Polish startup building a solution for traditional document management transition to web 3.0 world, DoxyChain has raised €2.2 million to speed up security, transparency, and business workflow automation.
The early seed round was led by Level2 Ventures and backed by CV VC, Satus Starter, and Müller Medien. The fresh capital infusion will support further product development and foreign expansion to the European and U.S. markets.
Founded in 2019, DoxyChain offers infrastructure for documents, combining traditional frontends with Web 3.0 features. Talking about what’s in the pipeline in the coming months, Gabriel Dymowski, CEO and Co-founder of DoxyChain informed: “In October, we are launching DoxyCert and DoxyConnect. DoxyCert is a toolkit that allows clients to issue blockchain certificates, also as NFTs, which will be used as undeniable proof of authenticity or ownership. The second major platform feature is DoxyConnect, which will serve like a data room. Built on the blockchain, it lets the parties of a document exchange transact in a secure and easy way never seen before.”
Piotr Żelazko, CTO and co-founder of DoxyChain said: “The startup is now building a modular infrastructure that allows clients to develop their own tailored advanced workflows and use cases on top of it. Such an infrastructure will be our seed milestone.”
“The main economic value relies on process automation with smart contracts. Instead of building costly blockchain foundations software developers will focus on improving processes and user interfaces, leaving entire decentralisation and automation to DoxyChain,” added Adam Rudowski, co-founder of Level2 Ventures fund.
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Published: 13 Dec 2022
There are many ways that project management can contribute positively to audit quality. It can assist with the management of the audit team and associated resources, with aspects of audit planning, execution and completion, internal and external collaborations and communications, optimising the economics of engagements, and more. When the Financial Reporting Council (FRC) reviewed results of root cause analysis (RCA) of audit weaknesses the shortlist of findings included ‘ineffective project management’.
In a previous Audit & Beyond article, we looked at How to improve audits with project management (at tinyurl.com/AB-Project-Manage). We considered the importance of audit project management, what a framework for this might look like and offered tips to assist firms in shaping and enhancing their approach. In this article we turn our attention to software.
Software can potentially be used to address various aspects of audit project management and this is reflected in the many different types of software and tech-enabled services that may be used to support and enable this. The approach you take will depend on many factors relating to the specific circumstances of your firm. These include, but are unlikely to be restricted to:
It may seem obvious, but for the avoidance of doubt it’s worth stating that when considering technology to enhance aspects of audit project management, the options are not limited to the sorts of tools that come neatly labelled or categorised as ‘project management software’ or specifically signpost their ‘project management’ functionality. For those who want to research and assess a range of options, a brief overview may be helpful.
Depending on the particular circumstances, preferences and priorities of your firm, you may or may not want or need to consider software and services from some or all of the following product groupings (being mindful that some products or services may sit comfortably in more than one grouping). To increase the utility of the following groupings, some of the many available products are offered as ‘examples’, but inclusion does not equate with recommendation.
1. Accountancy-specific and audit-specific systems with functionality that can (be accessed or switched on to) assist with aspects of audit project management.
Examples include the suites of tools provided by the likes of CaseWare and Iris, offering tools for practice management, audit automation and a great deal more accountancy-specific assistance. Karbon is another example, with its collaborative work management platform for accountants. Then there are audit management systems such as Circit and Wolters Kluwer TeamMate, and digital audit platforms such as Inflo.
2. Specialist project management systems that are not sector-specific. The term ‘project management software’ is used to describe software that can be used to manage a project with a start date, an end date and a deliverable (often including workflow automation functionality). You’ll also find the term being used to describe tools for managing ongoing work/workflow and collaboration (although the latter is also in category 3, below).
Examples of project management systems include: Asana, Ganttpro, Height, Hive, Microsoft (MS) Project, Monday, Teamworks, Trello, Smartsheet and Zoho Projects.
3. Software that addresses specific problems or use cases that could assist with some aspects of audit project management.
Some of these function in isolation, and some can be connected to work with other systems, and some ‘add-ons’ operate only when connected to another system or systems (often, with the support of the application programming interfaces, more widely referred to as APIs).

When it comes to the automation of aspects of audit project management, examples range far and wide, from tools that can be used to manage and automate parts of the bank confirmation process (Confirmation), through those that keep engagement financials on track (Dayshape), to tools that enable secure online document sharing – and they are just a few of the many possibilities.
The latter product category alone includes myriad variations on the theme. Suralink, for example, offers a request list and document workflow platform that auditors can use to automate and organise their requests, share documents and track progress. There are also numerous data room and data vault tools and platforms that can be used to securely share and track documents. At one end of the spectrum are relatively simple solutions such as Dropbox Vault; at the other end are the various multifaceted options offered by providers such as Citrix and Microsoft.
4. General-purpose spreadsheets, some of which offer built-in and/or bolt-on functionality that may be used by auditors (and other professionals) for aspects of project management.
As well as the ubiquitous MS Excel, spreadsheet examples include Apple Numbers, Google Sheets and Zoho Sheets, to name but a few.
If your firm is an MS 365 subscriber, you may want to explore MS add-ins for Excel and Teams; this may come in useful for some aspects of audit project management, such as task allocation. Look out for Planner, Tasks by Planner and To Do, which will eventually be renamed as Tasks. Why pay for additional products and services if you don’t need to?
By virtue of its flexibility, the spreadsheet offers almost limitless possibilities. It could be as simple as entering your budget, task list, audit phases, man hours and other things you want to track into multiple sheets. Or you may want to create a visual timeline chart to help you map out a schedule and phases for each audit engagement. If you think a Gantt chart might help with progress tracking, use Excel to create one.

5. Low-code and no-code workflow and business process management tools and platforms that can be used to model, develop/build and deploy automated workflow and processes – both simple and complex – by people with little or no formal coding expertise. These typically work on the ‘drag and drop’, visual design principle. Pre-built functionality and re-usable components that represent particular steps or capabilities can all be connected to create workflows, automate processes and build complex applications. Some of the categories above offer this potential for use with their products so that users can extend and or tailor the functionality already on offer. There are also standalone low-code and no-code tools available.
A recent two-page Audit & Beyond article explored the audit automation possibilities of no-code and low-code tools, so we won’t go into any more detail here.
None of the grouping types or products mentioned are necessarily better or worse than each other, or better able to meet your firm’s needs; there are simply too many variables to consider.

As with many software-related decisions, somebody in your firm will need to do some research. When assessing and comparing products, be sure to consider matters such as: ease of use and implementation, features, functionality, privacy and security, customer support and cost. These can all vary widely.
At some point on your journey, try to make time to explore products that are available as free versions and/or for time-limited free trials, particularly if you are a sole practitioner or in a small firm. It’s worth noting that some of the most expensive products are also the most fully featured and the most complex, so the price and the learning curve can be pretty high.
There’s a great deal of information available online to inform your decision-making process. Watch free demonstrations and check out what’s being said by members of user groups and product groups on social media. There are numerous product-related tutorials available from providers and ‘how to’ tips from users, and you can learn a lot from reviews. Hopefully, this article will equip you with some basic information to get you started.
“Be warned, project management is about a lot more than using software to plan and coordinate activities. IT is a useful tool, but can’t do the entire job for you.”

“Project management tools show us where things are with the audit, to avoid late surprises. They mean audit teams have a better understanding of the status of the audit at any point in the audit process.”

“Using workflow software to set up predefined sequences of steps for some processes and tasks can make things easier for those who are new to the audit team or less experienced.”

“We’ve got better at communicating our expectations to clients during the audit. Better project management technology means we can say: ‘You know what, you’ve not given us these things yet.’”
