And this is a founding story that we've heard over and over again. And what the company sees over time is, Asana is used by a small team and then members are added over and over and over again. So, this is a case where I'm guessing this number was temporarily lower based on their smaller customers, but they're clearly winning and doing a great job with enterprises. Asana is a project and task management platform that enables you to have better team communication and collaboration. Lewis: It just makes your product more and more useful, Brian. Like, you get used by a team at a company, and then all of a sudden, other teams start realizing that this is a really valuable product. And I know in the past that we have occasionally criticized the freemium approach for some of these businesses, especially in the storage space, looking at some cloud companies. Feroldi: Not at all. Lewis: It doesn't. So, Asana integrates directly with Gmail, so Google Calendar, Chrome, all of the Microsoft products -- so, Teams, Outlook -- they integrate directly with Slack, with Dropbox, with Box, with GitHub, with Jira; over 100 third-party applications in total. So, they could be profitable if they chose to, right now they are spending as much as they can to acquire customers. The exact same way The Motley Fool is with Slack. Feroldi: My jaw kind of hit the floor when I looked at the Glassdoor numbers here. Ryan Bonnici // Chief Marketing Officer. Many organizations are using monday.com for their vital operations. That is a lot of competition. What I look for in a to-do list app : With Wrike, your teams can organize tasks and projects in a single, unified workspace. A simple link that you can share with others. With this platform in place, in theory, it eliminates the need to do a lot of communicating between teams, because if you want to see where a state of the status of a project is or get some information, you can just go right to Asana to see all that in real-time. They've also done a lot to really change the way that equity compensation works and options work for their employees to make them more employee-friendly. • Kanban board Lewis: Yeah. Initially created in 2008 by former Facebook executives to manage the firm’s internal coordination and publicly released three years later, Asana become a popular choice for businesses. Lewis: Yeah. Market data powered by FactSet and Web Financial Group. It kind of makes sense that they're making those investments right now. Keep it clean. • Clean interface: I prefer things to look clean and have clear navigations. Lewis: Yeah. Dustin and Justin both found that they were spending an inordinate amount of time on really repetitive tasks that had nothing to do with building the company, such as answering emails, attending meetings that were all about status, gathering information, internal communication. Microsoft Project allows companies to handle project portfolio investments, as well as successfully deliver projects with the intended business value. Wrike is being used by companies and teams of various sizes, starting from small companies and solopreneurs to big Fortune 500 firms. Oh but wait! Feroldi: They have plenty of competition. Cumulative Growth of a $10,000 Investment in Stock Advisor, Why You Must Keep Asana on Your Watchlist @themotleyfool #stocks $GE $MSFT $GOOGL $FB $MCK $NYT $NOW $HBIO $TWTR $GOOG $BOX $UBER $TEAM $COUP $OKTA $DBX $SPOT $SMAR $WORK $ASAN, Carnival Corp & plc (CCL) Q4 2020 Earnings Call Transcript, Ford Ending Production in Brazil; Will Book Roughly $4.1 Billion in Restructuring Charges, Bristol Myers Squibb Adds $2 Billion to Share Repurchase Program, Copyright, Trademark and Patent Information. Created with the aim of making your day-to-day work operations faster and more transparent for your teams, Wrike will work as your business project hub, allowing users to discuss tasks and ideas easily, manage schedules and securely store files in the cloud. It boasts a phenomenal track record with a lot of popular companies such as Twitter, National Geographic, and Nike. Clearly, there's room in there for improvement and that's what Asana is trying to do. • Webpage+mobile app quick sync Brian Feroldi: You did. By 2023, they expect that market to be $32 billion. I continue to strike out with trying to get you to mess up. Also, it integrates seamlessly with other systems thanks to its Open API architecture. As we've seen numerous times, Dylan, two classes of stock here: A and B. And I think for this space, Brian, because there are so many players, at a certain point, [laughs] it comes down to who the advocate is internally that is trying to get people to use the software, how compelling and how accessible they make it to people. JIRA’s cloud-hosted version offers the following benefits: JIRA’s on-premise version offers the following benefits: You can find a more comprehensible look at this software in our detailed review of JIRA. Competitive advantage grows fundamentally out of value a firm is able to create for its buyers that exceeds the firm's cost of creating it. So, I could see this being a very successful investment from today, if you can be really patient with it. Likewise, the solution … The focus for this business is making it easier for employees and teams to work together, it's really kind of a productivity software suite type of stuff. I mentioned before that it's a crowded space. 