Jun
16
2020
--

New Box tools should help ease creation of digitally driven workflows

As COVID-19 has forced companies to move employees from office to home, cloud services have seen a burst in business. Box has been speeding up its product roadmap to help companies that are in the midst of this transition. Today, the company announced the Box Relay template library, which includes a series of workflow templates to help customers build digital workflows faster.

Box CEO Aaron Levie says that the rapid shift to work from home has been a massive accelerant to digital transformation, in some cases driving years of digital transformation into a matter of weeks and months. He says that has made the need to digitize business processes more urgent than ever.

In fact, when he appeared on Extra Crunch Live last month, he indicated that businesses still have way too many manual processes:

We think we’re [in] an environment that anything that can be digitized probably will be. Certainly as this pandemic has reinforced, we have way too many manual processes in businesses. We have way too slow ways of working together and collaborating. And we know that we’re going to move more and more of that to digital platforms.

Box Relay is the company’s workflow tool, and while it has had the ability to create workflows, it required a certain level of knowledge and way of thinking to make that happen. Levie says that they wanted to make it as simple as possible for customers to build workflows to digitize manual processes.

“We are announcing an all new set of Box Relay templates, which are going straight to the heart of how do you automate and digitize business processes across the entire enterprise and make it really simple to do that,” he explained.

This could include things like a contract review, change order process or budget review to name a few examples. The template includes the pieces to get going, but the customer can customize the process to meet the needs of the individual organization’s requirements.

Image Credits: Box

While this is confined to Box-built templates for now, Levie says that down the road this could include the ability for customers to deploy templates of their own, or even for third parties like systems integrators to build industry or client-specific templates. But for today, it’s just about the ones you get out of the box from Box.

At the same time, the company is announcing the File Request feature, a name Levie admits doesn’t really do the feature justice. The idea is that in a workflow such as a paperless bank loan process, the individual has to submit multiple documents without having a Box account. After the company receives the documents, it can kick off a workflow automatically based on receiving the set of documents.

He says the combination of these two new capabilities will give customers the ability to digitize more and more of their processes and bring in a level of automation that wasn’t previously possible in Relay. “The combination of these two features is about driving automation across the entire enterprise and digitizing many more paper-based and manual processes in the enterprise,” Levie said.

Box will not be charging additional fees for these new features to customers using Box Relay. File Request should be available at the end of this month, while the template library should be available by the end of July, according to the company.

Jun
04
2020
--

SaaS earnings rise as pandemic pushes companies more rapidly to the cloud

As the pandemic surged and companies moved from offices to working at home, they needed tools to ensure the continuity of their business operations. SaaS companies have always been focused on allowing work from anywhere there’s access to a computer and internet connection, and while the economy is reeling from COVID-19 fallout, modern software companies are thriving.

That’s because the pandemic has forced companies that might have been thinking about moving to the cloud to find tools what will get them there much faster. SaaS companies like Zoom, Box, Slack, Okta and Salesforce were there to help; cloud security companies like CrowdStrike also benefited.

While it’s too soon to say how the pandemic will affect work long term when it’s safe for all employees to return to the office, it seems that companies have learned that you can work from anywhere and still get work done, something that could change how we think about working in the future.

One thing is clear: SaaS companies that have reported recent earnings have done well, with Zoom being the most successful example. Revenue was up an eye-popping 169% year-over-year as the world shifted in a big way to online meetings, swelling its balance sheet.

There is a clear connection between the domestic economy’s rapid transition to the cloud and the earnings reports we are seeing — from infrastructure to software and services. The pandemic is forcing a big change to happen faster than we ever imagined.

Big numbers

Zoom and CrowdStrike are two companies expected to grow rapidly thanks to the recent acceleration of the digital transformation of work. Their earnings reports this week made those expectations concrete, with both firms beating expectations while posting impressive revenue growth and profitability results.

May
29
2020
--

Aaron Levie: ‘We have way too many manual processes in businesses’

Box CEO Aaron Levie has been working to change the software world for 15 years, but the pandemic has accelerated the move to cloud services much faster than anyone imagined. As he pointed out yesterday in an Extra Crunch Live interview, who would have thought three months ago that businesses like yoga and cooking classes would have moved online — but here we are.