“If you haven’t used project management software, it’s hard to understand the appeal. There are free online offerings you can play with.”
“A lot of our time is spent in project management. We’ve got a lot of project management tools, so we can actually see the status of the audit.” 
“Our project management tools monitor the status of the repository for deliverables and automatically send alerts to remind the client what’s outstanding.”
“When project management is not given the focus it needs, this can lead to inefficiencies within our audit work, which can have both commercial and, more importantly, risk implications.”
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By Charlotte Trueman
Staff Writer, Computerworld |
Microsoft has launched Microsoft Syntex, a rebranding of the application as the company transforms it into a set of content apps, low-code tools and services that uses AI to streamline how organizations work with content.
Part of a new category of technology that Microsoft calls “content AI,” Microsoft Syntex—announced at the company’s Ignite conference Wednesday, and formerly called SharePoint Syntex—uses AI to automatically read, tag and index large volumes of content, connecting it where it’s needed in context and integrating offerings from across the Microsoft Cloud, from Microsoft 365 (the newly rebranded Office 365) and Azure to Power Platform and Microsoft Purview.
As processes have become increasingly digitized during the past 10 years or so, a growing number of businesses have moved all their documents into the cloud. Jeff Teper, president of collaborative apps and platforms at Microsoft, says that for Microsoft 365, that rate has grown tenfold over the last five years alone, with an average of 1.6 billion documents added to Microsoft 365 every day.
While moving toward a paperless society brought with it the promise of efficiency, the number of documents now being stored digitally has reached a critical point, meaning people are wasting vital time searching and sifting through digital files to find necessary information. Furthermore, organizations are estimated to spend $46 billion a year storing and managing content from which they derive little value.
“It’s not to say you shouldn’t have lawyers review contracts, but if you can have the AI scan a 200-page contract and say: ‘These are the three clauses that changed from the boilerplate,’ that can dramatically save companies time and money,” Teper said.
Microsoft Syntex supports more than 300 different types of content and comprises 11 capabilities. These are:
Larry Cannell, senior director analyst at Gartner said that rebranding SharePoint Syntex as Microsoft Syntex indicates that the new capabilities will play a broader role in Microsoft’s AI portfolio.
Cannell added that he’s skeptical of Microsoft’s use of “content AI” to describe Syntex, as its description of this market looks a lot like what the industry has called content management for years.
“Nevertheless, if the value is there, Syntex will give Microsoft customers more choice in meeting their content processing needs,” he said.
Teper explained that the technology Microsoft uses for its so-called prebuilt AI models, which include optical character recognition or language translation, have become increasingly refined as part of Azure Cognitive Services. This has allowed Microsoft to take platform capabilities from elsewhere in its technology stack and build them into Syntex.
However, while Microsoft is still offering APIs for professional developers, the company has tried to identify patterns that make it possible for customers to solve their unique needs without writing any custom code.
As a result, many of the capabilities that make up Microsoft Syntex employ the use of low code and no code, enabling users with little to no coding experience to get the most out of Microsoft Syntex.
Built on Microsoft’s Power Platform, a set of low-code tools for building apps, workflows, AI bots, and data analytics, Teper explains that the coding capabilities  will allow users to easily create workflows and automate business processes in a way that allows them to be tailored to their exact needs.
“Success with this integration will be more dependent on Power Automate’s resiliency than Syntex’s ability to call a flow,” Gartner’s Cannell said, adding that although he is intrigued by Syntex’s integration with Power Automate, it’s still unclear if customers will embrace the use of a no-code solution built into their mainstream content processes.
Microsoft Syntex is available now, including document processing, annotation, content assembly, content query, accelerators and more. More services are coming to public preview later this year with the rest to follow in 2023.
Microsoft will also be introducing a consumption business model for Syntex, allowing customers to scale up the family of services to best suit their needs.
Charlotte Trueman is a staff writer at Computerworld. She joined IDG in 2016 after graduating with a degree in English and American Literature from the University of Kent. Trueman covers collaboration, focusing on videoconferencing, productivity software, future of work and issues around diversity and inclusion in the tech sector.
Copyright © 2022 IDG Communications, Inc.
Copyright © 2022 IDG Communications, Inc.

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Infobird Co., Ltd
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INFORMATION CONTAINED IN THIS FORM 6-K REPORT 
 
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About Infobird Co., Ltd
 
Infobird Co., Ltd. (Nasdaq: IFBD), is a software-as-a-service, or SaaS, provider of innovative AI-powered, or artificial intelligence enabled, customer engagement solutions in China. Leveraging self-developed cloud-native architecture, AI and machine learning capabilities, patented Voice over Internet Protocol, or VoIP, application technologies, no-code development platform, and in-depth industry expertise, it primarily provides holistic software solutions to help its corporate clients proactively deliver and manage end-to-end customer engagement activities at all stages of the sales process including pre-sales and sales activities and post-sales customer support. It also offers AI-powered cloud-based sales force management software including intelligent quality inspection and intelligent training software to help our clients monitor, benchmark and improve the performances of agents. For more information, please visit http://www.infobird.com.
 

 
 
 
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According to this latest study, In 2022 the growth of HR Document Management Software Market is projected to reach Multimillion USD by 2028, In comparison to 2021, Over the next Seven years the HR Document Management Software Market will register a magnificent spike in CAGR in terms of revenue, In this study, 2021 has been considered as the base year and 2022 to 2028 as the forecast period to estimate the market size for HR Document Management Software.
“HR Document Management Software Market” Research Report gives detailed facts with consideration to market size, cost revenue, trends, growth, capacity and forecast till 2028. In addition, it includes an in-depth analysis of This market, including key factors impacting the market growth.
This study offers information for creating plans to increase the market’s growth and effectiveness and is a comprehensive quantitative survey of the market.
The global HR Document Management Software market size is projected to reach Multimillion USD by 2028, in comparision to 2021, at unexpected CAGR during 2022-2028.
HR Document Management Software Market Research Report is spread wide in terms of pages and provides exclusive data, information, vital statistics with tables and figures, trends, and competitive landscape details in this niche sector.
COVID-19 IMPACT ON MARKET
The outbreak of COVID-19 has severely impacted the overall supply chain of the HR Document Management Software market. The halt in production and end use sector operations have affected the HR Document Management Software market. The pandemic has affected the overall growth of the industry In 2020 and at the start of 2021, Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in disruptions in import and export activities of HR Document Management Software.
COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
Considering the economic change due to COVID-19 and Russia-Ukraine War Influence, HR Document Management Software, which accounted for % of the global market of HR Document Management Software in 2021
Final Report will add the analysis of the impact of COVID-19 on this industry.
TO KNOW HOW COVID-19 PANDEMIC AND RUSSIA UKRAINE WAR WILL IMPACT THIS MARKET – REQUEST SAMPLE
The report covers the major players operating in the HR Document Management Software market. In terms of market share, the companies in the global HR Document Management Software market do not have a considerable amount of market share, as the market is highly competitive and fragmented.
Some of the leading companies around the world are :
Short Description About HR Document Management Software Market:
The Global HR Document Management Software Market is anticipated to rise at a considerable rate during the forecast period, between 2022 and 2028. In 2020, the market is growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
This report focuses on global and United States HR Document Management Software market, also covers the segmentation data of other regions in regional level and county level.
