Freshworks Inc. (FRSH) Earnings Call Transcript & Summary

Ladies and gentlemen, please welcome to the stage Freshworks' Chief Marketing Officer, Stacey Epstein.

Thank you so much, and thank you for joining us today. I am so excited that this day is finally here. It's a beautiful day in San Francisco. Thank you all for joining me in the live audience. I hope it's a beautiful day wherever you are tuning in to watch our event. Like I said, I am very excited this day is here. A lot of effort and work has gone into this moment, not just the beautiful setting and the great virtual event. But the hours that we have put into building out these amazing features that you are all going to see today for the first time. So today, we will be covering announcements across our entire portfolio. We will cover announcements on our unified CRM, which includes customer service, sales and marketing as well as our IT and employee experience offerings. We will be spending a good amount of time on our Neo platform and of course, as you can imagine, we will be spending a considerable time on AI. It's what's on everybody's mind. And we're really excited to talk to you about how we are supercharging our unified experiences with AI. So without further ado, I would love to invite to the stage the Founder and CEO of Freshworks, Girish Mathrubootham.

Good morning, everyone. And thank you for joining us here today for the product launch event. And I'm thrilled to be here to be sharing with you our AI vision and also talk about all the exciting new features that we have lined up for you. But first, let's talk about the big elephant in the room. Not a single day passes these days without you hearing about how ChatGPT or Generative AI is coming for our jobs or saving the world. And it is important to note that Generative AI in its current form as we see it, is really a pivotal disruptive moment in the history of technology. It is not a buzzword. AI is just not a buzzword anymore. It actually represents human ingenuity. And it shows us how we can use technology to solve anything from the mundane problems to really solving grand challenges for humanity. And at Freshworks, we are not new to AI. So we embarked on our AI journey 5 years ago, when we launched our Freddy AI. I'm not going to talk to you about all of these features, so don't worry. But we have been using AI to solve specific problems like helping chatbots, answer customer queries or helping salespeople identify which are the best leads to focus on today and so on and so forth. So we have tons of features in AI even before ChatGPT. And some of these features are actually built using earlier versions of GPT 2.5 and GPT 3. But the ChatGPT demo that we saw in the mid of March, 3 months ago. It's only been 3 months, can you believe? So it transforms everything. Generative AI super charges, everything that we have seen before. And now we finally have technology that can learn, reason and perform tasks without being explicitly programmed for those specific tasks. Now that's big. And there's also a lot of fear and uncertainty and doubt. But we will first talk about what is our role at Freshworks? So we've always believed in building software for the Fortune 5 million and not just for the Fortune 500. And we see this moment at Gen AI. Our responsibility continues to be the same. We want to harness the power of Gen AI and bring it to the Fortune 5 million companies in the areas of customer experience and employee experience. So I asked ChatGPT, so which industries will be disrupted by AI? That gave me a long list of industries, but there's no surprise for taking out the first industry that will be disrupted by AI, which is customer service. And we knew this. And that is the reason why we invested in Freddy AI 5 years ago. And we all know that customer service leaders like automation. So it was going to be the natural first place for any new technology in AI to actually focus on. And by the way, the list of industry is really wrong. So let's not worry for all the customer service leaders in this room. So this is not new, right? And we know that. But still there is a lot of talk in the media, in the news every day about how AI is going to disrupt so many industries and including customer service. And what does this mean for jobs? And how are we going to deal with it? Now history has taught us a lot of valuable lessons. Take every major technology disruption from the past, be it the automobiles disrupting horse carriages and blacksmiths or introducing tractors in the farm or robots in the factory or introduction of the personal computer or even modern e-commerce. So we all know we have lived through these technology disruptions. We all know that when a major technology disruption like this happens, it is going to create short-term job loss, some job losses in the industry. But it's also important to remember and understand that it opens up a whole new lot of new industries and new opportunities. It makes life better for all of us think about this. Our lives have become better with all the technology innovations that have happened and it makes people more productive. And we believe that Gen AI is not going to be any different. It is going to make our lives better. We are going to be able to use ChatGPT and Gen AI and so many other tools that are going to come to not focus on all the mundane tasks that we have to do now and move on to more productive stuff. So -- but as a society, we have to help communities manage through this transition. And we always believe in the power of people to adapt and move on to learn new things. But we are at this moment, which is the very early days of this huge technology disruption. Now what should we, as business leaders do at this moment. So as business leaders, we have to all think about, hey, how do we leverage this new technology? This generative AI? To help make the lives of my employees and my customers better. How can I do it more efficiently in my business? So that is a question that you have to ask as a business leader. Now if you're