Software product company RocketBoots’ BeeHive solution uses machine learning and advanced analytics to help organisations that operate physical space at scale, to solve business optimisation and security challenges.
The organisation has recently completed a capital raise of $4.25 million and is set to list on the ASX this week with a share price of 20 cents.
Digital Nation Australia recently spoke to Joel Rappolt, CEO of RocketBoots about how the organisation is helping business to optimise their processes. This may include the optimisation of staff schedules, productivity, customer service, risk management, compliance management and property design.
According to Rappolt, the organisation’s particular focus is on workforce optimisation for retail banking.
“What we've been able to do with our software is we've been actually able to look at business problems that we can solve, and then reverse back into what types of data do we need to collect from our physical environments and build those capabilities. Most people wouldn't know that they need to collect it without understanding the problems that the data can solve,” says Rappolt.
In order to achieve optimised outcomes for businesses, RocketBoots deploys a small piece of hardware to be installed on the site to collect data, before delivering out of the box applications in the form of web and mobile UI, or business intelligence dashboards, says Rappolt. The dashboards are currently developed using Tableau, giving customers an overview of the key opportunities for cost savings.
“Then we hand over to analytics teams inside of our customers’ businesses, for them to start using that straightaway. But then build on the value of that data can provide to them further into the future.”
According to a recent commissioned Frost and Sullivan report, RocketBoots’ global addressable market opportunity for retail banking is $2.8 billion per year.
The replacement prospectus states, "The addressable markets (retail banking, supermarkets, shopping centres, retailer point-of-sale, and workplaces) and the current markets for facial recognition, license plate recognition, and basics combined represent a global opportunity of $113.56 billion a year for RocketBoots and an Australia and New Zealand opportunity of $463.6 million a year."
Once RocketBoots sheds light on areas for business optimisation, the business’ partner network can step in to assist businesses with a change management program.
According to Rappolt, “What we're talking about here is large consulting companies, I won't name them, but you know them. They are trusted by these large retail banks to drive change programs. And they are a natural fit for RocketBoots and the BeeHive software, because the BeeHive software can show them what needs to be changed, and then the consultancies then sell in their consulting, or their change management programs to actually help the customer achieve the benefit.”
The organisation has been raising capital to expand the sales team and expand the channel partner eco system, enabling partners to win change management program work, says Rappolt.
“Our job is just to get them enough out of the box value from this data to enable them to adopt it, and get them a return on investment so that they can continue the journey.”