Due to the COVID-19 pandemic, the global HR Document Management Software market size is estimated to be worth USD million in 2022 and is forecast to a readjusted size of USD million by 2028 with a Impressive CAGR during the review period. Fully considering the economic change by this health crisis, by Type, HR Document Management Software accounting for % of the HR Document Management Software global market in 2021, is projected to value USD million by 2028, growing at a revised % CAGR in the post-COVID-19 period. While by Application, HR Document Management Software was the leading segment, accounting for over percent market share in 2021, and altered to an % CAGR throughout this forecast period.
Highlights
The global HR Document Management Software market is projected to reach USD million by 2028 from an estimated USD million in 2022, at a magnificent CAGR during 2023 and 2028.
Get a Sample PDF of report –https://www.360researchreports.com/enquiry/request-sample/17777046
Report Scope
This report aims to provide a comprehensive presentation of the global market for HR Document Management Software, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding HR Document Management Software.
The HR Document Management Software market size, estimations, and forecasts are provided in terms of output/shipments (K Units) and revenue (USD millions), considering 2021 as the base year, with history and forecast data for the period from 2017 to 2028. This report segments the global HR Document Management Software market comprehensively. Regional market sizes, concerning products by types, by application, and by players, are also provided. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. The report also discusses technological trends and new product developments.
The report will help the HR Document Management Software manufacturers, new entrants, and industry chain related companies in this market with information on the revenues, production, and average price for the overall market and the sub-segments across the different segments, by company, product type, application, and regions.
Key Companies and Market Share Insights
In this section, the readers will gain an understanding of the key players competing. This report has studied the key growth strategies, such as innovative trends and developments, intensification of product portfolio, mergers and acquisitions, collaborations, new product innovation, and geographical expansion, undertaken by these participants to maintain their presence. Apart from business strategies, the study includes current developments and key financials. The readers will also get access to the data related to global revenue, price, and sales by manufacturers for the period 2017-2022. This all-inclusive report will certainly serve the clients to stay updated and make effective decisions in their businesses.
Get a Sample Copy of the HR Document Management Software Market Report 2022
HR Document Management Software Market 2022 is segmented as per type of product and application. Each segment is carefully analyzed for exploring its market potential. All of the segments are studied in detail on the basis of market size, CAGR, market share, consumption, revenue and other vital factors.
Global HR Document Management Software Market Revenue Led By Product Type Segment:
Global HR Document Management Software Market Leading End-Use Segment:
HR Document Management Software Market is further classified on the basis of region as follows:
This HR Document Management Software Market Research/Analysis Report Contains Answers to your following Questions
Customization of the Report
Our research analysts will help you to get customized details for your report, which can be modified in terms of a specific region, application or any statistical details. In addition, we are always willing to comply with the study, which triangulated with your own data to make the market research more comprehensive in your perspective.
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Detailed TOC of Global HR Document Management Software Market Insights and Forecast to 2028