a customer service leader, you have to ask, can Gen AI, help me deliver even more automation than what I'm getting currently with IBR or chatbots or self-service portals? So how can it drive more efficiency, but without compromising customer XP? Now if you're -- again, as a customer service leader, you're also thinking about, hey, how can I ramp my agents quickly? And how can I help them have all the context? Can I use Gen AI to give them all the context that they need to solve the customer problem. Now if you're an IT leader, you have to ask about, how can I leverage Gen AI to deliver modern employee experiences, especially in this remote workforce where people are working from home and office. Like can I use Gen AI to modernize the employee experience or if you are a go-to-market leader in sales and marketing, can you use Gen AI to grow even faster? Can you get more revenue? Can you get more growth? Now we at Freshworks, want to leverage this moment and turn it into momentum for your business. That is what you're going to be seeing today as the crux of all the exciting new things that we are showing you, how can we help you? How can we be the partner in bringing this Generative AI to your business to help you get more momentum. So today, the majority of what you will be seeing would be on Freddy. So we recognize the potential of this technology, and we have built a multifacet strategy around this. So you'll be hearing about pretty self-service, which will take self-service automation for customers and employees to a whole new level. Combined with OpenAI, so you will be able to bring natural language conversation-ability to offer support to both customers and employees. We also believe that any technology has to augment human capability. And you will be seeing Freddy Copilot today that we are launching for customer service, for marketing, for sales, for IT, for developers. So you will have co-pilots for all of your teams that helps them really focus on automating all the boring mundane tasks that they are used to doing today or that they are forced to do today and focus on really the things that matter for them. And for leaders who need access to data and who are tasked with vision making? Like how do you realtime insights? And how do you make the right decisions for your business? So Freddy Insights. You're going to see how we are going to change the game to constantly deliver insights in real time to help leaders take better additions. So we have access to over 65,000 customers data. And we are going to -- we plan to invest in building large language models across domains and account-level large language model for every customer so that we are able to leverage the part of Gen AI. So think of it as a ChatGPT for your business. So that is -- which understands your context. So that is the value of what we are going to be showing you and bringing for you today. And while we are doing all of this, we understand that you -- when you are trying to use Generative AI and you're trusting your data with it, we know that security and privacy of the data is of utmost importance for all of you. So we have partnered with Microsoft Azure OpenAI service to bring enterprise-grade security and privacy for your data. So this is super critical for businesses to be able to trust Generative AI and actually leverage that with the confidence that my data is still secure and safe, and it's not going into. It's not going to be fed into the large language models that are out there. So while most of what we're going to see today will be -- AI will be dominating the theme, but I want you to know that we are still continuing to invest in the entire suite. And we will go section-by-section across all of our product lines. And we'll start with customer service where, as I told you earlier, every customer service leader is looking to balance the need for providing a personalized support experience to our customers. But at the same time, we have to drive automation to make sure that costs are in control. And how do you do that without sacrificing customer experience. That is the challenge for a business service leader for a customer service leader today, right? So -- and in order to show you all the exciting new stuff that we have, I would like to invite on stage Payal Patel, our Director of Solutions Engineering, who will be giving us a demo of all these new features. Welcome, Payal.

All right. Let me kick it off. Let me introduce you to our fictitious company, No Baggage. No Baggage is a luxury retail brand that services really great luggage bags, and I like to travel in style. I don't know about you. Finally, hopefully, everybody is getting back at it. Our customer today is Victoria. She's a frequent traveler who values a lot of quality and sophistication. She recently purchased a weekender bag. And as she's packing for her trip to New York, she notices that the threads on her back have come loose. So today, what we're going to see is how Victoria reaches out to the customer support team at No Baggage to get this issue resolved. All right. Now let's go ahead and see that demo. Victoria goes to No Baggage support site where she's greeted by a proactive message from Bot Voyage, their Automated Intelligent Chatbot. She asked the bot about the warranty policy and without even having to talk to an agent, she's got her answer. She's covered for a year. Now the bot also identifies her intent and seamlessly surfaces up recent orders from systems like Shopify or WooCommerce to really verify the order that she needs to get a warranty replacement for. She selects the Ivory Trail weekender. The bot asked her a couple of more questions to understand what's going on with her bag. And Victoria learns that she can get the strap replaced within the next 7 days. Now Victoria is very impatient. She doesn't have time for this. So she says, "hey, I want to speak to an agent because I want this done now before I head out on my trip." So G, like what did you think about self-service experience? It sounds really amazing for Victoria.