Levie says we are just beginning to see the range of what’s possible because circumstances are forcing us to move to the cloud much faster than most businesses probably would have without the pandemic acting as a change agent.

“Overall, what we’re going to see is that anything that can become digital probably will be in a much more accelerated way than we’ve ever seen before,” Levie said.

Fellow TechCrunch reporter Jon Shieber and I spent an hour chatting with Levie about how digital transformation is accelerating in general, how Box is coping with that internally and externally, his advice for founders in an economic crisis and what life might be like when we return to our offices.

Our interview was broadcast on YouTube and we have included the embed below.


Just a note that Extra Crunch Live is our new virtual speaker series for Extra Crunch members. Folks can ask their own questions live during the chat, with past and future guests like Alexis Ohanian, Garry Tan, GGV’s Hans Tung and Jeff Richards, Eventbrite’s Julia Hartz and many, many more. You can check out the schedule here. If you’d like to submit a question during a live chat, please join Extra Crunch.


On digital transformation

The way that we think about digital transformation is that much of the world has a whole bunch of processes and ways of working — ways of communicating and ways of collaborating where if those business processes or that way we worked were able to be done in digital forms or in the cloud, you’d actually be more productive, more secure and you’d be able to serve your customers better. You’d be able to automate more business processes.

We think we’re [in] an environment that anything that can be digitized probably will be. Certainly as this pandemic has reinforced, we have way too many manual processes in businesses. We have way too slow ways of working together and collaborating. And we know that we’re going to move more and more of that to digital platforms.

In some cases, it’s simple, like moving to being able to do video conferences and being able to collaborate virtually. Some of it will become more advanced. How do I begin to automate things like client onboarding processes or doing research in a life sciences organization or delivering telemedicine digitally, but overall, what we’re going to see is that anything that can become digital probably will be in a much more accelerated way than we’ve ever seen before.

How the pandemic is driving change faster

May
21
2020
--

Extra Crunch Live: Join Box CEO Aaron Levie May 28th at noon PT/3 pm ET/7 pm GMT

We’ve been on a roll with our Extra Crunch Live Series for Extra Crunch members, where we’re talking to some of the biggest names in Silicon Valley about business, investment and the startup community. Recent interviews include Kirsten Green from Forerunner Ventures, Charles Hudson from Precursor Ventures and investor Mark Cuban.

Next week, we’re pleased to welcome Box CEO Aaron Levie. He is a well-known advocate of digital transformation, often a years-long process that many companies have compressed into a few months because of the pandemic, as he has pointed out lately.

As the head of an enterprise SaaS company that started out to help users manage information online, he has a unique perspective on what’s happening in this period as companies move employees home and implement cloud services to ease the transition.

Levie started his company 15 years ago while still an undergrad in the proverbial dorm room and has matured from those early days into a public company executive, guiding his employees, customers and investors through the current crisis. This is not the first economic downturn he has faced as CEO at Box; when it was still an early-stage startup, he saw it through the 2008 financial crisis. Presumably, he’s taking the lessons he learned then and applying them now to a much more mature organization.

Please join TechCrunch writers Ron Miller and Jon Shieber as we chat with Levie about how he’s handling the COVID-19 crisis, moving employees offsite and what advice he has for companies that are accelerating their digital transformation. After he’s shared his wisdom for startups seeking survival strategies, we’ll discuss what life might look like for Box and other companies in a post-pandemic environment.

During the call, audience members are encouraged to ask questions. We’ll get to as many as we can, but you can only participate if you’re an Extra Crunch member, so please subscribe here.

Extra Crunch subscribers can find the Zoom link below (with YouTube to follow) as well as a calendar invite so you won’t miss this conversation.

May
07
2020
--

Box makes quick decision to add new collaboration capabilities in face of pandemic

When the shutdown began six weeks ago, the powers that be at Box sat down for a meeting to discuss the situation. They weren’t in the same room of course. They were like everyone else, separated by the virus, but they saw this as a key moment for Box as a company.

