The LiveTiles Ltd (ASX: LVT) share price is pushing higher on Tuesday after announcing the launch of a new product.
In morning trade the intranet and workplace technology software provider's shares are up 6% to 25 cents.
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What did LiveTiles announce?
This morning the company announced the launch of a new artificial intelligence (AI) product, LiveTiles Vibe.
Management believes that LiveTiles Vibe is an important development, complementing its existing suite of products and addressing a crucial capability in the evolving digital workplace.
It is a user engagement engine, designed to capture feedback from users quickly and easily, and to leverage this feedback to help drive critical business decision making across any topic of importance to the company or team.
It believes the launch will help drive significant customer pipeline, and complete another step in LiveTiles realising its vision for the Intelligent Workplace.
What now?
The company intends to drive co‐marketing and co‐selling of LiveTiles Vibe through existing key partners, notably Microsoft and its partner ecosystem.
It believes the product has a very strong roadmap which will see it evolve quickly over the next 12 months and build upon its current features to make LiveTiles Vibe a critical piece of the digital workplace.
The first market that the company will be targeting is the digital wellbeing market. It notes that employee wellbeing has been identified as one of the top strategic priorities across executive teams globally.
So much so, the Global Wellness Institute (GWI) estimated pre‐COVID‐19 that the global workplace wellness market was projected to grow from US$48 billion in 2017 to US$66 billion in 2022.
However, LiveTiles Vibe will be provided to the market for free initially to rapidly drive a large user base.
LiveTiles Co‐Founder and Chief Executive Officer Karl Redenbach, commented: "It became clear from our discussions with clients that COVID‐19 has fundamentally changed the dynamics of critical business decision making and that a user engagement engine powered by artificial intelligence was sorely needed. LiveTiles Vibe adds to our vision of the digital workplace at a time when our digital workplaces have changed forever."
"Our vision for LiveTiles Vibe is to help our clients understand their people without adding to their chaotic COVID‐19 remote working lives. Imagine you are doing a critical task. Vibes will appear in that app as a question. You answer that question without leaving that app, it then disappears, and you get back to working at your priority tasks," he concluded.