I think this is truly what generative AI is changing the game in self-service. If you noticed we were able to have -- Victoria was able to have a natural language conversation with the bot as if it was a human being. And what's more interesting is the bot actually had context of her past product purchases without having to ask meaningless questions again and again. So -- and the fact that the right answer was provided to Victoria without having to talk to a human being, that's actually great. And this is truly showing the part of Generative AI and self-service. But while I'm actually excited to see how the transfer to a live agent is going to be.

All right. So now we're going to see how Ethan Agent is going to help out Victoria. So I want to introduce you to Agent Ethan. He's our customer support rep wants to really do their job well. And we're going to make sure today that he can be a successful agent. This is Ethan's unified agent desktop. He has all of the information and all the conversations are routed directly to him. Now what's really cool is right at the top, you can not only see Victoria's information and her order details from OMS systems, but automatically, all of the things are -- from the past conversations have been summarized for him. So instead of him having to scroll up endlessly and understand what's going on, he gets all of that information right at his fingertips. Now he also looks over a couple more things about Victoria and gets ready to center a response. Typically, he would be typing out a response. But here, automatically, he has the ability to see that he's already being prompted and how to respond to Victoria. As for some assistance, he acknowledges that he's going to help her with that replacement. Now not only can he help her with the replacement, but he can also leverage tone enhancer to use a more casual tone with the customer. Honestly, all of this is taking the thinking away from the agent. Copilot is helping Ethan think through all of the things he needs to do to make Victoria happy. Well, let's see what happens next. He goes ahead and respond to Victoria and she says she'd like to get it processed as expedited as quickly as possible. Great. Look at this. Victoria, again, is impatient. She has no time to waste. So she calls in and as she's getting -- calling in Ethan gets that call. He picks up the call, speaks to Victoria about the urgency of the replacement order and assures her he will get this working for her. So hangs up the call, call's recorded and he's like, okay, now I got to get my troops rallying to help Victoria because if I don't help her, she's going to be an unhappy customer. Goes ahead and let her know that thank you for reaching out. We're going to go ahead and -- go ahead expedite this, create an internal task for our logistics team to take care of sending out that bag to her. And then finally, automatically, all of the context of the conversations that have happened until now are again summarized. So there is no loss points throughout all of the various people that are going to help Victorias. So G, how did you think that agent experience went?

I love it. Now we have all been customers, right? So think of all the times when we have to repeat ourselves when going from one channel to another like you're talking to a bot and then you're talking to a human being, and you are asked the same question, and you have to identify who you are, give my e-mail address 20 times. And then talk about the problem, customers hate it when they have to repeat the problem again and again. And you saw how seamless the experience was transferring from a bot to an agent to the phone call. So the channels don't matter, it's a customer that matters. So I love it. And also with Freddy Copilot, I love the fact that all the customer context is there and also how easy it is for them to collaborate with other internal teams. Because we all know that customer service is not the job of only one team, multiple teams have to collaborate and bring everybody together to solve the customer's problem, and that's what's happening here. So while we saw the experience of the customer through self-service and we saw the agent experience, now do we have something for customer service leaders?