They had been talking about digital transformation for years, trying to help customers get there with their cloud content management platform, and this was a pivotal moment with millions of employees working at home.

Box CEO Aaron Levie says the company’s executives had to decide if the change in work style they were seeing at that moment was going to be a temporary event or something that changed work forever.

After some debate, they concluded that it was going to change things for the long term, and that meant accelerating the product road map. “We made the bet six weeks ago that this was going to be a long-term change about how business works, and even if offices opened back up, we thought that companies were going to want to be resilient for this type of event in the future,” Levie explained.

From Box’s perspective, they saw this playing it in three crucial ways. Employees would need to be able to share files securely (their sweet spot). They would need to collaborate with folks inside and outside the organization. Finally, as you are working inside other cloud applications, what is the best way to interact with files stored in Box?

These are all scenarios that Levie has been talking about for years, and to some extent Box offered already, but they wanted to tighten everything up, while adding some new functionality. For starters, they are offering a cleaner interface to make it easier for users to interact with and share files.

They are also helping users organize those files with a new feature called Collections, which lets them group their files and folders in ways that make sense to them. This is organized on an individual basis, but Levie says they are already hearing requests to be able to publish collections inside the organization, something that could come down the road.

Next, they are adding an annotations capability that makes it easy to add comments either as a single editor or in a group discussion about a file. Think Google Docs collaboration tools, but for any document, allowing an individual or group to comment on a file remotely in real time, something many folks need to do right now.

Image Credit: Box

Finally, external partners and customers can share files in Box from a special landing page. Levie says that this is working in conjunction with Box Shield, and the malware detection capability announced last month to make sure these files are shared in a secure fashion.

“Companies are going to need to make sure that no matter what happens — in the fall, next year or 10 years from now — that they can be resilient to an event where people can’t transact physically, where you don’t have manual processes, where employees can go work from home instantaneously, and so that’s going to change dramatically how you adjust your company’s priorities from a technology standpoint,” Levie said.

These new features may not answer all of those huge strategic questions, but this is a case where Box saw an opening for the company to address this change in how people work more directly, and they sped up the roadmap to seize it.

These features will be rolling out starting today and over the next weeks.

Apr
08
2020
--

Box adds automated malware detection to Box Shield security product

With more folks working at home than ever, and many on machines outside the purview of IT and security teams, it’s becoming increasingly imperative to find creative ways to protect them from harm. Today, Box announced it was adding automated malware detection tools to Box Shield, the security product it announced last year.

Aaron Levie, CEO at Box, says that it’s important to find new ways of thinking about security, especially with millions of people suddenly working at home using cloud solutions.

“As people have begun working from home in greater numbers, you’re seeing an increase in malware and phishing attacks. [Bad actors] are starting to spread these security vulnerabilities in a much more aggressive manner, and so we’re launching Box Shield with malware protection built-in with advanced tools and policies around that malware detection,” he said.

The company is taking a three-pronged approach with this solution. For starters, it will let users view a file without actually having to download it first, while indicating if there is a risk associated with it. Next, it will actually prevent users from downloading a file with malware attached. Lastly, it will alert the security team when a file with malware has been uploaded to Box.

The idea is to keep the file from infecting whatever device employees are working on, alerting end users when there is a problem, while letting them see the content of the file gives them all the information they need to know if the file is actually legitimate in the first place.

It’s so much easier right now to be spreading this kind of malicious package with people working from home and sharing files at a far greater rate than ever before. This new feature is designed to give everyone in the loop, from the end user to the IT security team, some confidence that they can know when files are infected or not and keep them from proliferating inside of Box.

Mar
23
2020
--

Activist investor Starboard Value taking three Box board seats as involvement deepens

When activist investors Starboard Value took a 7.5% stake in Box last September, there was reasonable speculation that it would begin to try and push an agenda, as activist investors tend to do. While the firm has been quiet to this point, today Box announced that Starboard was adding three members to the 9 member Box board.

At the same time, two long-time Box investors and allies, Rory O’Driscoll from Scale Venture Partners and Josh Stein from Threshold Ventures (formerly from DFJ), will be retiring from the board and not seeking re-election at the annual stockholder’s meeting in June.

