ChatGPT as management consultant? Bain says it will use OpenAI tool for its analysis

Ever since ChatGPT gained popularity, a lot has been said about the viral chatbot. While some people think that the use of AI will add value to a person's work life, others feel it will replace them completely. This is a much-debated question and people are still talking about it. In the last couple of months, reports of ChatGPT achieving new heights have dominated the tech world headlines.

From passing an MBA exam to qualifying for an entry-level coding job at Google, ChatGPT has achieved quite a lot. At the same time, the chat bot has demonstrated some analytical skills, showcasing that in some cases as good as human analysts at figuring data, summarising research reports and creating management summaries.

Now, the chatbot's parent company, Open AI, has entered into a partnership with Bain & Company. Bain also announced that the first mutual client of the alliance is The Coca Cola Company.

Bain & Company to use ChatGPT technology

Top level management consulting firm Bain & Company has announced a global services alliance with OpenAI, the parent company of ChatGPT. A press release by the company states that Bain will be embedding AI in its client operations and will also use AI for various other tasks. Bain provides advice to all types of companies be it public, private or NGOs.

Talking about the company's alliance with OpenAI, Bain & Company's Worldwide Managing Partner Manny Maceda said, "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."

OpenAI's Head of Go-To-Market, Zack Kass, said, "OpenAI's technology combined with Bain's expertise will enable massive business transformation within the Fortune 5,000. Bain's internal adoption of this technology is also setting a standard for their clients to follow."

How will Bain use ChatGPT?

The company will use AI in serving its clients and also to support the 'necessary changes to improve technology, processes, operating model and data assets'. Or so says the company.

Bain also listed a few cases that are under development with its clients:

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• Building next generation contact centers for retail banks, telco and utility companies to support sales and service agents with automated, personalized, and real-time scripts, and to improve customer experience.
• Boosting turn-around time for leading product and service marketers by using ChatGPT and DALL·E to develop highly personalized ad copy, rich imagery, and targeted messaging.
• Helping financial advisors improve their productivity and responsiveness to clients through analysis of client dialogues and financial literature, and generation of digital communication.

ChatGPT a threat to management consultants?

Ever since ChatGPT burst onto the scene in November 2022, there is a talk that it is going to make a lot of jobs redundant. At particular risk are content writing jobs, management consultant jobs and low-level coding jobs. At the same time, ChatGPT has also shown that it can even create ready-made modules for teaching and for customer support roles, putting at risk the jobs in these two sectors.

Bain’s move — although the company has categorically termed the use of OpenAI tools for argumentation and not replacement of the work its human analysts do — is certain to make many management consultants anxious.

ChatGPT was made available to the public in November 2022. The developers had launched the AI chatbot as a test initially but when people started using it, they were surprised and excited. Students used ChatGPT to write their assignments, engineers used it to help them write code, musicians used it to compose music and content creators used it to generate video scripts. The popular tool has been widely used around the world and gained popularity quickly. A paid version of ChatGPT was also announced recently.

ChatGPT's parent company, OpenAI was founded in 2015 with the intent of saving humanity from the potential destruction of AI. The company was launched as a non-profit research company, dedicated to the cause. Sam Altman and Elon Musk were among the founders of the company. However, Musk had resigned from the company and no longer owns a stake in it.