Of course. And if you're not paying attention, pay attention now because it is the best part. Let me introduce you to our CX leader, Emily. Emily, wants to quickly be able to identify areas for improvement as she's working with her organization. Now her job is always to make sure that all her customers are getting an exceptional experience. She starts her day in her inbox. And what she uses or sees is Freddy Insights to quickly get up to speed on her team's day-to-day. Now she notices something pretty concerning. There's 3 high-frequency customer contact scenarios that need her attention. So she goes ahead and reviews what's going on with this. Now typically, what Emily would have to do is you have to go in your analytics, you'd have to go look through a bunch of reports, sort through all the issues and figure out how -- what's going on. Instead, Freddy is doing this all for her, summarizing what's going on, and now this is a game changer. She asked Freddy to share all of the scenarios, Freddy provides some of the top use cases and notices the warranty ones are about 31% and also it's taken a really long time to solve. So she's concerned about this. So she asked if -- what else can she do to try to solve some of these questions and what she's going to do is She's going to start to use bots to be able to solve and deflect these queries. So she knows she needs to make it easier for her customers when completing a warranty replacement. She engages with Freddy, and it's all about paying attention to the detail and what's going on with this. So she tells Freddy to create a bot flow that deflects all of these warranties. Now Freddy suggests step-by-step what can happen through the bot flow. Not only will it understand the intent, it will even surface up orders, it will even look up the verification of where it needs to be shipped, and it will automatically have that logistics team send the warranty out. So guess what, no agent is even needed for this because we're going to replace the item for her based on the criteria that we've captured. She then sells Freddy to create the bot flow for her without her having to even administer anything. Automatically, the Freddy copilot is creating that for her. She can then review it and make sure it's looking as good as she wants it to. And now Freddy is even going to help her deploy that bot on the channel of her choice. For example, here, she wants to deploy it on WhatsApp. So she's going to say, can you go ahead and do that for me? And automatically, it's been deployed on WhatsApp. Freddy, co-pilot, what do you think, G?

Well, now let's pause here for a bit to digest what we just saw. Now this is a completely new way to interact with your business software. And this is the new Freddy Insights module that we are launching. So imagine a past world, where you have to -- a leader has to wait for weeks for the data analytics team to compile all the data and then come back to them with insights. Now Freddy is constantly monitoring all the key performance metrics and giving them real-time actions on areas to improve. So that is the Insights product. And I also love the fact of how the Insights product works along with the copilot that once you have the insight, you can conversationally ask Freddy copilot to create the bot flow and deploy the bot without having -- by the way, all of this is possible because we have the bot builder, the powerful bot builder in the back. So being able to do it conversational is the new AI first experience. And the fact that you don't have to have an admin who's going and clicking through like 100 different steps to create the bot flow, that's game changing. So I think this is incredible, and I'm excited to share this with our current and future customers. So thank you, and let's recap what we just saw in customer service. So we actually have -- we saw how seamless the whole customer experience can be, moving from conversations to the bot, to a conversation with an agent who can collaborate with internal teams as well as leaders getting insights to continuously improve the customer service function. So we saw how agent productivity can be improved with Freddy Copilot, helping them do all these tasks, which would have taken them so much more time and clicks to manually do it themselves. And last, we saw the AI-first experience for leaders where you have insights being delivered in real time without having them to wait for weeks for somebody to crunch the data and bring it to them. So -- but customer service is just one part of the equation. Now we also have to -- if you want to focus revenue, we have to look at the sales and marketing teams. So we have to look at how Gen AI can actually impact our sales and marketing teams. And so Payal, what are we going to do? Or what are we going to show today that will enable marketers to send personalized campaigns or sales teams to close deals faster, do you have something?

