Ollama has integrated compatibility with the OpenAI Chat Completions API, enabling users to leverage more tools and applications locally using Ollama. Users can start by downloading Ollama and pulling models like Llama 2 or Mistral, and then utilize the OpenAI API format with a local hostname for operations such as chat completions. This compatibility extends to various programming languages, including Python and JavaScript, facilitating the integration with libraries like the OpenAI Python library and Vercel AI SDK for building conversational applications. Additionally, Ollama can be used with Microsoft's open-source framework Autogen to build multi-agent applications, such as using the Code Llama model for coding tasks. Future enhancements may include support for Embeddings API, function calling, vision support, and log probabilities, with ongoing development and community feedback welcomed.