Freshworks partnered with IIT Madras for AI-Based Software

Freshworks has partnered with the Robert Bosch Centre for Data Science and Artificial Intelligence in the Indian Institute of Technology, Madras (IIT-M), to improve the predictive capability of its CRM software, reports Economic Times of India.

Founded in 2010, California based Freshworks delivers Software-as-a-Service based customer engagement solutions. The company has raised a total of $249 Million in seven funding rounds, according to CrunchBase.

Freshworks will initially work with Robert Bosch Centre for Data Science to explore Artificial Intelligence usages to improve its lead scoring capabilities, that helps its client to expand their business. Lead scoring is generally used by sales and marketing departments. The method helps in determining the worthiness of leads by attaching different parameters such as customer product interests to acquire customers.

The AI tool analyzes the humongous amounts of data which is related to product or services interest queries and customer acquisition. Then it predicts the leads that could help to chase afterward for the optimal conversion.

The company is also exploring some of the new advancements into the software that uses the business intelligence on existing data, giving an edge over its competitors.

Executive Opinion

Economic Times of India report quoted Senior vice president-engineering, STS Prasad, who said, "The goal, quite simply, is to take lead scoring beyond simple ratings and provide next-step recommendations that make it more useful.”

In the same report, Chief marketing officer at Freshworks, David Thompson, quoted, "Selling a CRM product and chat together is a unique bundle – not commoditized – and we have our AI specialties in Freddy helping predict which leads are better. That’s an edge."

IIT-Madras New Age Technology Developments

While nowadays, most of the companies are investing a lot in exploring that how they can use the latest technologies, in AI, deep tech, and ML, IIT-Madras is leading the way in helping the engineers to use these advanced technologies.

Previously, a team of experts from the IIT-Madras revealed the development of the new algorithms that enable the novel application with the ML, AI, and deep learning models to solve the engineering problems.

In the month of August 2019, two IIT-Madras incubated start-ups On Fourth Labs and SUVI, had also pledged to create 1 lakh experts in the Artificial Intelligence and Machine Learning by the end of 2020, via a joint venture, which focuses more on the training of Indian students, engineers, and faculties.