I have some really cool stuff. So let's get to it. Let's get to the demo. Now Victoria returns from our quick business trip in New York with her newly replaced bag that she's really excited about. Now it's summer break and her family is planning a trip to Hawaii. Now while reviewing her e-mail, she receives this amazing promotional e-mail from No Baggage. Now she loves a good sale, who doesn't. While on No Baggage website, Victoria falls in love with this family luggage pack and add it to her cart. Now she's a busy mom. She added it to her cart, but her child just distracted her. She's like, all confused. She decides to abandon the cart and move on and guess what? Automatically, a couple of hours later, she receives a proactive SMS from No Baggage with a promo code and her saved cart, knowing this is a great sale, she completes the purchase. So how does No Baggage engage with customers like Victoria. Let me introduce you to our behind-the-scenes Persona marketer Isabella. And G, this is the part that I'm talking about that's really going to allow everyone. Now she begin her day by reviewing the task on her dashboard. She comes across a task that tells us that she needs to create a campaign for 4th of July. Now this is typically a really tedious job for Isabella. But guess what? She's in luck today because she has Freddy Copilot to help her. Freddy asked Isabella to define the campaign goal. And she says, the goal is really to boost more repeat sales. She needs to bring in more revenue. Instead of asking her team to analyze all of the right target segments Freddy then also provides 3 target audiences that are likely to respond. Now she asked Freddy to adjust the third one because she really wants people that have already made a purchase so that she can get more purchases through those individuals that already love the brands. Freddy continues to help Isabella with the e-mail campaign and generates the content even for her. Now she doesn't really think that the subject line is punchy enough. So she asked Freddy for a couple more options. And she loves one of the choices, selects option 3 and Freddy gives her a beautiful preview of the campaign. Now all of that just happened, but there's an extra touch that just has happened. Because we know the personal history and the purchases of those individuals. The campaign is actually only showing items that, that individual may like or would want to cross-sell into. So again, another personal touch, she loves it. It's looking great. She tests the e-mail, and she's satisfied with the content. Now the last thing she does is she asked Freddy Copilot, when do you think at this time to actually send this out to get the most individuals looking at it. Well, Freddy Copilot gives her some of that suggestion and she goes ahead with that recommendation. And that's it. That was so easy. What do you think about, G?

It's amazing. It's -- so what do you guys think? so if you guys can believe it, when I started Freshworks, I was also the first marketer. So now imagine with Freddy Copilot any marketer or a startup founder like me can actually send the right message to the right audience at the right time on the right channel, and all of this with a few conversational prompts. And I don't know if you guys noticed, we are also making it easy for people to select those prompts, but you can actually keen anything in natural language. And that is bringing all the power of the campaign builder, which already exists in our fresh market or product to life with conversational AI first UI. So I just love it. And what about sales people?

Oh, I've got some more goodies for you. All right. Let me introduce you to our sales rep, Brogan. He needs to hit his quota of bringing in one more reseller for this quarter. Now while Sales rep, Brogan is reviewing his inbox, Freddy provides insights about contacts assigned to him. Imagine this, he doesn't have to go look through a list of contacts. Out of 90 prospective resellers, there are 5 of them that are showing very high intent singles. Now Brogan is so excited about this because if he didn't get this reseller, he wasn't going to make his quota. In the past, he would painstakingly go through a bunch of things, but now Freddy is doing all the work for him. Now Freddy not only provides those insights but also helps Brogan by offering to create a personalized e-mail for those 5 resellers. So Brogan is excited, hey, I don't have to do any work. I don't have to type out an e-mail. All right. Let's see what Freddy Copilot can give me. The e-mail looks great, but Brogan is a little concerned. It's a little too long for these folks. Asks Freddy to go ahead and make it shorter. Now this is really good. He really wants to catch the attention of these resellers. That subject line again isn't punchy enough. So you ask Freddy for some more options. And he find the perfect one, number five, talking about how we're going to really give you that stylish and sustainable bag for your trip. Next, Freddy offers the final e-mail and is offering to go ahead and set up a follow-up task for him. So not only is he able to personalize the e-mail, but Freddy then even says, I'm going to remind you about all of these individuals that you just reached out to so that you need to nurture them and move them through the pipe. Now Freddy decides to take this a step further and sets up sequences and follow-ups and reminders so that they can continue to work with that -- with those resellers and bring them across the finish line. And now Brogan is feeling good. Freddy helped him get so much work done. He feels like he can go really practice and focus on the customers rather than having to focus on trying to get these resellers in. He's not done yet for the -- now that he's gotten traction with some of those resellers, he wants to see what other insights Freddy can give me. Oh, my goodness, there are 4 deals here at risk and Brogan is surprised to see one of the deals that he was planning to close Bagstrom at the top of the list. You've been so confident about it. How many sales reps do you know that are always confident about that deal. But guess what? Freddy is telling him that there's a problem here. Freddy's looked through all of his information and is able to identify that there was an e-mail concerned about quality of the samples that were sent to them. Now -- so immediately shut this concern down, Freddy suggests that you should generate an e-mail follow-up as the next course of action. And helps, again, Brogan, set up that great e-mail to take away those concerns about some of those quality issues. Also, he packages up some extra samples for them to really get them excited. Now Brogan is really energized. Freddy just saved him time, did his work for him and even helped him be a better sales rep. G, what do you think about Freddy copilot that helps these salespeople?

