From small startups to large enterprises, Monday.com (also Monday for short) caters to a diverse range of teams and industries. Whether you’re managing marketing campaigns, developing software, or organizing academic projects, Monday can be your secret weapon for boosting efficiency and achieving your goals!
Monday recently hosted their annual conference, Elevate 2023, to discuss their year-in-review, upcoming project and service updates and launches, share success stories, and more! If you were not able to attend virtually or in-person, no worries—we at Baseline Innovations have some of the highlights!
Vision and Mission
Monday is passionate about “giving people the power to build software that works for them“. The market has continued to respond favorably toward their unique contributions to the marketplace. The company went public 2.5 years ago, and now currently has 186,000 customers and about $723,000,000 in revenue in 2023. A key component to Monday’s success is their vision and mission, and, even more so, their pursuit of it.
The following summaries from Elevate 2023 highlights Monday’s pursuit of building software that works for their customers and users.
2023 Year-in-Review for Monday
There were six primary highlights from Monday for 2023:
1. Platform Experience
New features were implemented from the Monday team, including: workflow builder, Artificial Intelligence (AI) assistant, and automation visibility and control. Many other features were introduced thanks to the community feedback, including: lock view, data picker, and prioritize ‘My Work’.
A huge adjustment was the introduction of mondayDB, which is the engine to all Monday services. It is now currently in use and will continue to be updated over time for speed improvements and scalability. As of now, improvements from the mondayDB implementation include speed, performance, scale, and flexibility of their suite of solutions For example, the speed of Monday’s products has become about 4 times faster than before its implementation!
2. Multi-Product Offerings
The full suite of solutions for Monday going into 2024 now includes: Monday Work Management, Monday Dev, Monday Sales CRM, Monday Workforms, and Monday Workcanvas. There is more to be expected in the future from Monday; however, the primary focus here was on Monday Workforms. which helps to receive information internally or externally, and Monday Workcanvas, which is a real-time whiteboard collaboration tool.
3. Monday AI
Monday AI was fully launched in 2023 and it includes a suite of options including AI Automation Blocks, and Monday Bots. The goal of bringing AI into Monday is to put more power in the hands of business owners. Atomic AI capabilites enable Monday customers to become AI no-code or low-code businesses! In essence, Monday is bringing everyone the power of AI.
Future implementations could include sound to text conversion and image to text conversion.
4. Monday Sales CRM
Monday Sales CRM is one of the fastest growing Monday solutions. There has been 700% year-over-year growth from 2023 alone! In fact, as of today, G2.com has Monday listed as the #4 CRM out of 655 as the best CRM softwares! Because the Monday Sales CRM is built on the Monday infrastructure, you get the benefits of their suite products and services. In conjunction with a full suite of integrated solutions, Monday Sales CRM has the added benefit of their AI.
5. Marketplace
The ecosystem of Monday’s integrated apps via open APIs for partnerships continues to grow. There are currently 393 marketplace apps, of which 218 are collecting payments. Additionally, there are over 700+ app installs. The growth is expected to continue as the platform continues to grow.
6. Enterprise-Grade Offering
There are a number of new and updated features released by Monday in the past year, including: custom roles access control, seat management and billing by department, and teams as a governance tool. This is a quickly growing offer for large-scale businesses. In fact, Monday recent closed their largest deal: 25,000 seats!
Bonus: Social Initiatives
10% of the company’s equity has been put aside for doing social initiatives. Monday is attempting to digitize nonprofits to meet global and local impact needs. They have recently founded an emergency response team that began with COVID and has since evolved to help organizations around the globe to digitize their processes and enable increased data decision-making in areas of crisis.
Some of their impact in 2023 includes planting 265,000 trees, respond to 26 crisis events, offer $44,000,000 worth of software for NGOs, $2,000,000 grants, and around 11,700 volunteer hours related to these global initiatives.
2024 Product Roadmap
mondayDB 2.0
mondayDB 2.0 has had many releases beginning in 2023. As of today, it is fully released and is the engine running all of Monday’s suite of solutions. It is the infrastructure helping each of their tools and systems to run, increasing their performance. For example, the next release in early 2024 will allow up to 100,000 items and connections, which is ten times more than what is currently possible!
