Goal Setting and Tracking Software
The research provides an analysis of five software used to set and track goals in the workplace, which could potentially be used for learning purposes at high schools and beyond. This niche software is mostly deployed for human resource and workflow management and has some overlapping features with the OKR software, where the latter does not appear to have a specific focus on goal setting and tracking. For further details, please refer to the following key findings and the attached spreadsheet.
Goal Setting and Tracking Software in the Workplace
- Five software, namely Engagedly, Weekdone, Asana, Trakstar and 15Five, were selected in the space of performance and human resource management. Products are either web-based or support both mobile and desktop devices. All of them have some form of features associated with the Objectives and Key Results (OKR) framework.
- These products are chosen as good examples because they have a strong focus on both goal setting and tracking features, even though they are part of a software suite. Engagedly and Workdone also provide a repository of learning content, which helps workers continually improve their performance.
- Engagedly, Workdone and Trakstar offer additional features to goal setting. For example, measures that motivate workers to improve performance based on periodical review reports.
Insights and Trends on Startups in Goal Setting and Tracking Software
- As in the attached spreadsheet underneath the above-mentioned five companies, 13 additional firms in the space of workflow management, project management, and team collaboration were reviewed. All the 18 products, only Engagedly, Lattice and Sparkwork were founded after 2013, which could be perceived as late-stage startups.
- Products are developed and delivered by the 18 brands as opposed to being white-labelled through third parties; they do not provide the service of developing white-labelled software either.
- Engagedly and Trakstar have clients in the education sector, for example, Trakstar works with Lynn University. Weekdone, Asana and 15Five have not disclosed specific sectors of their clients. Products are expected to be delivered to schools or colleges directly by these companies if they have clients in the education sector.
- With the impact of COVID-19, the trend of remote working and online/home schools is accelerated. Factors related to remote working have already been taken into account by companies, such as Asana and 15Five. The demand for frequent remote management of employees and students is expected to see noticeable growth, which could potentially boost the growth of cost-effective white-labelled software that incorporates goal setting and tracking features. A good example is white-labelled telemedicine products or services customized for clinics and hospitals; high schools and colleges may well follow this trend.
- Under the current economic environment, entrepreneurs and startups have faced the challenge of cash flow issues. OKR software that incorporates "the critical thinking framework and goal setting methodology" is perceived to be an effective and innovative means of cost reduction. As recommended by Techcrunch, two software startups in the space of OKR, namely Gtmhub (founded in 2015) and WorkBoard (founded in 2013), are good examples that have achieved triple-digit growth year-on-year.
The research reviewed company websites and Linkedin pages, software review sites, and various news release portals. There is a lack of information on the number of customers and the geographical presence of Engagedly and Weekdone. Information on the startup landscape in goal setting and tracking software appears to be very limited. Hence, there is no information found in the education sector, regulation, and customer retention strategies associated with these software vendors. Instead, the research team provides some insights based on the review of 18 companies that offer some form of goal setting and tracking features, targeting the workplace; this sheds light on the trend and potential growth opportunities of the niche software in the education sector, especially high schools and beyond.