So imagine how this changes the life of a seller. It's a lot of time is wasted for every seller in terms of doing all these admin work, right, like finding the right prospects to contact, drafting those e-mails and setting up meetings and follow-up tasks. Having a copilot like Freddy would let them actually spend more time on what they do best, which is sell. And I think that's amazing. And that is going to be something that every salesperson I know would appreciate because nobody loves filling those forms. So let's talk about a few other features. So in addition to the demos that you just saw, it's not all about AI, and we listen to our customers. So we are also not demoing this, but we are announcing our integration with WooCommerce had our integration with Shopify a few quarters ago. So with the WooCommerce integration, there are several capabilities that come to life. One, knowing all the past purchases of a customer, if they've used WooCommerce as a platform, also knowing the right campaigns to run based on the events that happened like if somebody has abandoned the cart in WooCommerce, so how do you trigger the right campaigns. So all of that comes to life with the WooCommerce integration and helps drive more customer context for sales, support and marketing teams. Another interesting new feature that we are announcing, but we are not demoing today is native e-signature capability in our CRM, where Brogan, the sales rep can move from quote to e-signature to cash within the system. So they don't need to go into a separate third-party system for signatures. So let's recap what we actually saw in terms of helping salespeople. And we saw how customer-facing teams can actually use Freddy to sell and market better. So let's move on to focus on IT. So there are many IT leaders here and who are listening in or in the audience. So we all know that IT leaders have -- like they've had many hats. And on one hand, you have to provide a great employee experience. On the other hand, you have to also make sure that all those critical business apps that are being used by the business are running 24/7/365? And how do you actually do that and file can we actually see something on what we have for IT leaders in the room?

Yes. Let's go into it. Let's go right into the demo. We're going to meet another person now. We're going to meet employee, Grace at No Baggage. Now today, she's experiencing a lot of frequent disconnections from her VPN and we've all been there, where we can't access the network like we really want to. So she reaches out to the IT team through MS Teams to where she can get some help. Now great starts off by opening and having a conversation directly with the No Baggage virtual agent. She lets the virtual agent know that she's facing VPN connectivity issues. The bought ask Grace a series of questions to help her troubleshoot it, and the virtual agent helps by asking her to do a couple of troubleshooting tips, switching the VPN gateway, maybe also trying to look at her power settings. Is that maybe causing the issue. And finally, the virtual agent says, it is due to those -- that power saving mode connection. Let's go ahead and navigate to turn it off. All throughout this, the bot helped with self-service capabilities to quickly solve Grace's issue.

No, I'm actually jealous of employees today, right? When I was younger, I used to -- I had to walk into IT department and wait for somebody to help me wait for hours sometimes, right, to get access back into the network. So employees having the ability to just self-serve their problems and do it while they are still on Slack or Microsoft Teams. And that actually -- it's a win-win for both the employee as well as it frees up so much critical time for the IT agent to focus on other issues. And I think that is really something that both employees and IT department is going to love. And what if this issue is a frequently recurring common issue that many employees have? Do we have something more?

Yes. and you're shifting right into how Copilot is going to help the IT supervisor. So again, something new, really exciting. Right now let's shift to that IT supervisor, Her name Jennifer Lee, she helps manages the L1 helpdesk team. Now while IT supervisor Jennifer is reviewing her inbox, Freddy shares insights about 3 trending employee issues. Now Jennifer used to spend considerable time, sifting through things, trying to figure out what's going on with our employees, why are they constantly complaining. But right here, Freddy provides those insights to her. Jennifer digs into the VPN connectivity issue and ask Freddy for more detail. Now, what Freddy does is shares that there's been an uptick in VPN connectivity issues, and it's spiking up about 50%. Now to fix this, Jennifer knows she needs to create a solution article to deflect these VPN issues and guide her users to resolve this. Now she would have to spend countless hours writing up the article, go into a website figuring out how to -- what you should say I'm solutioning it. But instead today, Freddy is going to go help her create that solution article to deflect those VPN connectivity issues. And when she is ready, she can just read through, make sure it's making sense, approve it and go ahead and publish it. Jennifer successfully stayed ahead of employee issues, ensuring smooth operations to her help desk, all with copilot helping her do that. G, what did you think about?

