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UNITED STATES
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FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of December 2022
Commission File Number 001-40301
Infobird Co., Ltd
(Translation of registrant’s name into English)
Room 12A06, Block A, Boya International Center, Building 2, No. 1 Courtyard, Lize Zhongyi Road
Chaoyang District, Beijing, China 100102
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐
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INFORMATION CONTAINED IN THIS FORM 6-K REPORT
On December 15, 2022, Infobird Co., Ltd (the “Company”) held an extraordinary general meeting of shareholders (the “Meeting”) for discussion and approval of a series of proposals. A quorum was present at the Meeting as required by the Second Amended and Restated Memorandum and Articles of Association of the Company. Specifically, the shareholders have approved:
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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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: December 15, 2022
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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.
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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.
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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.