OpenAI has been in the limelight ever since ChatGPT made its global debut. The world-famous chatbot was developed by OpenAI and released to the public in November 2022. Ever since, it has made the news one way or another — sometimes for writing a love letter, some other time for helping cybercriminals write malicious code. So, it is not surprising to learn that consulting firm Bain & Company has decided to partner with OpenAI to enhance their product suite.
In recent times, OpenAI has created some spectacular software like Codex and DALL-E that use AI to transform the way people create content and communicate.
Consulting firm Bain & Company is already familiar with AI-powered tech. The advisory firm already uses AI tech to improve efficiency and conduct business. By collaborating with OpenAI, the company wants to empower its 18,000-strong team of workers to appease its global clients.
Mark Cuban appears to have been right when he said that AI would be the next big thing in the coming decade. It sure looks like Bain and partners are keen to get a jump on it.
Bain & Company Liaise With OpenAI
The consulting firm informed the world about its newest project on February 21. The partnership is expected to change how the company’s knowledge worker’s glean, analyze, and use data.
“AI has reached an inflection point and we foresee a huge wave of change and innovation for our clients across industries. We see this as an industrial revolution for knowledge work, and a moment where all our clients will need to rethink their business architectures and adapt. By collaborating with OpenAI, we’re delighted to have unmatched access to state-of-the-art foundation AI models, so that we can create tailored digital solutions for our clients and help them realize business value,” said Manny Maceda, Bain & Company’s Worldwide Managing Partner.
OpenAI will be used by the consulting firm to help clients gain fresh perspective on their processes so that technology can be improved upon to deliver outstanding results.
According to the company it will mainly focus on three core areas:
- Helping retail banks develop cutting-edge contact centers
- Boosting turn-around time for leading product and service marketers with the help of ChatGPT and DALL-E.
- Aid financial advisors in their role by reviewing client interactions and literature.
The partnership is expected to help Bain and its clients identify the right business opportunities and capitalize on them at the right time.
As Bain and OpenAI work together to deliver powerful AI solutions, the day is not far behind when other organizations too start investing in AI-powered resources to provide value-added services to their clients.
OpenAI Leads the Way for an AI-Powered Universe
OpenAI’s meteoric rise has not gone unnoticed by industry experts. Microsoft recently entered into a long-term partnership through a new “multiyear, multibillion dollar investment.”
It is said that the deal is worth $10 billion and will see the Windows developer invest in the development and deployment of supercomputer systems. The company will also incorporate ChatGPT with its Bing search engine to deliver better search results. “AI will fundamentally change every software category, starting with the largest category of all – search,” said Satya Nadella, Chairman and CEO, Microsoft.
In January, image database leader Shutterstock entered into a partnership with OpenAI’s Dall-E 2 artificial intelligence image-generating platform. They will collaborate on training algorithms that power Shutterstock libraries. Customers will also be able to create more images based on text prompts and give it a competitive edge.
News outlet BuzzFeed saw its stock and prospects rise after it partnered with OpenAI to generate content.
With OpenAI’s ChatGPT making waves, other companies, too, have put a rush on their in-house projects. Rival Google’s Bard is expected to rise up and give ChatGPT a run for its money.