No, I think that was great. Like in the CX section, we saw our customer service leaders, how Copilot helped them to create a bot to deflect customer queries. Here, we are demonstrating another capability where Copilot can look at frequently ask questions by employees and help suggest what the -- and actually write the solution articles so that employees can help themselves. So I think this all goes a great way to improving employee experience like for something else for other business teams beyond IT like HR, Finance, Legal, who are also in the employee experience business.

We do. I'm so glad you asked. Well, remember, employee Grace from earlier, she was needing help with her at VPN. She's a little needy. She now needs to request an employment verification letter for a new home that she's purchasing. She's excited about the home. So Grace goes back to MS Teams because she knows she's getting quick help there to ask for that employee verification letter. Now the virtual agent asked Grace a few questions, the purpose of the letter, the bank that you're aligned to. And within minutes, our integration with Workday performs a lookup and generate that employee verification letter for her. Grace is so excited. You know why? Because she thought this process would take her weeks. She thought she was going to lose the house that she wanted to go get. But instead, in a few minutes, she has everything that she needs right at her fingertips, and she's going to go get that house now. G, do you think this was a cool experience for HR or what?

I wish I had that experience when I was an employee. So we saw how AI can actually help increase or help IT and other business teams deliver a great employee experience. And this actually frees up AI -- sorry, frees up IT to focus on other critical issues that may be happening. Now we all know that while IT wants to keep things running 24/7 like incidents happen. And that's where we want IT to be spending the most time on. And that's the next thing that we are going to talk about, which is what happens when there is a major incident and Payal, what do you have there?

All right. Now remember that sale that, that marketer Isabella got going. Well, on the day of the 4th of July sale, No Baggage is experiencing a major outage -- I'm sorry, outage because you got so many customers to the website. And unfortunately, the website, it's also unable to process payments. So the NOC agent on call, Diego, here to rescue the day, received the notification on Freshservice. And notices is that there is a shopping cart failure. He clicks into that service to see all of the associated monitoring alerts and correlated incidents. He decides to review the service map and see the clear visual highlighting all of the parts that have been impacted. Now concerned and get this resolved, he decides to promote this incident to a major incident. And ensures that Maria, the on-call major incident manager is notified. Now once she is notified, she realizes the severity of the major incident, and she needs to get a team assembled. Now how did she do that? Well, guess what, without ever having to leave Freshservice, she creates an MS Teams channel and sends a service status e-mail to all of those individuals that are part of the stakeholders that are going to help resolve this issue. Now not only does she do that, Maria also had an update the No Baggage status so that everyone in the organization is aware of the issue and can get up to date once it's resolved. Now the team begins to collaborate. They're figuring out how to remediate the major incident, they identify the resource causing the issue and immediately reboots the affected router to fix the issue. Maria finally appends all of the conversations from MS Teams right into the incident and the shopping cart service is back to operational. G, how streamlined was that major incident process?

No, I think this clearly shows how IT can now focus on the most business-critical applications that they're supposed to focus on. And enabling that collaboration, especially when IT is being woken up at 3 a.m. in the night, you don't want to be searching for those phone numbers and those meeting pin codes to be punching in and everybody can go down to team and quickly getting to resolve it. So I think that's amazing. So let's do a quick recap here on the IT section. So we saw how AI can help not just the IT team, but also other business teams to provide a superior employee experience, especially for the IT team, freeing up their time to be able to focus on more critical -- keeping the business applications running. And when an incident happens, how can we bring all the context and knowledge and the people required to solve that incident together on Microsoft Teams or Slack, and actually enable that collaboration to quickly get this application back and running. So I think that's what we saw about this, about the whole IT and employee experience. So now let's talk about how AI is revolutionizing the app developer experience. Now we all know that we have our Neo platform. At Freshworks, we have always been about building products that are intuitive, easy to use and easy to implement. With new Freddy copilot for developers, we are now making it easy for developers to build apps. So we want to enable developers to be able to build apps in a fraction of the time that it used to take. And my teams tell me that, it used to take on an average, 8 to 10 weeks to build an app before Gen AI and with the new Freddy Copilot that we have actually tested. Now that app development time is cut to almost a week, like we have saving 9 weeks of development time, and we're able to build apps much faster. And that is something that is going to enable a lot more people to be able to build apps faster. So Payal, can you show us what we have for app development?