1 HR Document Management Software Market Overview
1.1 Product Overview and Scope of HR Document Management Software
1.2 HR Document Management Software Segment by Type
1.3 HR Document Management Software Segment by Application
1.4 Global Market Growth Prospects
1.4.1 Global HR Document Management Software Revenue Estimates and Forecasts (2017-2028)
1.4.2 Global HR Document Management Software Production Capacity Estimates and Forecasts (2017-2028)
1.4.3 Global HR Document Management Software Production Estimates and Forecasts (2017-2028)
1.5 Global Market Size by Region
1.5.1 Global HR Document Management Software Market Size Estimates and Forecasts by Region: 2017 VS 2021 VS 2028
1.5.2 North America HR Document Management Software Estimates and Forecasts (2017-2028)
1.5.3 Europe HR Document Management Software Estimates and Forecasts (2017-2028)
1.5.4 China HR Document Management Software Estimates and Forecasts (2017-2028)
1.5.5 Japan HR Document Management Software Estimates and Forecasts (2017-2028)
2 Market Competition by Manufacturers
2.1 Global HR Document Management Software Production Capacity Market Share by Manufacturers (2017-2022)
2.2 Global HR Document Management Software Revenue Market Share by Manufacturers (2017-2022)
2.3 HR Document Management Software Market Share by Company Type (Tier 1, Tier 2 and Tier 3)
2.4 Global HR Document Management Software Average Price by Manufacturers (2017-2022)
2.5 Manufacturers HR Document Management Software Production Sites, Area Served, Product Types
2.6 HR Document Management Software Market Competitive Situation and Trends
2.6.1 HR Document Management Software Market Concentration Rate
2.6.2 Global 5 and 10 Largest HR Document Management Software Players Market Share by Revenue
2.6.3 Mergers and Acquisitions, Expansion
3 Production Capacity by Region
3.1 Global Production Capacity of HR Document Management Software Market Share by Region (2017-2022)
3.2 Global HR Document Management Software Revenue Market Share by Region (2017-2022)
3.3 Global HR Document Management Software Production Capacity, Revenue, Price and Gross Margin (2017-2022)
3.4 North America HR Document Management Software Production
3.4.1 North America HR Document Management Software Production Growth Rate (2017-2022)
3.4.2 North America HR Document Management Software Production Capacity, Revenue, Price and Gross Margin (2017-2022)
3.5 Europe HR Document Management Software Production
3.5.1 Europe HR Document Management Software Production Growth Rate (2017-2022)
3.5.2 Europe HR Document Management Software Production Capacity, Revenue, Price and Gross Margin (2017-2022)
3.6 China HR Document Management Software Production
3.6.1 China HR Document Management Software Production Growth Rate (2017-2022)
3.6.2 China HR Document Management Software Production Capacity, Revenue, Price and Gross Margin (2017-2022)
3.7 Japan HR Document Management Software Production
3.7.1 Japan HR Document Management Software Production Growth Rate (2017-2022)
3.7.2 Japan HR Document Management Software Production Capacity, Revenue, Price and Gross Margin (2017-2022)
4 Global HR Document Management Software Consumption by Region
4.1 Global HR Document Management Software Consumption by Region
4.1.1 Global HR Document Management Software Consumption by Region
4.1.2 Global HR Document Management Software Consumption Market Share by Region
4.2 North America
4.2.1 North America HR Document Management Software Consumption by Country
4.2.2 United States
4.2.3 Canada
4.3 Europe
4.3.1 Europe HR Document Management Software Consumption by Country
4.3.2 Germany
4.3.3 France
4.3.4 U.K.
4.3.5 Italy
4.3.6 Russia
4.4 Asia Pacific
4.4.1 Asia Pacific HR Document Management Software Consumption by Region
4.4.2 China
4.4.3 Japan
4.4.4 South Korea
4.4.5 China Taiwan
4.4.6 Southeast Asia
4.4.7 India
4.4.8 Australia
4.5 Latin America
4.5.1 Latin America HR Document Management Software Consumption by Country
4.5.2 Mexico
4.5.3 Brazil
5 Segment by Type
5.1 Global HR Document Management Software Production Market Share by Type (2017-2022)
5.2 Global HR Document Management Software Revenue Market Share by Type (2017-2022)
5.3 Global HR Document Management Software Price by Type (2017-2022)
6 Segment by Application
6.1 Global HR Document Management Software Production Market Share by Application (2017-2022)
6.2 Global HR Document Management Software Revenue Market Share by Application (2017-2022)
6.3 Global HR Document Management Software Price by Application (2017-2022)
7 Key Companies Profiled
7.1 Company
7.1.1 HR Document Management Software Corporation Information
7.1.2 HR Document Management Software Product Portfolio
7.1.3 HR Document Management Software Production Capacity, Revenue, Price and Gross Margin (2017-2022)
7.1.4 Main Business and Markets Served
7.1.5 Recent Developments/Updates
8 HR Document Management Software Manufacturing Cost Analysis
8.1 HR Document Management Software Key Raw Materials Analysis
8.1.1 Key Raw Materials
8.1.2 Key Suppliers of Raw Materials
8.2 Proportion of Manufacturing Cost Structure
8.3 Manufacturing Process Analysis of HR Document Management Software
8.4 HR Document Management Software Industrial Chain Analysis
9 Marketing Channel, Distributors and Customers
9.1 Marketing Channel
9.2 HR Document Management Software Distributors List
9.3 HR Document Management Software Customers
10 Market Dynamics
10.1 HR Document Management Software Industry Trends
10.2 HR Document Management Software Market Drivers
10.3 HR Document Management Software Market Challenges
10.4 HR Document Management Software Market Restraints
11 Production and Supply Forecast
11.1 Global Forecasted Production of HR Document Management Software by Region (2023-2028)
11.2 North America HR Document Management Software Production, Revenue Forecast (2023-2028)
11.3 Europe HR Document Management Software Production, Revenue Forecast (2023-2028)
11.4 China HR Document Management Software Production, Revenue Forecast (2023-2028)
11.5 Japan HR Document Management Software Production, Revenue Forecast (2023-2028)
12 Consumption and Demand Forecast
12.1 Global Forecasted Demand Analysis of HR Document Management Software
12.2 North America Forecasted Consumption of HR Document Management Software by Country
12.3 Europe Market Forecasted Consumption of HR Document Management Software by Country
12.4 Asia Pacific Market Forecasted Consumption of HR Document Management Software by Region
12.5 Latin America Forecasted Consumption of HR Document Management Software by Country
13 Forecast by Type and by Application (2023-2028)
13.1 Global Production, Revenue and Price Forecast by Type (2023-2028)
13.1.1 Global Forecasted Production of HR Document Management Software by Type (2023-2028)
13.1.2 Global Forecasted Revenue of HR Document Management Software by Type (2023-2028)
13.1.3 Global Forecasted Price of HR Document Management Software by Type (2023-2028)
13.2 Global Forecasted Consumption of HR Document Management Software by Application (2023-2028)
13.2.1 Global Forecasted Production of HR Document Management Software by Application (2023-2028)
13.2.2 Global Forecasted Revenue of HR Document Management Software by Application (2023-2028)
13.2.3 Global Forecasted Price of HR Document Management Software by Application (2023-2028)
14 Research Finding and Conclusion
15 Methodology and Data Source
15.1 Methodology/Research Approach
15.1.1 Research Programs/Design
15.1.2 Market Size Estimation
15.1.3 Market Breakdown and Data Triangulation
15.2 Data Source
15.2.1 Secondary Sources
15.2.2 Primary Sources
15.3 Author List
15.4 Disclaimer
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A content management system (CMS) is a software application that enables users to create, edit, collaborate on, publish and store digital content. CMSes are typically used for enterprise content management (ECM) and web content management (WCM).
A CMS provides a graphical user interface with tools to create, edit and publish web content without the need to write code from scratch.
A CMS has two components: a content management application (CMA) and a content delivery application (CDA).
A CMS, ECM and WCMS all manage content, but there are differences between them:
Features can vary amongst the various CMS offerings, but core functions include:
A CMS may also provide tools for personalization, or one-to-one marketing. One-to-one marketing is the ability of a website to tailor its content and advertising to a user’s specific characteristics using information a user provides or a website gathers. For example, if a user searches for digital cameras in major search engines — such as Google — advertising banners may feature businesses that sell digital cameras instead of businesses that sell gardening products.
Other popular CMS features include:
There are a number of benefits to using a content management system, including:
There is almost no limit to the factors that must be considered before an organization decides to invest in a CMS. There are a few basic functionalities to always look for, such as an easy-to-use editor interface and intelligent search capabilities. However, for some organizations, the software they use depends on more specific requirements.
For example, consider the organization’s size and geographic dispersion. The CMS administrator must know how many people will be using the application, whether the CMS will require multilanguage support and what size support team will be needed to maintain operations. It’s also important to consider the level of control both administrators and end users will have when using the CMS. Organizations must also consider the diversity of the electronic data forms that they use. All types of digital content should be indexed easily.
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Here are some additional guidelines for choosing the right CMS:
There are many free and subscription-based CMSes available for personal and enterprise use. Here are some examples of the more popular content management system providers:
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Digital technologies are pushing decision-making ability to the edges of the organization, allowing businesses to adopt structures that are flatter and more reconfigurable than those they have traditionally used. When AI and other software make information transparent to all authorized decision-makers on the front lines, directly and without managerial filters, it unleashes their creative and collaborative potential instead of trapping them in endless reporting and coordination loops. It can help to create, in other words, a “permissionless corporation.”
The authors contend that companies with three or four layers, faster problem-solving, and a permissionless mindset will outcompete traditional players. But making the transformation to such a structure will require companies to completely rethink how people work; it’s not enough to streamline a process here or there or take out one layer of traditional structure.
Using real-world examples, the authors detail how companies need to pay painstaking attention to performance metrics, ensure that information gets to the front line, communicate the context in which decisions are made, and leverage multifunctional teams.
Digital technologies are pushing decision-making ability to the edges of the organization, allowing businesses to adopt structures that are flatter and more reconfigurable than those they have traditionally used.
When AI and other software make information transparent to all authorized decision-makers on the front lines, directly and without managerial filters, it unleashes their creative and collaborative potential instead of trapping them in endless reporting and coordination loops.
To realize this potential, organizations must completely rethink how people work, pay painstaking attention to performance metrics, ensure that information gets to the front line, communicate the context in which decisions are made, and leverage multifunctional teams. Leaders who succeed will be those who understand how to make their people smarter at what they do.
The idea that digital technologies are fundamentally changing knowledge work is not new. We’ve been talking about the paperless office for decades. But what is less well understood is just how far technology can push decision-making to the edges of the organization, allowing businesses to adopt structures that are flatter and more reconfigurable than those they’ve traditionally used.

AI and other software can create a single source of the truth and make information transparent to all authorized decision-makers on the front lines, feeding it to them directly and without filters. That means silos and layers can give way to small teams, equipped with all the competencies needed to see a project through from beginning to end. In short, new technology lets managers make decisions and experiment in a decentralized way that enables both independence and accountability at the team level.
Welcome to what Michael J. Sikorsky has called the permissionless organization—one that uses digital technologies to unleash the creative and collaborative potential of people rather than trapping them in endless reporting and coordination loops. Its structure has far fewer hierarchical layers. One layer is likely to be customer facing, where teams work with customers and clients. There is likely to be a strategic layer, in which teams determine how strategy, budgeting, project governance, and incentives are aligned; set portfolio priorities; and specify how the organization fits into its legal and regulatory environment. There is also likely to be an operational layer that manages offerings. Finally, there will be a layer that coordinates among the project teams.
Getting to such a structure won’t happen through incremental efforts—streamlining a process here or there or taking out a layer of traditional structure. It requires a complete rethink of how people should work, giving careful consideration to how and where digital technologies can be leveraged to make it easier for the people closest to the customer to add value. In the following pages we describe the work practices that make the permissionless organization possible, using examples of companies that are already on the path to transformation.
Modern IT enables teams of people to contribute to, observe, modify, and leverage flows of information, eliminating the need for layers of management to track progress and keep others informed. But to harness IT properly, companies need rock-ribbed discipline. Most companies suffer from “digital sprawl.” They store information in a disjointed, incompatible way. According to research by Salesforce, a typical large organization has more than 900 applications running, but only 27% of them are integrated to work together.
