Teams | Collaboration | Customer Service | Project Management

During Freshworks’ Q2 ’23 Launch Event on June 22, we unveiled new product features that can bring the power of generative AI to businesses of any size. Access to AI is necessary for these new tools to have lasting business impact. The market for generative AI is expected to reach $36 billion by 2028, a tenfold jump in five years. “AI is just not a buzzword anymore,” Freshworks founder and CEO Girish Mathrubootham explained to Diginomica.

AI-powered HR tools are revolutionizing the workplace, transforming the perception of artificial intelligence from a dystopian force to a helpful assistant. Today, AI technology is no longer intimidating and inaccessible; instead, it is packaged into user-friendly apps that simplify and enhance daily tasks. Professionals worldwide are already leveraging the immense productivity potential of AI, with experts predicting a staggering 35% increase in US labor productivity over the next 15 years.

The money in our wallets doesn’t go as far as it used to. Prices are increasing—the cost of low fat milk was around forty five per cent cheaper in December 2021 than today. Meanwhile, the phenomenon of ‘shrinkflation’, a form of hidden inflation, means we’re all paying more and getting less in return. Companies across the board, from small independent businesses right up to the biggest retailers in the country, are finding it hard too.

The world is changing and customer experience is shifting alongside. Advances in technology, combined with new and ongoing business challenges, put us all under pressure to continue to evolve, improve and do more for our customers. Many businesses have managed through supply chain disruptions, rising costs and the ongoing shift into the digital landscape – all while under a cloud layer of ongoing economic uncertainty. Companies are faced with tightening margins and cutting costs.

Artificial intelligence has revolutionized the way we interact with technology, and AI chatbots have become increasingly popular tools for various tasks. OpenAI’s GPT Chat and Google’s Bard are two prominent AI chatbots that have garnered significant attention since their release. While both chatbots leverage natural language processing to generate human-like responses, there are crucial differences that set them apart in terms of their capabilities and use cases.

Despite the hype, AI isn’t here to replace your human agents. On the contrary, when human agents and AI join forces, they form a powerful CX team – one that builds on their strengths, while minimising their weaknesses. Your agents shouldn’t be bogged down by busy work. With AI in their corner, they can instead focus on the tasks that make a difference. Which results in a better experience for all involved.

Building software that delivers value to customers comes naturally to us at Freshworks. Sometimes, it also comes “artificially”—such as through innovations in artificial intelligence, including generative AI. Businesses around the world are already realizing the transformative potential of generative AI through automation and productivity-enhancing tools.

In response to macroeconomic pressure, technology companies of all sizes have been tightening their belts and flattening their org structures. Meta CEO Mark Zuckerberg has called it the “year of efficiency”, while others are calling it the “end of the tech boom”. But despite budget challenges, tech companies have reason to hope.