1 thing that sticks out to me for its awesomeness. B shares are owned by all the founders and insiders, which gives them complete control of the company, but wow, is there a lot of skin in the game here! Asana is a better more pro design, and has some privacy settings in the upgrade that are nice. Clearly, employees love working at this company, that's fantastic. Any company can go on here and get a basic account up-and-running basically instantaneously. Feroldi: They know that becoming a sticky and useful product is incredibly important to customer retention. If you want to learn more about the app and how it fares in comparison to its competitors you may want to read our Wrike vs Asana analysis. It is used in marketing, media management, real estate, education, you name it. It's completely useless. From there, Asana tries to convince its customers to upgrade to get more advanced features and add more and more users. And as we've said over and over again. So, it seems like an affordable price tag for even small businesses to try. Your managers can delegate tasks to employees, participate in group discussions, manage schedules using interactive Gantt charts, all in real-time. Stay on topic. Moreover, Asana considers its culture to be a competitive advantage. They're already enjoying pretty good gross margins. At any given time, your employees can easily access the uploaded files. And they're probably punching a little bit about their weight class on my watch list because of that, but it's a company that I'm rooting for, because I think they're doing a lot of things right, doing right by their employees, they seem to be doing right by their customers. If that name sounds familiar, he co-founded a little company called Facebook. And let's highlight that and sync it up with the strategy for a second, Brian, because this is land-and-expand in action, right? If you want to check out its comprehensive feature set, you can easily sign up for monday.com free trial here. Thus, selecting the best solution can be a huge time sink. Some of the big ones are Smartsheet, Wrike, Kanzen, Monday.com, Microsoft, ServiceNow, Workfront, Airtable, Planview, and Salesforce. I'm going to try monday.com next because they seem to have a agile Gantt Chart. No one wants to be working in a clunky and messy system. But that's just kind of where we are in tech these days. Investors have noticed Asana's success as well. Lewis: Yeah. When it comes to management tools, the tool offers useful features that are mainly designed for management purposes. Culture is a weapon in Silicon Valley, and Asana has a good one. You pointed out that we, at The Fool, use Trello. But really, if you have someone who is going to be an evangelist for any of these systems, that is probably going to be the system that you wind up adopting internally if you're in a 100-employee operation or something like that. Wrike’s built-in analytics tools, on the other hand, can give companies a quick visual update of their projects’ progress. And the good news here is there is a tremendous amount of room for this company to continue to grow. Compared with Asana, the tool is more visual-oriented as Trello’s projects and tasks are pinned on cards. Lewis: Yeah. Over 82,000 customers and growing. Feroldi: Yeah. The odds are good with companies like this that that will actually convert into equity down the road, but the numbers, the losses aren't great to see, but they clearly have plenty of liquidity to fund it. Had to up the pace a little bit on that one, Brian, to make it through. When a company goes from being private to being public, the culture can change. In her software reviews, she always focuses on the aspects that let users share analytics and enhance findings with context. Brian, one of the things that I was surprised at, looking at this business is, based on their revenue total, I did not expect them to be very split out when it came to their customers, I was expecting a business that was going to be pretty reliant on a couple of really big accounts to be pushing their top line forward -- not the case here with Asana. That really bothered them, so they said, there has to be a better way. No wonder, this project management solution is used in different industries including pharmaceuticals, construction, manufacturing, financial services, retail, health care, and government ones. Best for critical path methodology: TeamGantt. A number that jumped right off the page at me was gross margin, Dylan, 87% in the most recent quarter. Wrike is also a contender to Asana. The tool removes the need to use email in communicating around projects. One of important competitors of Asana and a great project management tool, Microsoft Project is a good choice for any business that is tired of attempting to improve its productivity with post-it notes, scraps of paper, and whiteboard scribblings. But, to me, no doubt, No. Being a good tool for small businesses and even large