Image source: Facebook.
Continue Reading Below
Facebook's (NASDAQ: FB) director for its new Workplace enterprise collaboration offering, Julien Codorniou, recently announced at TechCrunch Disrupt London that Workplace will soon support third-party custom integrations, which will add important functionalities for things like customer relationship management (CRM), file sharing, and email, among others.
The social network has released application programming interfaces (APIs) that will allow enterprise IT departments to customize Workplace for their own unique needs, delivering tools that their employees need to improve productivity and collaboration. Third-party integrations have been a critical aspect of Slack's success in recent years, and Workplace is designed to compete directly with Slack.
Does it matter?
In opening up Workplace to third-party integrations, Facebook shows that it's cognizant of what enterprise customers value and taking Workplace very seriously. A minor distinction is that Slack's approach is to make a user-friendly and approachable way to add integrations, while Facebook's is designed to be implemented by the corporate IT team, giving the enterprise greater control over how employees interact with the software.
Continue Reading Below
More broadly, Workplace is Facebook's most serious attempt yet at targeting the enterprise. There's far more money in the enterprise market, and Facebook is also expanding distribution and working with reseller channels. Workplace has tremendous potential to open up entirely new and incrementally additive revenue streams for Facebook, even at its aggressive pricing levels that meaningfully undercut Slack. Following a pilot phase, Workplace launched broadly in October, so Facebook is just getting started.
Find out why Facebook is one of the 10 best stocks to buy now
Motley Fool co-founders Tom and David Gardner have spent more than a decade beating the market. (In fact, the newsletter they run, Motley Fool Stock Advisor, has tripled the market!*)
Tom and David just revealed their ten top stock picks for investors to buy right now. Facebook is on the list -- but there are nine others you may be overlooking.
*Stock Advisor returns as of November 7, 2016
Evan Niu, CFA owns shares of Facebook. The Motley Fool owns shares of and recommends Facebook. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.