SaaS Unicorn Freshworks Inks Deal With IIT Madras For AI-Based Software

New-age technology like artificial intelligence (AI) has come a long way in bringing unique solutions for companies working across multiple sectors. The revolutionary technology has also become a go-to innovation tool for software-as-a-service (SAAS) companies as well. This time SaaS unicorn Freshworks has partnered with Robert Bosch Centre for Data Science and Artificial Intelligence in Indian Institute of Technology, Madras (IIT Madras) to improve the predictive capability of its customer relationship management (CRM) software.  

Freshworks will initially work with the centre exploring how it can leverage AI to improve its software’s lead-conversion capabilities, helping its clients to increase their business.

 The lead-conversion capability helps evaluate enquiries which have the potential to be converted into a sale. The AI-powered software analyses huge data related to these queries and customer acquisition, and predicts the leads which the company should chase afterwards for optimal conversion. 

The startup is also exploring software advancements that leverage business intelligence on existing data, giving an edge over its competitors.  

According to Freshworks CEO Girish Mathrubootham, its AI engine Freddy is one of the products the company has heavily invested in. Launched in October 2018, Freddy works as a channel-agnostic omnibot leveraging Google-powered AI. The software has the capability to answer customer’s queries and also escalate issues to human partners along with the context and chat conversations if any.

While sharing his views on the partnership, STS Prasad, senior vice president for engineering, Freshworks told ET that the goal is to take lead scoring beyond simple ratings and provide next-step recommendations which make the software more useful.

Further, the tie-up with the Bosch Centre will explore whether the Freshworks’ sales software is able to provide suggestions for next actions and improve the current standard of business lead rating. 

IIT-Madras Becoming Hub For New-Age Tech Developments

While most companies are investing a lot on exploring how they can use technology like AI, machine learning (ML), and deep tech, IIT-Madras is leading the way in helping engineers leverage these advanced technologies. 

Earlier this week, a team of experts from IIT-Madras announced the development of algorithms that enable novel applications using AI, ML and deep learning models to solve engineering problems. The ongoing research is currently led by Dr Vishal Nandigana, an assistant professor – fluid systems laboratory, department of mechanical engineering at IIT Madras.

In August 2019, two IIT-Madras incubated startups, GUVI and One Fourth Labs had also pledged to create 1 Lakh experts in AI and ML by 2020 through a joint venture, which focusses on training Indian students, faculty and engineers.  

With local language support for its AI training and learning modules, the platform is targetted at Tier 2 and 3 cities and offers technical skills and training in Tamil, Telugu, Kannada, Hindi, Bengali and Arabic.

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