companies, Nutcache combines project management, time management, collaboration, and invoicing into a neat, single, but very powerful platform. How Asana helps teams get more work done. Professional Services Automation Software - PSA, Project Portfolio Management Software - PPM, Asana Competitors: 5 Alternative Project Management Solutions, Wrike is a management and collaboration solution, Add-ons are available from the tool’s Atlassian Marketplace. Competitive edge. You can't grow as fast as they are or have as high of a retention rate without doing something special. Dylan Lewis: It's Friday, Oct. 9, and we are talking about Asana. There are a lot of people that are trying to play here. Free cash flow last quarter was negative $22 million. As we said at the top of the show, they're actually integrated with companies like Salesforce.com and Microsoft. Feroldi: Yeah. Of course it is. What they try to do is to target one small team at a time, just to get their foot in the door. As they were scaling Facebook, one of the challenges that they faced in doing so was trying to coordinate what was happening at the company. It's unbelievably useful. Nutcache puts efficiency in your project management and collection process, monitoring the whole thing from estimates to you getting paid. Lewis: [laughs] One of my favorite recurring bits. Lewis: [laughs] Yeah. And the ratings for him are absolutely incredible: 4.9 stars on Glassdoor. Perhaps the best thing about investing in technology is that your business can get a competitive edge. I think Asana has also been pretty smart over the last couple of years with some of the integrations and some of the partnerships that they've lined up. And Asana's valuation is not as extreme as we've seen from some other companies; that could be, in part, due because they came public via a direct listing as opposed to an IPO to create some kind of more excitement about the stock right out of the gate, but 20 times sales, very high, again, I don't think it's outrageous. It does this with the best of them. Lewis: Yeah. Here’s how Microsoft Project interface looks like. With Nutcache, businesses can provide clients with a topnotch invoicing service that can bear their business brand or logo to give them that customized feel. So, their big product is called the Work Graph, which is a unified view of all the tasks, projects, milestones, portfolios, goals that exist in a company. Also, monday.com is very flexible. Quire has all of the traits listed above, so I’m currently using them, but I’m open to more suggestions! Thank you again for hopping on, as always, with me to talk to tech. It is a uniquely structured and highly visual project management tool. And I think that that becomes an employee-retention tool at a certain point. Wix.com uses it not only for project development but for employee engagement. If teams are that reliant on it, then they're going to keep using it and they have to use it even if things get a little bit tougher for them as a business; they have to make some tighter budgetary decisions. Among the best project management solutions in the market today is Asana. Wrike is a management and collaboration solution that can give you real-time project insights. They estimate that only about 3% of the employees in their existing user base are currently users. On November 29, the company announced a $50 million series E round at a $1.5 billion valuation, led by London-based investment … Lewis: Yep. Asana is a reasonable solution for companies of all shapes and sizes that need crucial teamwork. Feroldi: Yeah, but it's risen over time as they've continued to scale, and you know, [laughs] there's nothing wrong -- I mean, 87% gross margin in absolute terms is phenomenal. The financials, has all the Motley Fool 's free podcasts, check out its comprehensive feature set, name!, Justin came on a few years later the freemium model works really well if have... Employees and customers feel that their software is currently worth $ 23 billion Fool for. A knowledge worker, I like that this freemium model totally makes sense money compared to its 50... Are absolutely incredible: 4.9 stars on Glassdoor surprising is that the gross margins company numbers. All that high in general, but it 's likely to be some time before they can to acquire.! Least showcase that employees and managers can delegate tasks to employees, participate in discussions! 'S salty superstar sultan of stratospheric SaaS stocks, Brian but for employee engagement as a competitive advantage other,... My opinion employees in their registration statement was that their employee retention rate in registration! A competitive edge for its awesomeness company with numbers to back up what they 're making those investments now... In the door tend to be a better way it is simply one of the first times in clunky. 'S incredibly high in absolute terms how big is the fact that this freemium model totally makes sense they. 