Smartsheet Empowers Enterprises to Make Smart Decisions and Get Results Faster with Updates to its Next-Generation Work Management Platform
Smartsheet (NYSE: SMAR) has announced the availability of new AI tools and resource management features in its work management platform. These enhancements, unveiled at the Smartsheet ENGAGE London conference, aim to help enterprises simplify data complexity, gain actionable insights, and improve decision-making.
The new AI tools allow users to analyze data via conversational prompts, generate advanced formulas, and create text summaries. They are designed with principles of responsible AI to ensure transparency and data privacy. Additionally, new workload tracking features and improved visualization tools are available for Business and Enterprise plan customers.
These features have been applied to over 35,000 projects across various industries, increasing productivity and enhancing resource management capabilities.
- New AI tools enable actionable insights and enhanced visualization.
- Features available immediately to Enterprise plan customers.
- Workload tracking features used across 35,000+ projects.
- Responsible AI principles ensure transparency and data privacy.
- Smartsheet's flexibility integrates well with large-scale systems like AWS.
- No significant financial data or impact on revenue mentioned.
- Potential for increased competition in AI work management tools.
- immediate availability to Business and Enterprise plans only.
- Lack of specifics on cost implications for new features.
Insights
The introduction of new AI and resource management features in Smartsheet's platform has several financial implications. These updates could potentially drive top-line growth by attracting new enterprise clients and retaining existing ones. The enhanced functionalities offer significant value, improving productivity and decision-making, which might justify higher subscription fees or upgrade incentives. Additionally, Smartsheet's commitment to responsible AI could mitigate data privacy concerns, a factor that can enhance customer trust and reduce churn rates.
From a financial performance perspective, Smartsheet's improved service offering could lead to better pricing power and customer acquisition metrics. However, it's essential to consider the costs associated with AI development and implementation. If these costs are not managed effectively, they could impact margins in the short term. Investors should watch upcoming financial reports for changes in revenue growth rates and customer acquisition costs.
The integration of AI tools into Smartsheet's platform is a significant technological advancement. The capability to use conversational prompts for data analysis and formula generation streamlines workflows, making it easier for users to extract meaningful insights without needing extensive technical knowledge. This functionality, combined with the workload tracking and resource management features, enhances the platform's appeal across diverse industries. Furthermore, the responsible AI principles and data privacy measures demonstrate Smartsheet's commitment to building trustworthy AI solutions.
These technological improvements can drive long-term growth by transforming how organizations manage and analyze their work data. However, the complexity and cost of maintaining and updating these AI systems should be monitored. As the AI tools continue to evolve, their robustness and ability to handle large-scale data will be important to their success.
Smartsheet's new AI-driven features align well with current market trends towards automation and data-driven decision-making. The ability to visualize and manage data more effectively positions Smartsheet as a competitive player in the enterprise work management market. The integration of AI capabilities like natural language processing for data analysis and automated formula generation addresses a key market need for simplifying complex processes.
In the short term, these enhancements can bolster Smartsheet's competitive position, potentially increasing its market share. In the long term, maintaining a focus on user experience and continuous improvement will be vital. The company's approach to responsible AI and data privacy could also differentiate it from competitors, appealing to security-conscious organizations.
New AI tools and resource management features now generally available, enabling teams to remove complexity and uncover actionable insights from their data
ENGAGE
As businesses become more intelligent, the amount of work management data that organizations need to parse through and ultimately understand is becoming increasingly overwhelming. The new Smartsheet features available today remove complexity so enterprises can comprehend, visualize, and analyze their work management data to pull out meaningful insights, understand what work is on track and what’s falling behind, and help identify bottlenecks.
“The way an organization manages work, the people doing the work, and the content they’re creating is the foundation for success, and Smartsheet brings these key components together on one AI-powered platform,” said Ben Canning, SVP of Product Experiences, Smartsheet. “With the next generation of our platform, we’re giving customers a bird’s eye view of their business and empowering them to uncover meaningful insights from their work management data so they can make smart, informed decisions, and achieve their goals faster.”
New AI tools empower enterprises to uncover new insights and achieve results faster
Smartsheet is continuing to apply generative AI throughout its platform, built with practicality, transparency, and customers’ needs in mind. By embedding directly into Smartsheet’s flexible data platform, Smartsheet AI tools empower customers to visualize and uncover meaningful insights from their work data. Available today, Enterprise plan customers can:
- Analyze data via simple conversational prompts like, “How many programs were over budget last month in each department?” The analyze data tool instantly generates metrics or visual charts based on customers’ data in Smartsheet. Customers can tap into insights about a sheet, making Smartsheet the first work management platform with the ability to generate charts from sheet data using AI. In the future, insights will be derived from data across thousands of active projects and data stores, unlocking new portfolio-level insights.
