Special Report: Reffind completes review of SaaS product Wooboard and positions itself in the work-from-home space.  

Reffind (ASX: RFN) has successfully completed a strategic review of its software-as-a-service platform Wooboard.

Following the appointment of non-executive chairman, Rumi Guzder, on September 5, 2019, the company embarked on a series of initiatives to strategically review its core asset, Wooboard, in the present operating environment.

The purpose of the strategic review was to comprehensively review from top to bottom the company’s business and assets and in particular, its Wooboard technology.

The review also sought to identify synergistic technologies which could be added on to Wooboard in order to better tailor the product to the needs of small, medium and large business customers. The outcomes of the strategic review are comprehensive and varied from smaller items such as user experience to far more important items such as: market positioning, major infrastructure enhancements and add-ons which are now in the roll-out phase.

The strategic review was expected to be completed in March 2020. However, due to COVID-19, the strategic review was expanded and extended – therefore the expanded review only just completed on April 24, 2020.

The expanded review included a consideration of the impact that the COVID-19 crisis is likely to have on the utilisation of Wooboard.

Reffind says Wooboard has increased relevance to small, medium and large businesses due to the global surge in employees working remotely brought on by COVID-19, and  expects demand for its enhanced Wooboard product offering to increase for the same reason.

It expects remote working and work-from-home arrangements will continue to be used to a far greater degree than they were pre-COVID-19 and as such Reffind is positioning itself to maximise this opportunity for shareholders and take advantage of the increased relevance and demand of its product offering post-COVID 19.


Wooboard positioned to take advantage of changing work practices due to COVID-19

Reffind is pleased to confirm it has commenced implementing the recommendations of the strategic review.

In particular, Reffind has placed an emphasis on tailoring Wooboard to take advantage of employees and large teams working from home – dispersed across many remote locations, including multiple countries and time-zones.

Reffind’s view is that moving forward the need for organisations (small to large) to reward and recognise the achievements of their employees working from home will be a critical motivation tool assisting with employee’s mental wellbeing and productivity.

Wooboard’s technology is perfectly placed to seize on increased demand for motivation software. Wooboard has significant credentials in this space with long-standing clients such as MetLife Insurance.

Since the COVID-19 crisis started, organisations have been forced to respond quickly to the changed work environments. As a result, the company is now in discussions with a number of new businesses both domestically and internationally for the adoption of the Wooboard platform.

Wooboard, which provides corporate enterprises with an intuitive employee wellbeing and engagement platform, features authentic peer-to-peer recognition of company employees that celebrates team wins to boost morale, lift productivity and improve teamwork.

With the redeployment of Wooboard as a firm focus, Reffind says it has seen a growing need from businesses for agile technology solutions able to deliver a series of new commercial opportunities for incentive-based employee rewards and engagement tailored for the remote working environment.


New timelines

To meet the anticipated increased demand for the Wooboard product once the review’s technological enhancements are implemented, Reffind will be expanding the team that works on Wooboard.

The technological enhancements to be rolled out include integration with existing applications and CRM systems, ability for single sign on authentication, platform functionality through redeeming rewards, increased work from home functionality and UX design improvements.

The timeline for the implementation of these enhancements is 3 to 6 months. New roles to be created include: increasing headcount in the technical development team (both onshore and offshore), hiring a new marketing/social media manager, increasing the customer support team and sales team.

Reffind views this to be a critical investment in order to seize the current market opportunities.

The estimated cost associated with these initiatives is viewed as material and will range from $100,000 to $500,000 in additional expenditure over the next 6 months: the upper limit of this potential spend will be contingent on factors such as market conditions and increased customer demand for Wooboard.

This story was developed in collaboration with Reffind, a Stockhead advertiser at the time of publishing.
This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.