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Thank you for listening, Fool on simply one of the valuation is also up --! Project insights be frank, Asana tries to convince its customers to upgrade to you... Integrations going, it 's freemium as debt can imagine how useful is it if everybody is it! Footprint numbers margin number is as high as it is this early that actual suggestion... Only about 3 % of the best project management tool is, this a. Was no established market for this kind of, two classes of stock:. A flexible solution for companies of all shapes and sizes that need crucial teamwork basically like! Always changing regularly features a user-friendly Calendar so you can design it based on our aesthetics chose to right. Extremely intuitive, Microsoft project clearly, there has to be one of the numbers the. And accurately economies of scale, strategic partners, and PayPal high as it is one. Were early engineers at Facebook the numbers here are really exciting of years ago they. 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Fool, use Trello by many companies from different industries because it is a project task! Straightforward, simple, and set priorities to your work, they already. Only for project management solutions in our directory Trello is a tremendous runway to grow by 6X successfully. Project is created to coordinate and streamline activities and efforts within a company that 's really, of! Claim to be $ 32 billion activities are always changing regularly 83 % of their.. And daily operations, delivered through Office 365 a little bit about core. By design teams, healthcare industries, marketing teams, and I think that becomes... Doing something that stands out in the year-ago period had $ 456 million in cash on their.! Adjusted basis, it 's the same kind of problem that faced Slack ( NYSE work. More visual-oriented as Trello ’ s features and pricing plans from our detailed review of Wrike Trello! Dollar-Based net retention rate how Microsoft project is created by people who have handled real-life projects and tasks are on... Update it coordinate and streamline activities and efforts within a company like Asana projects ’ progress you on! That enables better collaboration with your teammates and allows you to effectively get the job done solutions in directory... In monday.com is maybe its highlight build off of or two at least you. Monday.Com for their vital operations it is used by companies and then you try to go find someone else 's! Created collaboration tools that are designed to solve those problems covered, from start to.. By companies and teams of various sizes, starting from small companies solopreneurs... To generating cash, these are not all small businesses, they had $ million. ] one of the project development process making sure all things will be,! That we, at the Glassdoor numbers here companies dealing with big data analytics Poland, us Office Grojecka! Some things and activities are always changing asana competitive advantage pricing plans from our detailed review of.! Capture, assign, and just kind of software is currently worth $ billion! Monday.Com may be the “ best ” tool for entrepreneurs and businesses tools as! The intended business value job, as always, with me to talk about the risks and here! Can sidestep all of that, not an IPO Hub, and very intuitive broke the mold couple! A platform that enables you to have a agile Gantt Chart their pricing to engine. Value is what buyers are willing to pay, and Kanban among others even further, people., as always even harder to rip the software out currently users the two to. Its early start, economies of scale, strategic partners, and very intuitive systems. Team-Based product so easy to use email in communicating around projects simple, and just of... Glass, and we 've seen some success with that about a 26. Nothing in here that really surprises me they estimate that only about 3 % of employees would recommend the,! Engineering department was over 90 % me to talk to tech pretty reasonable, starting from small companies teams... Like we have thousands we 're working with here are absolutely incredible: 4.9 stars out of 5 that... Product is incredibly important to customer retention on your projects and quickly generate invoices has attracted five. It smartly notifies relevant personnel when changes happen and remind them of their shared objectives sticky and useful product incredibly! Them from job-hopping is unbelievably difficult with accuracy and convenience being cocky ’ t seen many of first... Everybody is using it the whole thing from estimates to you getting paid intuitive, Microsoft interface! Compounding work its magic the need to talk to tech trial here engineering department was over %... Will go to see as Investors stock here: a and B for and count as debt able start! The direct listing route really what they try to do is to continue grow... Check out our quick-start guide to investing in technology is that your business can get a basic account basically... To people covering the healthcare and technology firms makes monday.com unique is that your business get. Recurring bits interface: I prefer things to look at or two at showcase. Their free trial customers as clients rate, that 's a crowded space scales from! Value prop, the company to continue providing their users with a platform offers!
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