Amazon is an exception: It is one of the most ardent implementers of digital metrics, which help teams understand the causal relationship between their actions and their results. The metrics are categorized into two groups: controllable input metrics and output metrics. The input metrics are leading indicators, while the output ones are lagging. Amazon develops new metrics through a process borrowed from Six Sigma called “define, measure, analyze, improve, and control,” or DMAIC. Identifying metrics is experimental at first, until causal mechanisms can be established between the leading and lagging indicators.
Colin Bryar and Bill Carr, authors of a book about the company, Working Backwards, offer an illustration. In the early days of its expansion from books into other categories, Amazon assumed that the more product detail pages it had on its website, the greater selection customers would have, and that would lead to more sales. The result was an explosion in new detail pages as the retail teams responded to the metric. Unfortunately, all those extra choices did not result in more sales (the output metric). Even worse, when members of the metrics team dug into the issue, they realized that the retail teams were adding items that were not in high demand just to increase the number of pages they posted (their controllable input metric).
As the company learned what would drive the desired result, it adapted its performance metric. Amazon initially measured the number of page views (so that teams didn’t get credit for a new detail page if customers didn’t view it) but then adjusted it to the percentage of detail page views for products that were in stock (so that teams wouldn’t get credit if they added items but couldn’t keep them in stock). Eventually it settled on tracking the percentage of detail page views for products that were in stock and ready for two-day shipping, which ended up being called “fast track in stock.”
Amazon does this sort of testing and refining for every one of the thousands of metrics it uses to run its business. It’s time-consuming to get right, but it allows teams to self-manage using metrics that everyone agrees represent the truth. Once a solid set of measures are in place, a business group enters what Amazon calls the “control phase.” In this phase, confidence is high enough that the metric is capturing the right information that human intervention is needed only for exceptions.
In a permissionless organization, teams are given guardrails rather than forced to work their way through tollgates. Approvals are part of the process; they don’t stop the process.
Metrics are discussed at WBR meetings, or weekly business reviews. These meetings begin at the most senior levels, and each level of the organization holds them, informed by the WBR of the level above. Notably, because there is alignment and clarity about what each metric means, the data speaks more or less for itself. The team responsible for a given set of metrics reports on them, and the group determines what actions should be taken to address anomalies.
Business unit leaders are expected to be fully prepared to offer an explanation for why the metrics are deviating from expectations or what the process to figure out the explanation will be. They also examine anecdotal evidence of deviations from norms and expectations that could be leading signals for some emerging trend or important change in the business environment.
Another way digital technologies are changing how work is done is with software that simulates real-life situations. Consider the 112-year-old Kone Corporation, which makes elevators, escalators, moving walkways, and automatic doors. About 30% of its revenue comes from providing maintenance services. A company analysis found that something seemingly simple—such as locating a problem elevator on a large campus—could take as much as half the time required for a service call. One of Kone’s solutions is to lean on digital representations of real places through building information modeling (BIM). BIM provides a virtual representation of all the characteristics of a building and its site. It is a shared knowledge resource that can be used by anyone who needs to coordinate work on a building—from initial construction to maintenance and remodeling. For instance, should a building owner suspect a leak, he might consult the virtual model of the building in the BIM, figure out where valves are located, and home in on the likely cause before sending someone to the building.
Using its BIM, Kone can now put knowledge right in the hands of the appropriate service person, facilitating faster problem resolution. On-site supervision that at one point needed to be coordinated by a human being can be conducted largely using digital technologies. Using BIM also accelerates tasks such as choosing which components should go into a new elevator and how much space to allow for elevators and escalators, activities that once depended on physical drawings and calculations and later on computer-aided design technologies.
Kone is also using BIM to vastly increase ease of use for architects and building designers. It has made several tools available for free to customers: The “elevator planner” and “escalator planner” allow an architect to enter some simple information about a project, and the system, which consists of 3D-modeling software connected to a database, produces relevant specifications. The Kone Car Designer helps people envision what the inside of the elevator car will look like.
By creating digital representations of physical objects that many team members can collaborate on, BIM reduces the need for coordination meetings and, more important, rework when one part of the specification changes but the impact on the design as a whole is not understood. The system is programmed to identify interdependencies and catches potential problems before they are built into the final product.
People can operate without coordinating functions such as committees, stage gates, and approvals only if they are clear on the context for their work—if they see how their work fits into a larger whole, as well as how their activities are aligned with those of other teams.
In 1999, the story goes, Marc Benioff scribbled Salesforce’s original V2MOM, an outline of the company’s vision, values, methods, obstacles, and measures of success, on the back of an envelope. Salesforce cofounder Parker Harris reportedly framed the document and presented it to Benioff when the company went through an IPO, in 2004.
Vision
Rapidly create a world-class internet company/site for sales force automation.
Values
Methods
Obstacles
Measures
Salesforce’s alignment methodology, called V2MOM (“vision, values, methods, obstacles, and measures”), is an example of both setting the context and letting technology coordinate activities among interdependent individuals. All employees and teams generate a V2MOM, a document that essentially replaces hierarchy and organizational charts at Salesforce. Each document seeks to answer the following questions.
The corporate V2MOM document is updated annually and cascaded throughout the organization. That helps each function, team, and individual create one for themselves that captures how their initiatives fit into the larger picture. Annie Ng, a senior strategic enterprise sales director, explains, “Since we create our V2MOMs within our Salesforce platform, everyone can see everyone else’s V2MOM at the click of a button! The V2MOM is a living document that’s intended to spark meaningful dialogue and inform decision-making throughout the year. Employees engage in conversations with their managers around their priorities on an ongoing basis.” In fact, it’s considered poor form to ask anyone to work on something that isn’t part of his own V2MOM.
In traditional structures, solving a customer problem often calls for coordinating activities among multiple parts of an organization. Things can move only as fast as the slowest party involved. But imagine creating teams that contain all the needed capabilities and have clear processes for getting help from outside the team—such as support from compliance, legal, and HR. Customer issues would no longer be splintered among different work groups, and everybody could focus on identifying, developing, and implementing the best solution.
In a permissionless organization, teams are given guardrails rather than forced to work their way through tollgates. Approvals are part of the process; they don’t stop the process. Permissionless corporations eliminate handoffs as much as possible. Teams use self-service capabilities built by support teams and avoid having to wait to become a priority. Further, they can tap into narrow expertise they don’t possess, in areas such as compliance and security. There is no need to go back and forth with people from other units because every unit has the skills and authority it needs to make decisions for itself.
The emergence of remote work on a large scale has brought to the fore a vast number of tools that help coordinate the work of people with multiple talents and specialties. Matt Mullenweg, a cofounder of Automattic, the company behind WordPress and other digital tools, describes how firms can move from conventional working arrangements to ones that allow employees to tap into one another’s expertise.
In a podcast, Mullenweg explains the evolution of the typical office from hidebound bureaucracy to high-performing, technology-mediated operation. He frames it in terms of five levels of the journey from a traditional office environment to a tech-enabled “nirvana,” a (so far) theoretical end state in which a company’s tech-enabled workplace culture is healthier and more efficient than what any in-person working environment could produce.
At level one (the traditional office), work is coordinated by people via meetings and other communication tools such as PowerPoint. Level two mimics that same form of coordination but without everyone together in one place. It’s a digital copy of the in-person office, with hours of Zoom calls, the expectation that everyone will work to the same schedule, coordination by people—or even worse, by surveillance technology—and the expectation that career progress involves some level of promotion up a hierarchy.