Of course, I'm excited to show you this. So we're going to meet Jane, let's get into the demo. A lead developer at No Baggage. Now before Freddy copilot learning on that unfamiliar platform required probably reading to lots of documentation like figuring out what to do and you only get an answer or two. Now I was a developer earlier in my career, and I used to dread this, to be honest. But today, Jane is so lucky because she has Freddy Copilot. And Jane asked Freddy Copilot to help develop an integration between Freshdesk and Shopify. Immediately, she has provided a snippet of code leveraging the Shopify app. Now Jane wants to edit the code to fetch not just all the orders, but just the last order for the customer. And just like that, Freddy is able to give her that snippet of code. Now Jane goes ahead and insert all of the code into her configuration. Now she's doing great. She's already gotten the code going, but she now knows that if you want to write really good code, you have to do it with documentation. And she usually hates writing out all the documentation about the code. So instead of you write all of that out, she signals Freddy to go ahead and generate that code for her and all of that code is automatically generated for her. Now once within seconds, all of that information is there for her. She's able to get other details she wants. Now she needs to start the validation process. Now validation can be cumbersome. Sometimes you have to write scripts to run against other scripts, you have to perform various testing. That process used to take time. And though -- and a lot of elements involved here, she can just say, review the selection. And within a single click, all of that code has been reviewed and optimized as well. Now she wants to go ahead and package up that code. She goes ahead and submits the information and she's able to publish the app. And look at that. Automatically, Jane is able to put this into the context of Freshdesk by publishing it right on the portal. And now these agents have all of the context about these recent orders as they help solve their customers' issues. So G, tell me, do you think this is revolutionary or what?

No. I think we should ask the partners who are listening in, in terms of -- So if you are a developer who's seeing this, this is amazing news. App development that used to take, as I said, 8 to 10 weeks, is now accomplished within a week. So you can move on to the next critical business project. So it means more apps and more apps means more money, right? So I think -- and more functionality. So I think what's even more interesting, which I wanted to introduce today is -- while you are building these apps using Gen AI to cut out all the mundane task but absolutely essential task, which is documentation, like code documentation is something that is really important for maintenance of app gold. So all of that is being taken care of by Freddy Copilot for developers, and you can focus on quicking those apps. What we have also done and announcing today is our Global App Framework, which means earlier, you had to build apps separately for Freshdesk or Freshsales, or Freshmarketer today, app developers can actually build an app for one or build an app one time, and it will be automatically across the entire product suite. So that is making it even more easier for app developers to leverage and get their apps in front of more customers. So I think, first of all, I would like to say thank you to Payal for all the amazing demos. Thanks, Payal. So as a recap, what we saw on the Neo platform, I should also mention that the Freddy Insights product that we saw is powered by the Neo platform, which actually powers the analytics module across all of our products. And we also saw Freddy copilot for developers, which actually makes it fast and easy to build apps on the Freshworks marketplace. No more are spending weeks trying to understand the APIs, understanding the developer ecosystem and so on. And we saw how building an app once and it can be deployed across all of our products. So I want to reiterate at Freshworks, we have always been about building software for the Fortune 5 million, not just for the Fortune 500. And our mission with Gen AI is also -- it continues to remain the same. So we want to bring the power of Gen AI to the Fortune 5 million businesses that are out there from the smallest companies to the large enterprises who we serve. So we want to empower you and your business to take care or leverage and harness the power of Gen AI to provide a much better customer experience and a much better agent experience and a much better employee experience. So with that, I would say, thank you. And I would like to welcome Stacey back on stage.

All right. Wasn't that exciting. I just -- I got chills a few times. I kept thinking of the words, AI made easy. Thank you for sharing that Payal and G. Here is a place where you can see all of the apps that we announced today, not in full detail because you've got to see them live. But note the QR code, for those of you in the audience, you could take a picture, if you want, you can go to the QR code. For those of you watching us virtually, check out the launch page. This is where we have all details about all of the products that you just saw we'll be continuing to update it. So when these things come out, you can take advantage of them very quickly. Thank you very much to our virtual audience for joining us. We really appreciate you giving them today, and we look forward to engaging with you very soon.