- COVID-19 has brought along challenging times for businesses across the globe, with a number of employees working from remote locations.
- REFFIND is well-placed to draw advantages from the current dislocation in work practices through its offering WooBoard, a simple peer recognition platform for employee engagement.
- RFN is in talks with several domestic as well as international businesses for the adoption of WooBoard.
- Licensing deal with InterBIO would further enhance the WooBoard offering, advancing RFN’s objective of making WooBoard a ‘one-stop shop’ solution for businesses with employees working remotely / at home.
As per conventional wisdom, success of a project significantly depends on the successful management of workplace changes. ‘Dynamic nature’ is the foremost characteristic of a business environment, reminding us of the significance of being adaptive to changes in internal, as well as external environment.
Any disruption in controllable or non-controllable factors can lead to demand for changes in workplace activities as well as arrangements.
The outbreak of COVID-19 in countries across the globe has burdened both domestic and international businesses with numerous challenges. The COVID-19 crisis has compelled organisations to respond quickly to changing work environments.
REFFIND’s WooBoard Taking Advantage of Current Uncertain Environment
One company that has reported opportunities presented by the current environment and remains well placed to benefit from this scenario is REFFIND Limited (ASX:RFN), an information technology sector player that engages in offering Software as a Service (SaaS) solutions for businesses, their workforce, clients as well as related stakeholders in the supply chain.
The well-positioning of RFN is based on its unique and simple peer recognition platform for employee engagement, WooBoard, which is a contemporary way to appreciate employees, retain top talent, connect teams, and improve efficiency.
RFN’s WooBoard offers corporate enterprises with an intuitive employee wellbeing and engagement platform, which is characterised by authentic peer-to-peer recognition of company employees, celebrating team wins for raising morale, increasing productivity and enhancing teamwork.
Anticipated Demand Growth for WooBoard
In April 2020, REFFIND concluded a strategic review to systematically assess its business as well as assets from top to bottom, especially its software-as-a-service platform, WooBoard. Subsequent to the review completion, RFN made the following conclusions:
- With the global surge in employees working remotely due to the COVID-19 crisis, RFN is of the view that the current scenario has improved WooBoard’s relevance to small, medium as well as large businesses.
- RFN also anticipates an increase in demand for its augmented WooBoard product offering due to the same reason.
- Moreover, RFN expects a continuation in the remote working and work-from-home arrangements to a far greater degree than they were pre-COVID-19, improving the Company’s prospects.
Consequently, RFN is positioning itself to exploit the existing opportunity for its shareholders and draw benefits from the improved applicability and demand for its product offering after the COVID-19 scenario.
Improved Placement of WooBoard
REFFIND has begun to implement recommendations of the strategic review, particularly focusing on customising WooBoard to draw benefit from employees and large teams working from home and scattered across several remote sites, including multiple countries and time-zones.
In coming times, it is expected that the need for small as well as large organisations to recognise and reward the achievements of their employees working from home will be a crucial tool for motivation, further helping with mental wellbeing and productivity of employees.
WooBoard’s technology is suitably placed to capture the opportunities arising from increased demand for motivation software, as WooBoard has significant credentials in this space with established customer businesses.
Through the review, RFN also sought to identify synergistic technologies, which, when matched to WooBoard, could offer an improved and customised product to fulfil the needs of small, medium as well as large business enterprises.
Subsequent to the redeployment of WooBoard as a strong point of attention, REFFIND has witnessed a rising need from businesses for swift and smart technology solutions that can offer a series of new commercial opportunities for incentive-based employee engagement and rewards, designed for the remote working environment, like the ongoing situation.
RFN also has plans to expand its team working on WooBoard in order to satisfy the expected surge in demand for this offering. The Company is in discussions with several new domestic and international players for the platform adoption.
RFN’s Deal with InterBIO
Last month in May, RFN entered a licence agreement with International Biometrics Pte Ltd, which is a leading identity management and biometric software solutions company.
RFN’s positioning to take advantage of commercial opportunities has improved subsequent to addition of the InterBIO product suite along with the enhanced WooBoard offering. The Company is suitably placed to deploy its fresh capabilities across government as well as non-government enterprises across Australia and New Zealand.
Considering the potential for WooBoard to be deployed as an essential service in fast-growing industries like technology, law, healthcare and government, REFFIND remains focused on developing both existing and new distribution channels for its commercial delivery.
RFN stock last traded at $0.001 on 24 June 2020.