Advisory firm Ankura Consulting has taken a leap into the future with the launch of NoraGPT, a groundbreaking generative AI tool developed in collaboration with Microsoft-backed OpenAI. The cutting-edge platform, boasting human-like features and advanced memory capabilities, is set to revolutionize data protection, file management, and various functional areas within the organization.
Ankura CEO Kevin Lavin envisions NoraGPT making a substantial impact across the board, from fraud detection and safety measures to client onboarding. The firm anticipates significant cost savings, initially estimating a 25% reduction in expenses, encompassing subcontractors and slowing down new hiring. Lavin emphasized the potential revenue boost and the transformative role AI is poised to play in shaping the future of advisory services.
With a focus on expanding its footprint in the Middle East, Ankura has identified Saudi Arabia as a burgeoning market. Lavin declared Riyadh as the central hub for their operations in the region, highlighting the growing demand for the firm’s services. The introduction of NoraGPT aligns with Ankura’s commitment to staying at the forefront of technological innovation, joining the ranks of companies utilizing generative AI to enhance efficiency and cut costs.
As businesses increasingly turn to AI for strategic advantages, Ankura’s NoraGPT emerges as a pioneering solution, addressing both the potential and challenges associated with adopting generative AI in the advisory sector.