COMPANY PROFILE -Slack Technologies
Business Sector :Information Technology- Cloud Computing and Software
Operating Geography :United States, North America, Global
About Slack Technologies :Slack Technologies Inc operates as a development collaboration software company. The company engages in the provision of various functions such as messaging, video and voice calls, organized conversations, integrated file sharing, and searchable history as well as multiple integrated third party tools through their team communication application. Slack is headquartered in San Francisco, California and has a workforce of approximately 2045 people with over nine offices around the world. Slack Technologies was founded in 2009 by Stewart Butterfield, Eric Costello, Cal Henderson and Serguei Mourachov. The company was formerly recognized as Tiny Speck, Inc and converted its name to Slack Technologies Inc in 2014. Slack is renowned for its creation of ‘Slack’- a cloud based team collaboration tool. Its business messaging platform integrates a single unified archive accessible through vigorous search. Slack efficiently improves productivity in the work space through less meetings and a reduction in email. The company collaborates with numerous popular services such as Twitter, dropbox, Trello, Asana, Stripe, Google Docs, Zendesk and others to help integrate data for modern teams on these platforms. Slack also offers special features at a cost to its user along with a free version. Slack has been multifariously adopted by thousands of teams and millions of users since its launch. Slack was listed on Forbes Cloud 100 2018, earning a whopping #2 spot on the lists.
Slack Technologies’ unique selling proposition or USP lies in being the fastest company to receive a billion-dollar valuation. I Slack Technologies’ mission statement reads, “Making work simpler, more pleasant, and more productive.”
Slack Technologies Revenue :
$ 630.4 million - FY ending 31st December 2019 (y-o-y growth 57.4%)
$ 400.5 million - FY ending 31st December 2018
Competitive Analysis of Slack Technologies
|1. Availability of more than 2000 applications within the Slack workspace grants great flexibility and convenience to users|
2. Subscription and freemium based business model makes Slack feasible for everyone
3. Strong investments from trusted business groups would attract more investors
4. Phenomenal institutional consumer base across the globe
5. Bringing R&D to life through agile cycles based on rapid testing and user feedback
6. Differentiated go-to-market strategy
|1. Lack of experience to deal with well-established organizations
2. Although revenue continues to grow, Slack is stacking up losses
3. Dependency on third party vendors for datacenters
4. Surging operational expenses
|1. Competitive edge by becoming an open platform for app development and promotion within the workspace|
2. Classic tech company with scalability, especially in times when remote work culture is on the rise
|1. Intensifying developments of cyber laws related to data sharing, data security and data privacy may hurt user sentiments
2. Slack has intense competition from comparatively larger brands
3. Dependence on only one vendor for datacenter
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Detailed SWOT Analysis of Slack Technologies
1. Availability of more than 2000 applications within the Slack workspace grants great flexibility and convenience to users: Slack Technologies not only offers itself as a replacement of emails rather it turns out to be a more comprehensive mode of communication among all kinds of participants of business with added benefits of group conversations and in-app tools to avoid switch overs between applications and tools to complete the work. It has an app directory of more than 2000 third party applications, which helps in viewing and editing shared files within the Slack interface and as well avoid logins and logouts for multiple usage of applications. The noteworthy mentions are Zoom, GSuite, Office360, AWS Chatbot, etc. The vibrant categories of applications include all kinds of tools, from design to analytics, marketing to project management and security to social networking sites. Apart from third party apps, it also allows an organizations' internally developed software to feature in its app directory for usage. So basically Slack eases virtual operations of organizations through software management, interaction feasibility and as well as browsing tool for various functions.
2. Subscription and freemium based business model makes Slack feasible for everyone: Slack works on a subscription based pricing which allows a team to use Slack through a monthly subscription plan. The consumers need to pay on the basis of active workers instead of "per seat" which is a regular practice of its competitors. Apart from that Slack has a free subscription plan apart from paid subscriptions. This allows the user to continue the service of Slack even if subscription expires and also acquire potential customers. In a way the free service account provides leads to its sales force, which uses various channels of marketing and sales to acquire paid customers among the free term users. This way Slack had 16% paid users among its user base of 660,000 in the beginning of 2020. Flexible business model has attracted consumers for Slack and has kept it ahead of its competitors.The remaining section of “Strength” is available only in the 'Complete Report' on purchase.
WeaknessThis section is available only in the 'Complete Report' on purchase.
OpportunityThis section is available only in the 'Complete Report' on purchase.
ThreatsThis section is available only in the 'Complete Report' on purchase.
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TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
References used in Slack Technologies Analysis Report
1. Do Millennials Prefer Working From Home More Than Baby Boomers And Gen X? –
2. Annaul Report For the fiscal year ended January 31, 2020 – http://d18rn0p25nwr6d.cloudfront.net/CIK-0001764925/f7df36ad-a495-4dd7-8452-65e8ecd917ce.pdf
3. Where Will Slack Be in 1 Year? – https://www.fool.com/investing/2020/06/10/where-will-slack-be-in-1-year.aspx
4. Slack: Why is this loss-making tech firm worth $20bn? – https://www.bbc.com/news/business-48713469
The detailed complete set of references are available on request in the 'Complete report' on purchase.
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Slack Technologies SWOT & PESTLE Analysis - SWOT & PESTLE.COM
SWOT & PESTLE.com (2021). Slack Technologies SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/slack-technologies/ [Accessed 05 Mar, 2021].
In-text: (SWOT & PESTLE.com, 2021)
Copyrights and Disclaimer
Slack Technologies SWOT and PESTLE analysis has been conducted by Tej Narayan Shaw and reviewed by senior analysts from Barakaat Consulting.