SAN FRANCISCO--(BUSINESS WIRE)--Forethought, the most advanced human-centered generative AI for customer support, today announced it has seen its net new ARR per quarter grow 400% YoY. Driven by the explosion of generative AI and the need for a complete AI solution for CX, Forethought has seen exponential growth across the company through new customers, product launches and enhancements, resulting in the company’s most successful year yet.
“Since our inception, Forethought has been on a mission to deliver best-in-class customer support experiences. Our users, and their understanding of the need for human-centered, AI-powered customer support, have propelled our evolution as a company,” said Deon Nicholas, CEO and co-founder of Forethought. “We fundamentally believe that customer experience will be the most consequential use case for generative AI. In the coming months we’ll be developing even more ways our customers can use AI to transform their businesses and how they interact with customers.”
Leading with Human-Centered AI
Customer experience is likely to become the single biggest application for generative AI in business, and one of the most common ways consumers interact with the technology. According to Gartner, 86% of CEOs believe that this year and next, AI can help maintain or grow company revenue. Forethought is capturing this growing market and leading the industry, with prospective clients choosing Forethought’s human-centered AI over alternative platforms 75% of the time.
Last fall, Forethought launched Autoflows, an agentic reasoning engine for chat. With Autoflows, teams can specify their desired issue resolution outcomes in plain, natural language instead of relying on complicated decision trees. Autoflows then uses AI, trained on customer tickets, to provide accurate and contextual responses. This not only increases customer satisfaction, it saves agents time and energy, allowing them to focus on priority interactions. Since launching, Forethought customers using Autoflows have seen an average increase of 30% in CSAT (customer satisfaction) scores.
Earlier this year, Forethought released its first-ever AI in CX Benchmark Report to showcase the various ways companies leverage AI for customer service. The report found that 54% of businesses surveyed have adopted AI in some way, and 55% of those who have not adopted AI plan to do so within a year. Companies who used AI trained on their own data reported achieving the highest deflection rates and an average CSAT of 90%.
New Customers Choose Forethought
Leaders across industries, including Upwork, Thumbtack and Asana, rely on Forethought to eliminate inefficiencies, accelerate agent productivity and improve customer satisfaction with every interaction. Forethought saw a 75 to 80% win rate for customers who participated in a free trial, and recently expanded its customer roster to include Fetch, Airtable, Acorns, Gusto and more.
“We spent a lot of time looking for a solution that leverages the latest advancements of generative AI to solve our high volume of customer inquiries at scale,” said Brian Johnson, vice president of support operations at Fetch. “With Forethought we found exactly that – a platform that allows us to provide our users with the best self-service experience possible, and when that is insufficient, gracefully hands that conversation off to a human agent. With Forethought’s Solve product specifically, I anticipate we’ll be able to defer additional new hires to support our growth for at least a quarter or two – which is an incredible amount of money saved for the business.”
About Forethought
Launched in 2018, Forethought is human-centered generative AI for customer support and your 24/7 AI team member. Trained on unique data sets and upholding the highest security protocols, Forethought delivers natural conversations through AI and eliminates inefficiencies to improve response times, resolution rates, and customer satisfaction scores at every interaction. The company powers support for leading customer-centric organizations like Asana, Upwork, Thumbtack and iFIT. It has raised $90M+ in venture capital from leading investors including NEA, Sound Ventures, and Operator Collective. Forethought was recognized as one of G2’s Best Software Products for 2023, and one of CNBC’s 25 Top Startups for the Enterprise in 2022.