- Generate formulas to drive processes and automation in Smartsheet. With this tool, users can generate advanced formulas to power their work at scale with a simple, natural language description of what they want to do. Smartsheet is the only collaborative work management platform with a truly integrated AI formula builder.
- Create text and summarize, simplifying customers’ work by interpreting their data and objectives, then crafting clear and tailored text such as summaries, translations, or new ad copy.
Smartsheet AI tools are developed according to its principles for responsible AI so customers can adopt the tools with confidence. Smartsheet customer data will never be commingled, and no customer data will be included in a training data set used by third-party AI model providers. Additionally, Smartsheet is committed to ensuring its AI recommendations and insights are easily understood. Smartsheet AI tools show their work so customers can understand exactly how the tool arrived at an answer and thus can confidently take action.
“Smartsheet AI tools have significantly boosted our productivity, proving to be an indispensable tool for many Smartsheet users, including our team. Our Smartsheet experts, who frequently develop complex solutions for clients, often grapple with intricate formulas that can be time-consuming to troubleshoot,” said Emmanuel Santiago-Ríos, President and Co-Founder of SoltechPR and Smartsheet partner. “Previously, we could spend countless hours each month debugging these formulas to identify and correct errors. However, the advent of the new AI tools has revolutionized this process. Now, crafting complex formulas and debugging them is almost instantaneous, freeing up precious hours for us to invest in other value-enhancing activities. These features haven't just made our workflow smoother; it's transformed the way we allocate our most valuable resource—time.”
Enhancing visibility and insights to make more informed decisions
The next generation of the Smartsheet platform makes it easier to view, understand, and uncover actionable insights from better aligning resources to new ways to organize data visually, including:
- Workload tracking at your fingertips: Customers on Business and Enterprise plans now have access to two new workload tracking features—Workload Heatmap and Workload Schedule—allowing managers to better understand who is working on what, address over-allocations, and make informed staffing decisions. Since launching earlier this year, these features have been used on over 35,000 projects across organizations of all sizes and industries.
- Automating resource management data in Smartsheet: People are critical in getting work done, yet a lack of visibility into how people are being deployed from utilization rates to capacity versus demand can quickly stifle the execution of projects in a portfolio. Launching soon, customers on Business and Enterprise plans with Resource Management by Smartsheet can easily organize their resource data in a Smartsheet report and display these insights on dashboards, improving visibility and decision-making.
- Tap into new ways to visualize data: Available today, all Smartsheet customers can use the new Timeline View to give teams a big-picture look into date-based work. Organize data into visual groups–e.g., by assignee or status–or surface big milestones making it easy to see key dates at a glance.
A flexible data platform for the enterprise
Smartsheet is inherently flexible with systems for storing, integrating, managing, and processing high volumes of data. The features announced today build on the Smartsheet platform’s powerful data capabilities, which unlock unparalleled scale for its customers.
Teams across Amazon Web Services (AWS) demonstrate ways to think big by using Smartsheet to manage their work at scale. For example, the AWS Worldwide Public Sector team used Smartsheet business PMO capabilities to standardize their processes and create a central source of information.
“Smartsheet is enabling our team to consistently scale our processes and provide more transparency to our leaders at AWS,” said Jeff Kratz, Vice President, Worldwide Public Sector Industry Sales at AWS. “Previously, we were using several disparate tools and our data was spread across them, making it difficult to measure our impact. We chose Smartsheet for its flexibility, seamless integration with Tableau dashboards, and corporate-level IT-approved status. Our team members can now enter data in one place and it automatically rolls up to Smartsheet dashboards that our leaders have visibility into. Smartsheet helps drive consistency, productivity, and collaboration, and it allows for the creation of reusable content. Now we have better visibility into team members’ workloads, allowing us to create better balance across the team.”
Learn more about the new Gen AI tools and next-generation Smartsheet features available today here.
About Smartsheet
Smartsheet is the modern enterprise work management platform trusted by millions of people at companies across the globe, including approximately
View source version on businesswire.com: https://www.businesswire.com/news/home/20240514942491/en/
Jennifer Henderson
pr@smartsheet.com
Source: Smartsheet
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