O’Driscoll involvement with the company dates back a decade, and Stein has been with the company for 14 years and has been a big supporter from almost the beginning of the company.

For starters, Jack Lazar, whose credentials including being chief financial officer at GoPro and Atheros Communications, is joining the board immediately. A second new board member from a list to be agreed upon by Box and Starboard will also be joining immediately.

Finally, a third member will be selected by the newly constituted board in June, giving Starboard three friendly votes and the ability to push the Box agenda in a significant way.

While this was obviously influenced by Starboard’s activist approach, a person close to the situation stressed that it was a highly collaborative effort between the two organizations, and also indicated that there was general agreement that it was time to bring in new perspectives to the board. The end goal for all concerned is to raise the stock value, and do this against the current bleak economic backdrop.

At the time it announced it was taking a stake in Box, Starboard telegraphed that it could be doing something like this. Here’s what it had to say in its filing at the time:

“Depending on various factors including, without limitation, the Issuer’s financial position and investment strategy, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, engaging in communications with management and the Board of Directors of the Issuer, engaging in discussions with stockholders of the Issuer or other third parties about the Issuer and the [Starboard’s] investment, including potential business combinations or dispositions involving the Issuer or certain of its businesses, making recommendations or proposals to the Issuer concerning changes to the capitalization, ownership structure, board structure (including board composition), potential business combinations or dispositions involving the Issuer or certain of its businesses, or suggestions for improving the Issuer’s financial and/or operational performance, purchasing additional Shares, selling some or all of their Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares…”

Box CEO Aaron Levie appeared at TechCrunch Sessions: Enterprise, the week this news about Starboard broke, and he was careful in how he discussed a possible relationship with the firm. “Well, I think in their statement actually they really just identified that they think there’s upside in the stock. It’s still very early in the conversations and process, but again we’re super collaborative in these types of situations. We want to work with all of our investors, and I think that’ll be the same here,” Levie told us at the time.

Now the company has no choice but to work more collaboratively with Starboard as it takes a much more meaningful role on the company board. What impact this will have in the long run is hard to say, but surely significant changes are likely on the way.

Mar
22
2020
--

Box’s Aaron Levie says it will take creativity and focus to get through this crisis

The COVID-19 virus is touching every aspect of our lives and having a profound impact on individuals, businesses and society at large. Box’s Aaron Levie has built a successful business from dorm room to IPO and beyond. He spoke to TechCrunch today about the level of creativity and focus that it’s going to take to succeed in the current environment.

Levie pointed out that his company was a fledgling startup when the economic downturn hit in 2008, but he thinks this one could have a much greater impact on business than that one did.

“I think Silicon Valley is going to definitely experience this in a very, very significant way. We were building a company in 2008, and that was extremely hard, but I don’t think it is going to compare to how hard the coming year is going to be,” Levie said.

This morning on Twitter, Levie wrote that we are in uncharted territory, and everyone will have to work together to help navigate this crisis.

He believes the government will need to step in to help individuals and businesses alike. “Businesses, who have lots of employees, need to be supported, but fundamentally we need to make sure that we’re focused on all the workers that are out of work, hopefully just temporarily displaced, but we’re going to need a lot of government financial support to get through this,” he said.

For startups, he advised startups to firmly focus on their mission. “It’s about extreme focus right now. It’s about extreme discipline. It’s about making sure that you’re maintaining your culture during this time,” Levie said.

As for his own company, he’s looking a three areas: his employees, his customers and the community. He said his first priority is making sure his employees are safe and healthy and that the hourly workers who support the business normally are being taken care of as we move through this unprecedented situation.

Secondly, he’s making sure that he supports his customers. To that end the company has removed any license limits as customers deal with increased usage with employees working from home.

He has also joined forces with Cloudflare in an effort to provide small businesses with 90 days of free services to help ride out the situation, and he said they would revisit extending these programs if the situation continues.

Thirdly, he says every business who can has to look at ways to support the communities where they live to assist non-profit organizations who are helping in the response. “This is an event where business communities globally are going to have to put more of a concerted effort on this than any issue in modern history,” Levie said.