Companies move beyond level two when they start to deploy tools that allow many people to coordinate activities across distance and disciplines. New tools—chat and messaging apps, different mechanisms for visual conversations, and various collaboration platforms—are widely used in level three.
At level four, the organization enters a phase Mullenweg calls “async,” in which it rethinks how work gets done in order to use technology to achieve coordination and alignment. Transitioning to async involves making key shifts in both the technologies used and the process design. For example, people move from email and instant messaging to task boards that are updated in real time. And instead of convening meetings on an ad hoc basis, teams set aside blocks of time for open hours during which they are free to meet. (See the exhibit “Toward Organizational Nirvana” for a summary of the shifts involved.)
Achieving asynchronous work practices, the final step before reaching the theoretically ideal work organization identified by Automattic cofounder Matt Mullenweg, requires companies to make the following shifts in technologies and work processes:

Operating at the async level relies more heavily on carefully crafted written communication than on the casual conversations of a traditional office. That offers advantages in that neurally different and physically disabled workers can participate effectively, increasing the pool of talent an organization can tap into. As Tiffani Bova, sales innovation evangelist at Salesforce, tells us, her company is finding that operating in async mode is enlightening and successful.
Of course humans are social creatures, so even in distributed working environments there is a need for bonding and trust. Automattic fosters them by letting employees work remotely for 11 months but reserving the remaining month for in-person events. Technology developed at the company tracks who knows and is connected to whom to facilitate in-person interactions (as opposed to random networking). While Automattic’s solution emphasizes dispersed working, conventional organizations that seek to use technology to work in a new way could apply similar principles.
Re-architecting a company to capitalize on digital breakthroughs requires determined leadership. The change will be an enormous disruption in a social system. Those who enjoyed the perks of the former environment are likely to resist. The flatter hierarchies of revamped organizations will require a new definition of what career progress is. It may now stem more from an increase in skills and capabilities than from a hierarchical promotion.
A good example of how to overcome such challenges comes from Kathleen Murphy, the former president of Fidelity Personal Investments. She explains her reasons for joining the group in 2009: “One, putting the customer first. Two, there was so much possibility to transform how financial services are delivered. Three, the people here. The team is so important to me. I…was always really impressed by the values of the firm.”
The flatter hierarchies of revamped organizations will require a new definition of what career progress is.
By 2014 she was overseeing 15 million customer accounts, 12,000 employees, and more than $1.7 trillion in customer assets. But despite great results she had a sense of unease about the future. Fintech start-ups were nibbling away at the structure of the entire banking sector. As she puts it, “Disruptors were entering the space with a fresh perspective about what clients really value and how to simplify the overall customer experience using digital capabilities.” She felt that the company had become way too focused on products and was not keeping up with what customers were experiencing.
She reached out to us for help addressing these issues, and so began what proved to be a radical transformation at Fidelity. The process had several stages.
Murphy began by diagnosing how people worked. She asked two of her direct reports to analyze how each person in one of Fidelity’s business units was spending his or her time. The first insight was that the hundred or so people in that unit were each working on 10 different things at any given time. And those 10 things differed from person to person. Moreover, each project involved multiple people who needed to coordinate with one another, which meant a significant amount of time was spent on meetings just to make sure everybody’s activities were aligned. People in “business analyst” roles coordinated activities among the people working on digital systems projects and the people with information about products and customers. Information was passed along when someone completed his part of the project in a sequential manner. And worst of all, the functional silos meant that an idea could be very far along before critical units such as marketing were brought into decisions.
Following these findings, Murphy instituted a pilot program in 2016, which adopted some of the practices we’ve described. One of the unit’s groups was broken into small teams. Each included representatives from all the functions whose expertise would be required. And most important, each team had just one customer objective to focus on, and it would manage an entire project from start to finish. Murphy insisted on candid, direct communication among team members. As she explains, “Too often in big companies, bureaucracies grow up, and there’s the meeting before the meeting and the meeting after the meeting. They sand down the direct communication. We want to make sure we are attacking the exact issues and moving forward together to solve those problems. If you don’t have candor, you can’t move as quickly solving those problems.” The success of the pilot led to a small rollout. Eventually, it became the way the whole division worked.
When people saw that leaders weren’t going to be promoted on the old metrics of command-and-control, they began to trust that the new system was there to stay.
The early results of this approach were astonishing: Compared with the conventional model, the integrated teams reduced the time it would normally take to deliver a feature by 75%. Spurred by this success, Murphy converted her entire division to working in this manner; team assignments were driven by customer insights, decisions were made within the teams, and many coordination and approval steps were eliminated. At any one time there could be as many as 187 groups of people with decision rights. This system replaced a system of control in which there could be as many as eight organizational layers. The number of layers collapsed to three, even as the number of decision-makers increased dramatically. The number of teams could be expanded or contracted according to need, which had not been the case before.
Using the leadership expert Liz Wiseman’s framework of multipliers and diminishers, Murphy gave leadership responsibilities to those who exhibited “multiplying” behaviors—meaning that they amplified the skills of everyone around them (as opposed to “diminishing” behaviors, which drain energy and discourage followers from contributing). When people saw that she really meant it—that leaders weren’t going to be promoted on the old metrics of command-and-control, they began to trust that the new system was there to stay.
Not everyone was overjoyed. People who measured their career progress in terms of hierarchy were dismayed by the flattened organization. People who couldn’t let go of their command-and-control tendencies were not effective facilitators of permissionless teams. So Murphy had to find new roles for them elsewhere in the company or let them find jobs outside it.
Murphy devoted an enormous amount of time to answering questions and communicating why the change was important. For example, in a weekly global webcast called Stand and Deliver, she invited anyone in the organization to ask her questions, which she answered with candor. In one of the sessions she was asked what the plan was if this didn’t work. She recounts, “I said simply, there is no Plan B. I used the story of burning the boats to emphasize my commitment and conviction. It was important for everyone to know we were ‘all in’ at the leadership level. Half measures and hedging weren’t going to drive a fundamental digital transformation. No Plan B. Make Plan A work.”
The new structure led directly to market-defining innovation, such as the 2018 launch of Fidelity Zero, a set of index funds with no fees. Fidelity Zero was possible because the products were relatively inexpensive to offer, given the company’s digital infrastructure, and provided an entry-level route for new customers, especially younger ones, to become part of Fidelity’s ecosystem. As Murphy explains: “It’s not about necessarily wanting to make money on every transaction; it’s about sharing value and essentially hoping that they will turn to Fidelity over the course of their lifetime. I regard zero-fee mutual funds as an investment in our client base and a way in particular for younger people to get started on investing.”
As Murphy’s story demonstrates, customer-centric decision units can be positioned without any layers between them and the customer. Each unit can determine the right mix of resources, budgets, decision rights and rules, and key performance indicators within a clearly defined strategic context. A combination of sensors and metrics allows performance to be self-managed and course corrections made without managerial intervention. The approach can be applied across decision units, wherever there is a need for no layers between a unit and the final recipient of its outputs. It is a foundation for high-quality and timely decision-making. Murphy’s group was able to do it. Yours can too.
In the permissionless corporation, fast, inexpensive experimentation takes over from slow, involved analysis, enabling organizations to pounce on opportunities as they arise. And at a time when speed and adaptability, rather than predictability and consistency, are the main sources of competitive advantage in a product-centric world, a model that allows people close to the customer to make as many decisions as possible is valuable. Companies with three or four layers, faster problem-solving, and a permissionless mindset will outcompete traditional players with 10 layers and slow decision-making processes. In fact, though it may take time, we anticipate that organizations that operate in the traditional way will eventually cease to exist.

