Collaboration software has become a must-have product within any business environment.
To succeed in any competitive environment, companies must ensure their employees can work cohesively on shared goals in an aligned environment. Unfortunately, it’s not always easy to keep teams on the same page. In a world of hybrid, remote, and flexible working strategies, collaboration can be hampered by distance, information silos, and schedule issues.
Fortunately, collaboration software can help. With collaboration software, companies build a virtual toolkit to assist their employees in working together wherever they are. Currently, the demand for collaboration software is more significant than ever. The market is accelerating toward an expected value of $56.67 billion by 2030, and new vendors are constantly emerging.
Here’s what companies need to know about collaboration software.
What is Collaboration Software? Defining Collaboration Software
Fundamentally, collaboration software is any software solution designed to empower and enable collaborative work. It maximizes the effectiveness of teams by providing users with a centralized platform where they can share knowledge, documents, and data. Most collaboration software available today is located in the cloud, providing complete access to users wherever they are.
Also known as groupware, collaborative software, or online collaboration tools, this software facilitates cooperation and communication between two or more people.
Currently, there are various kinds of collaboration software for companies to choose from, often separated into the following categories:
- Communication: Collaboration software solutions based around communication focus on connecting teams for conversations and discussions. Platforms may include online messaging, chat, video conferencing, and audio conferencing capabilities.
- Coordination: Coordination-based collaboration software aims to assist with scheduling and orienting team members. It can include task management and project management features, to-do lists, and time-tracking tools.
Collaboration software can also facilitate asynchronous or synchronous collaboration or provide users with both options. Asynchronous collaboration refers to interactions that don’t happen in real time but on a sequential basis. For instance, email and group calendars are often asynchronous technologies.
Synchronous collaboration happens in real-time when all team members are connected simultaneously. Synchronous collaboration tools can include video and audio communication tools and shared whiteboards.
Why Do Companies Need Collaboration Software?
Companies have long relied on collaboration software to improve the efficiency of teamwork. We’ve used tools like email and file-sharing apps for years to connect people in distributed locations. Primarily, collaboration software is designed to improve productivity and alignment between teams.
With collaboration software, companies can more easily track important information and ensure team members remain connected and on the same page, wherever they are.
Some of the major benefits include:
- Productivity: By ensuring all employees are connected and access the same information, collaboration tools can boost productivity and reduce inefficiencies. Collaboration platforms can even improve the quality of a team’s work by ensuring each member has the right resources to achieve specific goals.
- Improved alignment: Collaboration software helps to keep everyone on the same page, working towards specific goals. Some tools even come with a deadline and task-tracking options for assigned projects. This helps to clarify where team members need to focus their attention first. Alerts and notifications can also keep staff on track.
- Increased engagement: Collaboration software allows employees to stay connected with the business, and their colleagues, sharing knowledge and information. Collaboration tools can even help to improve job satisfaction. 85% of employees with access to these tools say they’re happy in the workplace.
- Data consolidation: When all information and documents are shared in the same environment, it’s easier to track data flow. Employees can find information rapidly when needed, and team leaders can closely monitor compliance. Consistent end-to-end connections can also make it easier to track important workplace metrics.
- Reduced turnover: Collaboration software can support faster onboarding and better company culture. According to one Gallup poll, a workplace with high levels of collaboration and communication can reduce turnover by up to 59%. Collaborative processes can even help to attract new talent to growing companies.
Demand for comprehensive collaboration software has seen an upsurge in recent years. By the end of March 2020, American workplaces saw a 100% increase in the use of collaboration tools. By May, this number had increased to 176%.
What are the Features?
The features of collaborative software vary depending on the nature of the tool and the vendor. There are many different types of software to choose from. Some can include whiteboarding functionality, brainstorming tools, and workplace analytics. Others come with communication features, time-tracking tools, and social networking capabilities.
Some common features of collaboration software include:
- File and screen sharing: Collaboration tools can allow users to share files, screens, documents, and data on a synchronous or asynchronous basis. Many tools also allow these documents and interactions to be recorded and stored within the cloud for later access. Some tools even have their dedicated knowledge base environments.
- Conferencing: Conferencing tools via audio and video are common in collaboration tools. These help to enable excellent communication between different groups of distributed workers. Conferencing tools can also provide access to additional features, like translation and transcription, virtual backgrounds, and presentation capabilities.
- Chat and messaging: Chat channels and tools are relatively common for asynchronous communication in collaboration software. So, They are an alternative to email messaging, with threaded, contextual conversations. Users can usually access both individual and group chats.
- Task and project management: Some collaboration software solutions come with task and project management tools. These allow users to assign tasks to specific team members, track their progress, and send notifications about upcoming deadlines.
- Calendars and scheduling: Calendars and scheduling tools can assist with setting up meetings, planning due dates for projects, and managing teams. These features are often essential for companies with hybrid and remote workers.
- Bots, Add-ons, and integrations: Many collaboration tools will support integrations with other software, such as CRM and ERP. They can also link with UCaaS and CCaaS systems and offer a range of add-ons such as intelligent bots, virtual assistants, custom tools, automation, or workflows.
- Analytics: Many tools include reports and analytics for individual users and business leaders. These can help with tracking performance and software usage.
