Forethought, a leading provider of human-centered generative AI for customer support, has announced a substantial surge in its net new Annual Recurring Revenue (ARR) per quarter, marking a remarkable 400% year-over-year growth. This surge has been fueled by the exponential rise in generative AI adoption and the increasing demand for comprehensive AI solutions tailored for enhancing customer experiences (CX).
The company attributes its success to the influx of new customers, continuous product launches, and enhancements, culminating in what is being hailed as Forethought’s most prosperous year to date.
Deon Nicholas, the CEO and co-founder of Forethought, expressed the company’s dedication to delivering top-tier customer support experiences. He emphasized the pivotal role users have played in propelling Forethought’s evolution as a company, underscoring the significance of human-centered, AI-powered customer support in today’s dynamic business landscape.
Nicholas stated, “We firmly believe that customer experience will emerge as the most pivotal use case for generative AI. In the forthcoming months, we are committed to exploring novel ways in which our customers can leverage AI to revolutionize their businesses and customer interactions.”
Forethought’s emphasis on human-centered AI has positioned it as a frontrunner in the realm of customer experience, a domain anticipated to witness a substantial surge in generative AI applications. According to Gartner, 86% of CEOs believe that AI can contribute to maintaining or boosting company revenue in the current and upcoming years. Forethought has successfully seized this burgeoning market opportunity, with prospective clients opting for Forethought’s human-centered AI solution over alternative platforms 75% of the time.
The company’s recent introduction of Autoflows, an agentic reasoning engine tailored for chat interactions, has been met with acclaim. This innovative tool allows teams to articulate desired issue resolution outcomes in natural language, obviating the need for complex decision trees. By leveraging AI trained on customer tickets, Autoflows delivers accurate and contextually relevant responses, leading to heightened customer satisfaction and enabling agents to focus on critical interactions. Notably, since the launch of Autoflows, Forethought customers have reported an average 30% increase in Customer Satisfaction (CSAT) scores.
Moreover, in a bid to showcase the diverse applications of AI in customer service, Forethought released its inaugural AI in CX Benchmark Report earlier this year. The report unveiled that 54% of surveyed businesses have integrated AI into their operations, with 55% of non-adopters planning to do so within a year. Companies leveraging AI trained on proprietary data reported achieving the highest deflection rates and an average CSAT score of 90%.
Forethought’s roster of clients includes prominent industry leaders such as Upwork, Thumbtack, and Asana, who rely on the company’s solutions to streamline operations, enhance agent productivity, and elevate customer satisfaction levels. The company boasts an impressive 75 to 80% win rate for customers participating in free trials and has recently expanded its clientele to include Fetch, Airtable, Acorns, Gusto, and more.
Brian Johnson, Vice President of Support Operations at Fetch, commended Forethought’s cutting-edge AI solutions for addressing high volumes of customer inquiries at scale. Johnson highlighted the platform’s ability to deliver exceptional self-service experiences while seamlessly transitioning conversations to human agents when necessary. Particularly praising Forethought’s Solve product, Johnson anticipates significant cost savings for the business by deferring additional new hires to accommodate growth in the coming quarters.
Forethought’s substantial growth in net new ARR, coupled with its expanding clientele and innovative product offerings, exemplifies the company’s commitment to revolutionizing customer support through human-centered AI solutions.
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