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Following a tough Q2 FY ‘23 that saw shares pummeled in part due to subdued guidance for Q3 FY ‘23 and the full-year FY ‘23, document-based storage leader MongoDB (NASDAQ:MDB) posted a strong rebound following the release of their Q3 earnings earlier today. As I write this, shares are trading north of $183 in after-hours trading, up more than 26% based on today’s market close of $144.69.
Investors are clearly very happy with MDB’s top-line result of $333.6M which crushed the ~$305M estimate. MDB also posted adjusted non-GAAP net income of $0.23/share versus the estimate of a ($0.17)/share loss.
Figure 1: MDB Q3 FY ‘23 Revenue and Non-GAAP Earnings vs. Estimates (Yves Sukhu/Seeking Alpha)
Notes:
Revenue and non-GAAP earnings estimates data from Seeking Alpha.
Beyond total sales and earnings, management offered investors quite a bit of news to cheer about, including a number of very bullish market signals:
MDB’s Atlas cloud database-as-a-service (“DbaaS”) revenue grew 61% versus the prior period and comprised ~63% of Q3 FY ‘23 revenue.
The company ended Q3 with more than 39,100 customers, reflecting ~6% growth versus ~37,000 customers following the end of Q2 FY ‘23.
MongoDB’s open source Community Server edition was downloaded more than 150 million times over the last 12 months ended October 31, 2022, reflecting greater download volume than MDB’s entire company history through the beginning of 2020.
In Q3 FY ‘23, MDB recognized more than 300,000 sign-ups for Atlas’ free-tier, reflecting a 15X increase over the last 5 years.
When we put MDB’s performance in the context of the macroeconomic conditions that the tech industry operated under exiting the summer, it is easy to understand why shares are up 26% after-hours. What a difference a quarter makes…
As with many other tech players, I love MDB as a company. I think their implied mission to turn the database market on its head, and give legacy players like Oracle (ORCL) a “run for their money”, is an important one; and perhaps even a vital one whereby players like ORCL could and should see their power/influence diminished in the marketplace.
I want to love MDB as an investment. In the past, I’ve struggled to get there. Is it time for me to change my tune?
In my last article on the firm following their Q2 FY ‘23, I described 5 concerns leading me to make a bearish call on shares. I summarize each below in a slightly different order from my original report with some additional elaboration on certain points:
1. Their technology is not necessarily a good fit for all use cases. MDB argues that since document models are a superset of all other data models (e.g. relational, graph, etc.), their platform is extensible to a variety of use cases.
Figure 2: MDB Product Presentation FY ‘23
Management is not wrong with their general suggestion, and they note MongoDB enjoys adoption across application types. But, the whole reason there is an ecosystem of database providers is because no technology solves every problem.
2. They have competition from every angle. Up and coming, smaller document storage players like Couchbase (BASE) are nibbling at MDB from the bottom while heavyweights like ORCL and Microsoft (MSFT) push from the top.
Figure 3: Most Popular Database Management Systems 2022 (Statista)
3. Their total addressable market (“TAM”) is tough to nail down. MDB’s TAM is certainly very-billions-of-dollars large and growing. But, with the database market sliced up every way to Sunday based on the subtleties of different technologies, and with the acknowledgment from the previous two points that MDB is not “all-things-to-all-people” and competition is intense, it’s not so easy to lasso an accurate estimate of their TAM and therefore future opportunity.
4. Legacy technologies are like religion. Legacy database technologies – the ones MDB wants to replace like Oracle – can be costly to maintain and develop. But, change is painful for many organizations. When a company is used to doing something a certain way, it’s incredibly difficult to change that pattern of behavior.
5. Valuation. Of course, MDB’s valuation is not as insane as other tech players. But, prior to today’s quarterly results, the firm sported a “D-” for valuation on Seeking Alpha with a P/B (trailing 12 months) of 15.29 and a P/S (trailing 12 months) of 9.26.
However, with today’s Q3 results in hand, I will argue against myself. Consider:
As mentioned, MongoDB Community Server Edition was downloaded more than 150 million times for the 12 months prior to the quarter end, and more than 300,000 Atlas free-tier accounts were opened during the quarter. Of course MDB has a lot of competition as I pointed out above because every tech company has a lot of competition. But, the volume of interest in MongoDB technologies suggests MDB is growing exponentially in terms of mindshare. That, in turn, suggests they are “winning” in the market against the competition.
A corollary to the download and Atlas account statistics above is that management may have been spot-on with their TAM assessment which relies upon IDC data suggesting a $121B market size by 2025. After all, if so many potential users are demonstrating interest in the technology, they must arguably reflect a very large TAM.
MDB turned out an incredible performance in a tough macroeconomic environment; and CEO Dev Ittycheria specifically highlighted during today’s earnings call that “cost-conscious IT decision makers” are increasingly turning to MongoDB as they modernize legacy apps and/or move to the cloud. He noted the firm as having particular traction among financial services firms – an ideal customer vertical for the business. This tells us that even the religious “stickiness” of legacy platforms can be overcome by MongoDB technology, which the firm generally positions as offering better scalability, affordability, and developer productivity. If we assume that macroeconomic conditions in 2023 (i.e. MDB’s FY ‘24) will continue to be challenging, then the company appears set to capitalize on growing interest among senior IT decision makers to retire legacy database technologies in favor of MongoDB.
Q3 FY ‘23 data could hint that MDB is at an inflection point in its growth where its next stage could be explosive. If we imagine the market opportunity to displace legacy technologies as a snowball rolling down a snow-covered mountain, perhaps MDB’s first ~decade of existence has been spent nudging that snowball downward, laying the groundwork so that they will be ready to grasp the opportunities that result when that snowball turns into an avalanche in their next decade of operation.
Is MDB’s Q3 FY ‘23 performance the sign that the firm is ready to take off like a rocket?
There is a lot to like with MDB even beyond my bullet points in the previous section; and I should have included some of these discussion points in my prior (bearish) article to be more balanced.
MDB knows very clearly who they are selling to. They are a developer-centric organization and they market to that group. For example, in their MongoDB World Product Presentation, they note the need for business users in organizations to have access to data for analysis purposes, search, etc. However, they also note that these “[constituents] who need the data (analysts, data engineers, data scientists) are not MongoDB’s target customers.” Too many tech companies waste time, resources, and money trying to sell to organizations without truly understanding who their target customer is. MDB has no issue in this regard.
They are ramping up their tooling to push more legacy migrations. MDB is introducing a software tool called Relational Migrator to facilitate migrations from relational databases (e.g. Oracle, Microsoft SQL Server, etc.) to MongoDB. The company notes the software will initially be utilized by their pre-sales team in 2023 during customer engagements, but will be eventually offered to customers directly who can then leverage the tool to (better) automate the transition from their legacy database platforms to MongoDB.
Their “lower-friction” approach to the market allows them to play across customer buckets. Mr. Ittycheria explained that MDB is winning new workload opportunities in all kinds of customer accounts, from start-ups to Fortune 500 companies. MDB’s technology and market approach make their offerings accessible to small, mid-size, and large customers. Granted, this strategy is true of many tech companies today. But, it is still a point of differentiation for MDB and other newer database players. Are you going to find a start-up leaning towards Oracle or IBM Db2 (IBM) for their database technology? Probably not…
With my bull points laid out, I wouldn’t be me if I didn’t now outline my additional areas of concern.
