Freshworks, the enterprise tech giant listed on Nasdaq, has joined the artificial intelligence (AI) wave by unveiling a range of generative AI enhancements for its existing product lineup. The announcement was made during the second annual Freshworks Developer Summit 2023 held in Bengaluru, where the company introduced three new products: Freddy Self Service, Freddy Copilot, and Freddy Insights.
These offerings incorporate OpenAI’s large language models (LLMs) to automate tasks and derive actionable insights. Freshworks aims to leverage the strengths of various LLMs to optimize business performance and expedite deployments. The company plans to develop proprietary language models and integrate general-purpose LLMs to address specific customer requirements.
Freddy Copilot took the spotlight among the new releases. Its AI capabilities empower teams to streamline workflows and handle repetitive tasks by utilizing conversational prompts within Freshworks products. The solution offers contextual assistance across support, sales, marketing, and development, allowing teams to build new applications and extend their functionalities.
Freshworks has already onboarded over 2,500 developers through its Freshworks Developer Platform, granting access to Freddy Copilot for app development. The beta version of the Copilot product has been deployed across 390 companies.
Meanwhile, Freddy Self Service employs LLMs and account-specific models to provide personalized customer and employee support at scale. By leveraging bots, it can handle large queries within Freshworks services and deliver tailored responses. This enables customer support and IT personnel to focus on other projects and delegate monotonous tasks to the bots.
The third product, Freddy Insights, utilizes generative AI to analyze customer and employee support data, identifying areas for improvement. It can also evaluate marketing and sales data to recommend optimization strategies for revenue growth. The AI-powered offering assesses support teams to ensure goal achievement and adherence to established guidelines.
Freshworks’ Chief Product Officer (CPO), Prakash Ramamurthy, highlighted the significance of generative AI, stating that it eliminates the need for humans to adapt to software, allowing products to adapt to how humans think. He expressed Freshworks’ commitment to bringing productivity and proactive insights to businesses of all sizes.
Interestingly, Freshworks’ competitor, Zoho, has also integrated LLM products in its applications, with plans to develop its own LLM. Notably, Freshworks’ CEO and co-founder, Girish Mathrubootham, previously worked at Zoho before establishing Freshworks in 2010.
Despite these advancements, Freshworks continues to face challenges. The company has reported losses, undergone multiple rounds of layoffs, and witnessed the departure of its co-founder and CTO. Moreover, its stock has declined since its peak in October 2021. However, despite these obstacles, the Indian SaaS market is projected to reach a market size of $50 billion by 2030.
