Freshworks to tie up with IIT-M

Artificial Intelligence
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CHENNAI: Freshworks will work with the Robert Bosch Centre for Data Science and Artificial Intelligence in IIT Madras to bolster capabilities of its artificial intelligence (AI) engine as the software-as-a-service unicorn looks to improve the predictive capability of its business software (CRM)and help clients improve their business.

The California-headquartered company will initially partner with the centre on how to leverage AI to provide advanced lead scoring capabilities for its customers.

Lead scoring is a methodology to evaluate enquiries that may, eventually, end in a sale. AI-enabled software can plough through reams of data on customer acquisition from initiation to sale and predict the leads salespersons should follow.

The partnership with the Bosch Centre in IIT Madras will also explore whether Freshworks’ sales product can make recommendations, meaning a suggestion of next best action and a notch up from the current standard of business lead rating. STS Prasad, senior vice president-engineering, told ET: “The goal, quite simply, is to take lead scoring beyond simple ratings and provide next step recommendations that make it more useful.”

Freshworks is looking to widen the scope of the sponsored research to other products in its stable – such as service desk, IT management software, in-app chat platforms and a customer success tracker from its latest acquisition of US-based startup Natero in May.

Making business software in India and selling globally, Freshworks is looking at software that relays business intelligence from its existing data in order to gain an edge over competitors. Its AI engine Freddy is one of the areas the company “heavily invests in”, according to CEO Girish Mathrubootham.

Officials at the Robert Bosch Centre for Data Science and Artificial Intelligence were not available for comment. David Thompson, chief marketing officer at Freshworks, said the drive was centred around creating a niche division in a fairly commoditised software space: “Selling a CRM product and chat together is a unique bundle – not commoditised – and we have our AI specialities in Freddy helping predict which leads are better. That’s an edge.”

Freshworks launched Freddy in October last year as a channel agnostic omnibot leveraging Google AI that can answer customer’s queries and escalate issues to human agents along with the context and chat conversations.

The company’s investments in AI coincide with aggressive expansion in Europe and the UK, Australia and France. It also expanded into Japan by partnering with local software company OrangeOne Corp. In June last year, it announced that its annual recurring revenue had crossed $100 million, having raised $250 million in funding so far.

(Excerpt) Read more Here | 2019-10-29 08:36:00

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