1. Downloads and free accounts don’t equal revenue. Developers, MDB’s target customer, are always keen to “kick the tires” of a new technology. Hence, even though MDB’s download and Atlas free account statistics are very impressive – and I tend to think meaningful – we should not get too carried away thinking the data will necessarily translate into explosive top-line and/or bottom-line results.
2. MongoDB is a database platform leader, but still lags the king. Forrester recently published their Forrester Wave for Translytical Data Platforms Q4 2022, naming MongoDB as a leader.
Figure 4: Forrester Wave Translytical Data Platforms (Forrester)
But, as we can see from Figure 4, there is still quite a large gap between MongoDB, and other leaders like Microsoft SQL Server, and Oracle. Moreover, the report scores MDB’s current offering significantly lower than Oracle on Forrester’s 5-point scale. Now, we are comparing a ~13 year-old organization versus a nearly ~50 year-old organization. We should expect a big gap; and to MongoDB’s credit, they are recognized as a leader after ~1 decade of existence. But, it implies there are nonetheless application use cases where MongoDB is not the best choice, with Forrester remarking that “…MongoDB’s [database] platform lags in extensibility…[and] reference customers had concerns around ‘handling a high volume of data’ and ‘ultra-low latency.’” Again, no technology solves every problem.
3. Legacy players will discount aggressively to protect their market share. Oracle and other legacy players are not, generally speaking, going to be displaced without a fight. Firms like ORCL, IBM, and MSFT, because of their size and maturity, can absorb large discounts to maintain and protect their market share. While I can’t name the company, I would offer that when I was selling enterprise software, one of my employers would sometimes apply discounts in excess of 90% on certain software just to protect the install base because it was considered so strategically important to the business. So, while MDB management makes overtures of ripping legacy players out of accounts, you can be sure that it is still going to be an uphill battle in 2023 and beyond as legacy providers do their best to accommodate customers from a pricing perspective.
4. I’m a little surprised Relational Migrator is only coming out now. MDB has long driven a sizable portion of its revenue from legacy migration opportunities. I would have thought they would have developed tooling to support those efforts some time ago. Although, migrations – generally speaking – are never easy and MDB may have needed time to develop software that is sufficiently sophisticated while maintaining (presumably) some degree of ease-of-use. Still, I find it curious that the tool is only coming out now.
5. It can be dangerous to follow the herd. The after-hours action which has sent MDB stock soaring may introduce a feeling of FOMO. I get that. But, I think the worst thing an investor can do is jump on a stock just because everyone else is jumping on it. Did anything change materially with MDB’s operation as a business in Q3? Well, obviously, they beat on their top and bottom lines; but let us remember they are still an unprofitable enterprise and, at the moment, there is no guidance from management on when the business will turn positive.
As mentioned, I want to love MDB as an investment. But, I find myself humming the same tune. I just can’t get there yet and still recommend the stock as a “sell”.
Management has issued bullish guidance for Q4 and for the full-year, but will not offer any forecast for FY ‘24 until March of next year.
Figure 5: MDB Q4 FY ‘23 and Full Year FY ‘23 Guidance (MDB Earnings Release Q3 FY ’23)
Customers who are using MongoDB strategically certainly won’t be moving off the technology anytime soon; and the install base alone will provide the company with opportunities to grow for years to come, as evidenced by the firm’s net retention rate of ~120% in Q3. However, as I argued, if 2023 turns out to be a challenging year from an economic point-of-view, MDB investors may find legacy players stepping up their discounting game to hold onto their market share. They, effectively, will bet on making up the “loss” when the economy recovers.
As is often the case when I make a call on a tech firm, my position is at odds with other analysts.
Figure 6: MDB Selected Analyst Ratings (MarketBeat)
Seeking Alpha authors also lean in generally bullish direction toward the company.
Figure 7: MDB Seeking Alpha Analyst Ratings (Seeking Alpha)
As with anything, I may be proven completely wrong on MDB – an outcome I would be happy to accept since, as I mentioned, I think their implied mission to unseat the incumbent database vendors may not just be important, but vital. As a prospective investor, I would welcome more data from management with respect to migration activity by quarter, as well as more insight into the growth rate of strategic workloads running on MongoDB quarter-over-quarter. I think that level of detail would provide greater clarity into the ongoing adoption (or lack thereof) of the platform.
This article was written by
Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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TAMPA, Fla., Sept. 7, 2022 /PRNewswire/ — Accusoft, a software development company specializing in content processing, conversion, and automation solutions, and Snowbound, a leader in document viewing and conversion SDK solutions, announced today that they have entered into a definitive agreement under which Accusoft will acquire Snowbound. In the largest acquisition in its 30-year history, the transaction will significantly expand Accusoft’s presence and product portfolio.
Snowbound’s VirtualViewer® technology, supported by its powerful RasterMaster® SDK, supports numerous formats including PDF, MS Office, AFP, DWG, TIFF, email, video, audio files, and more within one universal interface. Its REST API and RESTful content handler provide a more flexible development and deployment capability enabling it to be easily integrated into most applications. In addition, the company offers connectors for IBM FileNet, Alfresco, and Pega. This acquisition will enable Accusoft to expand into new viewing and collaboration technologies offering customers a more robust web-based document viewing experience.
“Today, we celebrate the joining of two companies who have both driven significant innovation for web-based viewing, conversion, and imaging SDK technologies. I have always had the utmost respect for Snowbound’s leadership team and their employees as we have competed against one another for sales opportunities over the decades. I am honored to bring Snowbound into the Accusoft family,” said Jack Berlin, CEO of Accusoft.
“We were incredibly selective as we looked for the right acquisition partner. We were deliberate in selecting an organization with a leadership team and product portfolio that would be compatible with our own, and that would continue to grow, develop and nurture what we have built at Snowbound. We have proudly driven 26 years of innovation in the way that companies securely share, collaborate, and process documents and images. With the acquisition, our technology will expand RasterMaster’s and VirtualViewer’s Java-based feature set and allow continued empowerment to customers as they navigate the ever-changing world of digital transformation and the complexities of document management,” Simon Wieczner, CEO Snowbound.
While the acquisition is complete, Accusoft will wait until January 2023 to take full operational control of Snowbound. In the meantime, the two leadership teams will partner to close out a strong 2022 and transition the team and its assets.
For more information about Accusoft, please visit https://www.accusoft.com/.
Founded in 1991, Accusoft is a software development company specializing in content processing, conversion, and automation solutions. From out-of-the-box and configurable applications to APIs built for developers, Accusoft software enables users to solve their most complex workflow challenges and gain insights from content in any format, on any device. Backed by 40 patents, the company’s flagship products, including OnTask, PrizmDoc™ Viewer, and ImageGear, are designed to improve productivity, provide actionable data, and deliver results that matter. The Accusoft team is dedicated to continuous innovation through customer-centric product development, new version release, and a passion for understanding industry trends that drive consumer demand. Visit us at www.accusoft.com.
About Snowbound
For over two decades, Snowbound Software has been the independent leader in document viewing and conversion technology. It plays an integral role in enhancing and speeding company workflows for the Fortune 2000, including insurance claims processing, financial transactions, and more. Snowbound excels in providing customers with powerful solutions for capturing, viewing, processing, and archiving hundreds of different document and image types. Thanks to its pure Java technology and multi-environment support, Snowbound’s products operate across all popular platforms and can be integrated into new or existing enterprise content management systems. Nine of the 10 largest banks in the United States (seven of 10 in the world), as well as some of the biggest healthcare providers, government agencies, and insurance companies rely on Snowbound for their mission-critical needs. For more information, contact us at 617-607-2010 or [email protected], or visit www.snowbound.com
CONTACT:
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