monday.com reveals significant growth in partners' revenues
monday.com, a work operating system where organisations of all sizes can manage their work processes, has revealed noteworthy results from a commissioned Total Economic Impact (TEI) study. Conducted by Forrester Consulting, the research examines the possible return on investment (ROI) enterprises might achieve by utilising monday.com. The study unveiled a 100% year-on-year growth in service revenues for the company's partners. It also indicated a 65% ROI over three years, total service revenues amounting to $3M over the same period, and a payback period of only seven months for the investment.
This study was based on multiple partner interviews across Europe, North America, and Australia. The results were combined into a one composite partner organisation. According to Ophir Penso, Vice President of Partnerships at monday.com, the company was excited by these findings. He stated, "We're thrilled to learn of these results, as we continue to empower our global partners in integrating into our ecosystem, unlocking their growth potential and increasing profitability with diversified revenue streams."
Additional findings in the survey showed that some 80% of the overall revenue in the composite partner was attributed to their monday.com practice—the team dedicated to supporting monday.com sales and professional services. The composite partner organisation garnered benefits valued at $7.98 million over three years.
According to the research, this benefit was derived from re-selling the monday.com Work OS to customers to address their unique needs, creating package and custom service solutions, and generating revenue from developing their applications for the monday.com app marketplace.
Jack Taylor, Chief Eexecutive Officer of Upstream, a partner with monday.com, voiced his approval of the collaborations with monday.com. He said, "Our growth within our own monday.com practice has absolutely skyrocketed, and our profitability is excellent."
The success stories of partners like Upstream have contributed to the significant growth of the monday.com ecosystem, the company says.
monday.com as of the third quarter of 2023, boasted an expansive partner network including 210 active channel partners, approximately 2,000 referral partners, along with 393 marketplace apps and 218 apps collecting payments. Such a robust network plays a pivotal role in enhancing the growth of the monday.com ecosystem, giving it the ability required to serve various organisations across virtually any industry.
In addition, monday.com is planning to further enhance its product suite, including monday.com sales, CRM, and monday.dev. The goal is to provide its partners with even better offerings that can be beneficial to their diversified user base, according to Penso.
The research findings released by Forrester can be seen as an affirmation of the effectiveness of monday.com's innovative work operating system in transforming the way enterprises operate, manage processes and improve revenues. These findings may also serve as guidelines for enterprises considering to implement singular, all-inclusive operating systems.