Levie is not alone in this thinking by any means. He points to other leaders such as Chuck Robbins, Marc Benioff and Tim Cook, all who have stepped up in recent days to offer help and support.

He has built his company from the ground up to one that’s on nearly an $800 million run rate, but like so many business leaders, he is dealing with a situation which, as he said, has no playbook. Like every other CEO, he’s trying to help keep his business thriving, while not losing sight of the needs of the people in his organization, his customers or his community. It’s not an easy balancing act for anyone right now.

Mar
09
2020
--

Box is now letting all staff work from home to reduce coronavirus risk

Box has joined a number of tech companies supporting employees to work remotely from home in response  the outbreak of the novel coronavirus.

It’s applying the policy to all staff, regardless of location.

Late yesterday Box co-founder Aaron Levie tweeted a statement detailing the cloud computing company’s response to COVID-19, the name of the disease caused by the coronavirus — to, as he put it, “ensure the availability of our service and safety of our employees”.

In recent days Twitter has similarly encouraged all staff members to work from home. While companies including Amazon, Google, LinkedIn and Microsoft have also advised some staff to work remotely to reduce the risk of exposure to the virus.

In its response statement Box writes that it’s enacted its business continuity plans “to ensure core business functions and technology are operational in the event of any potential disruption”.

“We have long recognized the potential risks associated with service interruptions due to adverse events, such as an earthquake, power outage or a public health crisis like COVID-19, affecting our strategic, operational, stakeholder and customer obligations. This is why we have had a Business Continuity program in place to provide the policies and plans necessary for protecting Box’s operations and critical business functions,” the company writes.

In a section on “workforce resilience and business continuity” it notes that work from home practices are a normal part of its business operations but says it’s now extending the option to all its staff, regardless of the office or location they normally work out of — saying it’s doing so “out of an abundance of caution during COVID-19”.

Other measures the company says it’s taken to further reduce risk include suspending all international travel and limiting non-essential domestic travel; reducing large customer events and gatherings; and emphasizing health and hygiene across all office locations — “by maintaining sanitation supplies and encouraging an ‘if you are sick, stay home’ mindset”.

It also says it’s conducting all new hire orientation and candidate interviews virtually.

Box names a number of tools it says it routinely uses to support mobility and remote working, including its own service for secure content collaboration; Zoom’s video communication tool; the Slack messaging app; Okta for secure ID; plus additional unnamed “critical cloud tools” for ensuring “uninterrupted remote work for all employees”.

Clearly spying the opportunity to onboard new users, as more companies switch on remote working as a result of COVID-19 concerns, Box’s post also links to free training resources for its own cloud computing tools.

This report was updated with a correction to clarify that COVID-19 is the disease caused by the novel coronavirus; rather than another name for the virus

Feb
11
2020
--

Good news for enterprise startups: SaaS helped kill the single-vendor stack

In the old days of enterprise software, when companies like IBM, Oracle and Microsoft ruled the roost, there was a tendency to shop from a single vendor. You bought the whole stack, which made life easier for IT — even if it didn’t always work out so well for end users, who were stuck using software that was designed with administrators in mind.

Once Software-as-a-Service (SaaS) came along, IT no longer had complete control over software choices. The companies that dominated the market began to stumble — although Microsoft later found its way — and a new generation of SaaS vendors developed.

As that happened, users saw a way to pick and choose software that worked best for them, as they were no longer bound to clunky enterprise software; they wanted tools at work that worked as well as the ones they used in the consumer space at home.

Through freemium models and low-cost subscriptions, individual employees and teams started selecting their own tools, and a new way of buying software began to take hold. Instead of buying software from a single shop, consumers could buy the best tool for the job. This in turn, led to wider adoption, as these small groups of users led the way to more lucrative enterprise deals.

The philosophical change has worked well for enterprise startups. The new world means a well-executed idea can beat an incumbent with a similar product. Just ask companies like Slack, Zoom and Box, which have shown what’s possible when you put users first.

Powered by WordPress | Theme: Aeros 2.0 by TheBuckmaker.com