Management consulting firm McKinsey and AI platform company Cohere have partnered to apply generative AI to business processes.
Generative AI, a technology that supports the creation and understanding of human language, is at the heart of this collaboration.
Why It Matters: The partnership could impact how organizations integrate and apply generative AI technology to their operations.
The Key Points
- McKinsey's AI unit, QuantumBlack, will lead the collaboration, including a team of data engineers, product managers, and software engineers.
- The goal is to integrate generative AI into business workflows, modify existing processes, and provide training for workforce development.
- Cohere, which has offices in San Francisco and Toronto and a research center in London, focuses on privacy by deploying its AI models securely within enterprise data environments.
The Big Picture: Generative AI can be used to refine business strategies, and this collaboration aims to evolve IT infrastructures to embrace this technology.
The goal is to develop AI models for specific industries and implement organizational changes to utilize generative AI.
Real-world applications include managing customer feedback in multiple languages and streamlining product development by matching new product criteria with previous designs.
According to QuantumBlack's Alex Singla, conversations with top executives about generative AI have moved from initial interest to discussions about its practical application in organizations.