Monday AI
Monday’s goal is to democratize AI without the need for coding experience. The AI available through Monday is currently their AI Assistant, AI Automation Blocks, and Monday Bots. AI Assistant saves you time in your work. AI Automation Blocks allows for no-code building. Monday Bots takes work off of your team’s plate by becoming another team member to work on your behalf, eliminating the mundane.
Standardization Toolkit
The standardization toolkit that Monday is procuring will allow you to enjoy flexibility while ensuring governance and control. You will be able to save time on tedious manual work by creating your own institutional standards and enforce it across the organization.
You will be able to updates columns and boards across your organization in a centralized system. And best of all, it will happen simultaneously through the click of a button!
Next Generation of Boards
The next generation of boards that Monday will be producing will allow you to group by capability, reorder your views, version your boards (allowing you to restore previous versions of your board!), perform batch actions more easily, customize item pages, and define mandatory fields and validations.
Security, Governance, and Access Control
Next year, Monday will introduce a series of updates related to security, governance, and access control. This will include the following:
- Tenant-level encyrption and 'bring your own key'
- Data leak prevention
- Management of users at scale and integration with user management systems via open APIs
- Managing guests through teams
- Account insights across departments on dashboards
- Granular board permissions through custom access roles
- Conditional data permissions
The Future of Work
Amongst all the discussions of the past and future of Monday, there were several discussions related to the future of work, which has become a huge point of discussion with the introduction of ChatGPT, Bard, and other AI’s leveraging Large Language Models (LLM). Here is a summary of key insights from various presenters:
Professor Dorie Clark
Professor Dorie Clark (Columbia Business School) discussed how generative AI will transform our work in 5 primary ways: 1) Timelines will likely shorten. 2) Proactivity will become even more important for business productivity. 3) Creativity will become more valued. 4) Success metrics will be adjusted, especially for how people are managed. 5) Employee time-management will change.
Professor Modupe Akinola
Professor Modupe Akinola discussed how leaders need to begin asking questions related to how to keep employees engaged and happy as the AI revolution begins to take off. Additionally, organizations need to be competitive with their scarce resources. AI will continue to bring costs down, so more organizations will need to leverage what humans bring to the workplace. Lastly, the workforce of the future needs to understand their employees better. For example, helping employees to manage conflict, stress, and opportunities will become more vital.
Entrepreneur Piers Linney
Entrepreneur Piers Linney discussed how work will be augmented by AI. Automation of the mundane will help people to focus on more meaningful work. Value creation through creativity will be more highly favored. Diversity will be made more possible and necessary. Inclusion will be key to people experiencing belonging, encouraging people to stay longer. Lastly, working when and where you want will become more possible!
Empowerment Framework of Monday
Led by Mike Lamm, VP of People Americas, this final session presented by Monday staff expressed one of their frameworks for empowering organizations. In this presentation, he shares five principles for empowering organizations and teams:
First, encourage horizontal leadership. Horizontal leadership is how people show up as a leader in a group of peers or colleagues.
Second, focus on mentorship, not just management. Leadership is about impact, not title. In fact, talent density is a large focus today, but Mike suggests that we should focus more on impact density.
Third, protect failure. Allow people to fail, even when it is hard to encourage failure. Allow for educated risk-taking environments, which will require leaders to foster this. Build a path for teams to know which risk to incur.
Fourth, check your influence. Impact follows your influencers, so bring a discerning eye and develop an environment for positive impact.
Lastly, empower through empathy. Focusing on psychological safety will help your leaders to develop empathy for greater team goals to be met and exceeded.
In Summary
2023 was an exciting year for Monday, and 2024 has potential for more opportunities for the company and those utilizing their products and services. Check out Monday’s products and services here. Exclusive deals and pricing available to you and your business through Baseline Innovations today!
Thank you to the Monday team and all of the guest speakers who shared their success journeys! You, too, could be a part of the success happening at Monday today. Connect with Baseline Innovations today for a free consultation about Monday products, services, exclusive pricing, and more!
