In this interview with TechBullion, Rick Morrison, co-founder and CEO of CoordinateHQ, talk about his predictions for project management and collaboration tools in 2024 and how remote work continues to influence them.
Please tell us more about yourself?
My name is Rick Morrison, and I am the co-founder and CEO of CoordinateHQ, a project management system for client service organizations. Before this, I cofounded and ran Comprehend Systems, a provider of clinical analytics software. With over a decade of managing complex customer projects, I’m well-versed in the frustrations and inefficiencies of collaborating with clients using legacy tools.
What is CoordinateHQ and what unique services do you provide?
CoordinateHQ delivers streamlined project management and universal collaboration through a simple client portal experience. The software removes the complexity and inefficiencies inherent in established project management solutions, making it easy for hybrid teams and their clients to work together. The platform eliminates the friction of communicating with a client through a mix of email, spreadsheets, and messaging tools while trying to ensure teams execute and deliver. The software streamlines communication and automates processes, making it easier for client service organizations to drive alignment and scale. In addition, CoordinateHQ is easy to use and integrates seamlessly with other software like HubSpot.
Could you give us an overview of the current market size and state of the project management and collaboration industries?
The project management market continues to grow. Analysts expect that by 2030, the project management software market will exceed USD 15.08 billion with a compound average growth rate of 10.68%
How do you envision project management tools evolving in the next few years to better support remote work and what specific features or functionalities do you predict will become essential for collaboration tools by 2024?
At its core, project management software should increase productivity by helping teams collaborate and deliver projects on time and on budget. Efficient workflows, knowledge sharing, and ease of communication are the foundations of an effective project management tool.
There are several ways the tools will evolve:
1) They will start including stakeholders from other organizations. For example, if you’re using a project management tool with your team, you can provide weeks of training or specific processes for them to follow, and if they don’t, you can let them go or hire different people. You can’t do this with clients or teams from other organizations (both internal and external). Because of this nuance, project management tools must evolve to handle this.
2) Remote work requires software that supports asynchronous workflows, especially across time zones and countries. Many small companies are already international because they hire people from every continent as it’s cost-effective and easy to do. Now, the tools need to adapt to support these distributed teams asynchronously.
3) Interoperability and automation will be essential. One byproduct of the current AI trend is that it’s easier and easier for people to make new software products. This will drive a proliferation of new products, including more niche ones, making it less of a one-size-fits-all when it comes to software. Project management tools must reflect this new reality and work in unison with other systems. For example, sales teams still use CRM, engineering teams may use Jira, and a customer may still use fax machines or a homegrown system, and that’s not changing anytime soon. We built CoordinateHQ with this in mind to seamlessly integrate with a customer’s existing systems.
As more companies adopt remote work models, how do you see project management software adapting to meet the unique needs of distributed teams?
The most surprising thing to me is how international small teams have become. This means that tools must perform globally, handle asynchronous automation, support different languages, and provide training inside the tools or products, often via short-form videos. Onboarding needs to be easier and feel almost nonexistent. In an in-person environment with weeks of onboarding, new hires can easily ask questions or address confusion at the water cooler. That’s no longer the case with remote teams. Therefore, companies and software must adapt to this by providing simple, self-guided onboarding and training that is scalable, allowing remote employees to learn at their own pace.
How might artificial intelligence and automation play a role in improving project management and collaboration tools by 2024?
AI will enable real automation and scalability that wasn’t possible before. However, despite all the progress, there will still be people and incentive issues that AI can’t resolve. Project management and collaboration tools must address this by automating and scaling where possible and compensating for real-world, interpersonal limitations.
With cybersecurity becoming an increasing concern, how do you expect project management and collaboration tools to enhance data protection for remote workers during this period?
With teams distributed across the globe, this requires companies to understand and comply with each country’s data regulations. The ability to keep information in a centralized place where access can be turned on or off is critical. Project management solutions must be selective in the information they share and operate on a need-to-know basis.
In what ways can advanced analytics and reporting capabilities within these tools help businesses make informed decisions when managing projects remotely in 2024?
Out-of-the-box analytics are rarely useful. Instead, once workflows and automation are set up in a project management solution, asking questions about the information should be easy. If the input data is clean and comprehensive, it can enable some fantastic process improvements and insights into how to optimize operations.
With remote work, it is easier to hire people, but managing them is more challenging. Given that, finding ways to use analytics intelligently is vital (and difficult).
Are there any emerging technologies that could significantly disrupt or revolutionize the project management landscape by 2024, and if so, how may they impact remote work practices specifically?
Project management solutions must enable companies to work with all their stakeholders in an automated, structured way. Including remote employees, a global client base, 3rd parties, international teams, and the entire ecosystem is mandatory if project management and collaboration tools want to be widely adopted.
What are you currently working on at CoordinateHQ, do you have any available opportunities for investors or partnerships?
We just raised a $5.5m seed round led by Initialized Capital. In 2024, we will continue looking for partnerships with companies and teams that are running client projects or who work with lots of organizations that run client projects.
For more information, visit the website: Coordinatehq.com