The firm now offers one million paying business clients, with all 13,000 consultants at Bain & Co. in its user list. OpenAI and Bain are taking things to a whole new level with their strategic alliance forged in 2023 by combining the power of OpenAI tools into the services that Bain offers to clients. Come August 2024, Consultants at Bain & Co. are geared up with ChatGPT Enterprise, an edition of the AI tool designed for large organizations.
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This Ai partnership is intended to design industry-specific AI solutions for sectors like retail and life sciences. According to Bain’s worldwide managing partner, Christophe De Vusser, 50 Bain employees are working on the collaborative effort, but the company could not release the size of the OpenAI team. The terms of the deal remain unrevealed.
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The alliance targets industries requiring tailored AI solutions more than the ChatGPT standard capabilities can offer. Selling these solutions has been more challenging than expected, mainly because companies are now studying their data readiness for AI integration and the general benefits of such investments.
Bain and OpenAI are developing AI-driven shelf management, space planning, and pricing technologies for the retail industry. In the life sciences space, clients like Amgen have reached out to both companies to collaborate on using AI to automate document creation.
Bain hopes that 30 per cent of its current revenue will come from technology and AI, while the target for the near future is 50 per cent. The consulting firm has already included many client projects using OpenAI’s technologies.
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For example, cooperation with Bain generally opens up the business market for OpenAI, with more money allocated for AI than a single user. The business user has already reached a million volume, up from 600,000 in April, and includes users of ChatGPT Enterprise and ChatGPT Edu. OpenAI also opens up access to its API so that companies may integrate AI into their systems. Since July, API usage has doubled.
The San Francisco-based AI company is shifting from a nonprofit entity into a more commercial model. It recently raised $6.6 billion in funding, giving it a valuation of $157 billion on par with AT&T. Even so, OpenAI raises about $4 billion annually, but its financial losses are severe.
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As news of the company’s issues and the changes at the top spreads, OpenAI, meanwhile, continues its push to expand the reach of its AI tools, says COO Brad Lightcap. In the last six months, it has added 150 new people to its technical, sales, and support groups, for a total of 350 employees working in those lines, bringing the company’s employee count to above 1,700.
Open AI has introduced ChatGPT Edu, the only industry-based version. Lightcap says the company still maintains a very flexible approach, catering to all kinds of industries without any specific focus.
