Ankura Consulting announced the release of a novel generative artificial intelligence (AI) tool created in conjunction with Microsoft-backed firm and ChatGPT developer OpenAI.
Ankura Consulting, an advisory and forensic accounting business, announced on Friday the debut of a unique generative artificial intelligence (AI) tool developed in collaboration with Microsoft-backed firm and ChatGPT inventor OpenAI.
The program, known as NoraGPT, is used in Ankura’s secure environment to protect data for employees and clients, according to a statement.
The platform has human-like qualities such as long-term and “forever” memory capabilities, which are consistent with Ankura’s own AI offerings. It will also improve file management.
“Just speaking internally, it’s going to impact every aspect, every functional area that we have,” Ankura CEO Kevin Lavin stated.
Lavin expects AI solutions will be used in a variety of domains, including fraud detection, safety, and security, as well as increasing client intake. “It’s going to be much more,” he said.
He also stated that AI would have a substantial influence on revenues and provide internal cost savings of approximately 25% across the board, including the reduction of subcontractors and the slowdown of new hiring.
Ankura employs approximately 2,000 employees and serves over 3,000 customers in 55 countries.
It established a turnaround and restructuring business for the Middle East out of its Dubai office in April, joining other advising companies operating in the region.
When asked about operations in the Middle East, Lavin stated that the region has traditionally been supplied from London and Dubai, but the firm’s present location in Riyadh “will be the center of what we do.”
“Saudi Arabia is a rapidly rising market, and there is a demand for what we offer. And, you know, we’d like to take part in it.
Several corporations, notably Nokia, have adopted generative AI to enhance efficiency and decrease costs, despite experts flagging potential legal and ethical risks.
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