- Ankura Consulting launches NoraGPT, a custom AI tool developed with ChatGPT creator.
- NoraGPT ensures data protection and offers human-like features for file management.
- CEO Kevin Lavin anticipates AI’s impact on fraud detection, safety, and revenue growth.
- Ankura expands its Middle East operations, focusing on Riyadh as a strategic hub.
- Generative AI adoption rises among companies like Nokia, prompting legal and ethical considerations.
Transforming Advisory Services through Innovative AI Solutions :
Ankura’s Strategic Focus on Saudi Arabia as it Expands its Middle Eastern Presence:
Ankura Consulting, a leading consultancy and forensic accounting firm, today announced the release of NoraGPT, a cutting-edge Artificial Intelligence (AI) tool created in conjunction with OpenAI, the originator of ChatGPT, and sponsored by Microsoft. Based in Dubai, Ankura said that NoraGPT was specifically designed to function within Ankura’s secure environment, assuring the highest level of data protection for both staff and clients, according to a statement issued on Friday.
The NoraGPT platform has human-like capabilities, including long-term and “forever” memory features, which integrate smoothly with Ankura’s existing AI products and facilitate efficient file management procedures. According to Reuters, Ankura’s CEO, Kevin Lavin, emphasised the tremendous impact NoraGPT is likely to have across all functional areas of the corporation, representing a significant leap in their technological capabilities.
Lavin forecasts the widespread use of AI tools in a variety of domains, including fraud detection, safety, security, and client acquisition techniques, resulting in a significant boost in operational efficiency and client pleasure. He also emphasised the potential for significant revenue growth and internal cost savings, which are expected to reach up to 25% across multiple areas, including reduced subcontracting expenses and a pause in new hiring initiatives.
With a global staff of over 2,000 workers and a customer base spanning 55 countries, Ankura has established itself as a major player in the advising sector. Last April, the firm opened a turnaround and restructuring practice in the Middle East, based in Dubai, following a larger trend of advisory firms expanding their presence in the region.
In response to questions concerning Ankura’s Middle Eastern activities, Lavin emphasised Riyadh’s critical role as the focal point of the company’s strategic initiatives in the area, highlighting Saudi Arabia’s booming market and rising need for specialised advisory services. The company intends to use its presence in Riyadh to answer the changing needs of the market and actively contribute to its growth trajectory.
Notably, the use of generative AI technology to improve processes and drive cost-efficiency has gained traction across industries, with companies such as Nokia leading the charge. However, experts warn against the legal and ethical ramifications of AI deployment, emphasising the significance of responsible and transparent implementation techniques.
Ankura’s work with OpenAI to create NoraGPT demonstrates its dedication to innovation and providing customised solutions to clients. As the landscape of advisory services evolves, the incorporation of advanced AI technologies such as NoraGPT has the potential to redefine industry standards and generate long-term success in the digital era.