Ankura launches generative AI tool NoraGPT

26 February 2024 Consulting.us 2 min. read

Ankura, a New York-based advisory and forensic accounting firm, has launched NoraGPT, a generative artificial intelligence tool built on the technology of OpenAI, the Microsoft-backed developer of ChatGPT.

NoraGPT will be leveraged internally by all 2,000 of Ankura’s global employees, as well as externally as a solution to clients. The specialized tool will complement employee workflows and offer “human-like” features that align with Ankura’s proprietary reasoning, logic, and conversational modules.

Aside from boosting worker efficiency, NoraGPT will also assist with file management.

CEO Kevin Lavin told Reuters that AI tools are expected to boost client intake, reduce subcontractors, and slow new hiring, with an initial 25% impact on revenues and internal cost savings.

Ankura launches generative AI tool NoraGPT

“The launch of NoraGPT further solidifies Ankura's place as a first-in-class, technology-driven, and innovative consulting firm led by brilliant employees who put clients' needs first," Lavin said in a press release.

NoraGPT is being deployed in its own secured environment to ensure high standards of data protection for internal and external client data.

"I am extremely proud of the work our team has done to create and deploy NoraGPT,” Jeffrey Hunter, head of Ankura’s global AI practice, said. “When we set out to build NoraGPT, we wanted our people and our clients to utilize the power of AI for good, and we have accomplished that."

Numerous consulting firms have been announcing large investments into AI in the past year – targeting internal processes as well as advisory capabilities for client implementation of the emerging tech. Many of those investments – including at PwC and Accenture – have focused on expanding partnerships with Microsoft, which has heavily invested in OpenAI and integrated the company's tools its software offerings.