Imagine you are a business owner or the CEO of a company undergoing digital transformation. Since ChatGPT and its Generative AI capabilities shocked the world and the industry in November 2022, a question has popped up in your mind: “Is this really good for my company?”
On the bright side, we have seen the capabilities that these cloud-based chatbots, like Bard or ChatGPT, bring to the table: from drafting texts and brainstorming ideas to coding just in seconds.
However, over time, certain drawbacks have come to light. Issues such as data breaches, hallucinations, GDPR and copyright infractions. In response, companies like Accenture, Apple, Deutsche Bank or Samsung, have already run for cover by banning the use of ChatGPT and other public cloud-based chatbots. Sensitive data has no longer place in there.
You then wonder: “Is there a more secure alternative I can use for my company?”
The answer is sharp.Yes, welcome to in-house AI Chatbots!
In-house AI Chatbots are ChatGPT-style chatbots designed to interact, answer questions, and even create content that sounds like it was written by a human. Different from on-cloud solutions however, in-house AI Chatbots are built upon open-source AI models – like Ollama or Mistral for example – that run locally within your company, so are 100% private. See (thoroughly) secured, for businesses of all sizes.
Benefits of choosing a local AI Chatbot over on-cloud LLM solutions for your company:
1. Enhanced Data Security and compliance:
In today´s world, where data breaches are sadly common and privacy laws – like GDPR – are stringent, safeguarding sensitive information is a priority for businesses. Differently from public ones, in-house AI Chatbots offer robust data security and privacy.
And don´t forget your in-house governance: would you like everyone in your company to access ALL the information fed into your AI? Sure not! We´ll tell you how.
Indeed, the main advantage of a LLM system that runs locally is that data remains completely under the company´s control. Data is stored in local servers, protected by industry-standard security measures.
The risk of data leaks and compliance issues is drastically reduced, ensuring that your know-how remains exclusively yours.
2. Supercharged Knowledge Management:
The second most significant advantage of in-house AI Chatbots is that they are trained on your company’s own data.
Businesses often have a lot of information spread out over different systems. Folders of documents that lie forgotten in your data repository. As teams evolve and resources change, this wealth of valuable knowledge can slowly fade.
Picture a system that ingests, analyzes and learns from any piece of data (PDFs, excels, website, etc.) your company has ever produced. It finally utilizes that corporate knowledge to automate data analysis, draft documents or reports, automate manual tasks.
What not long ago seemed like Sci-Fi, is now reality.
3. Advanced Customization:
Unlike on-cloud AI Chatbot solutions, an in-house AI Chatbot can be tailored to your company´s specific needs, and organizational roles.
Not only can you set up multiple AI Chatbot models, but you can also tailor each of them to specific tasks, and roles, optimizing both accuracy and relevance. Eventually, a local AI Chatbot fits like a glove for your company.
4. Costs savings:
Setting up a local AI Chatbot can be pricey at the start, but over time, it can turn out to be a smart money move.
An in-house Chatbot model is in fact surprisingly resource-efficient in terms of computational power, especially compared to the broader, one-size-fits-all LLM models like ChatGPT or Bard.
Alert: Disadvantage of in-house vs. on-cloud AI Chatbot:
Being trained on your own corporate knowledge base, AI Chatbots running locally may have access to less data than their public counterparts, which could initially limit their ability to provide comprehensive responses.
Nevertheless, as technology evolves at such a speed rate, we anticipate this limitation will soon be a thing of the past.
To sum up, the road ahead business owners and CEOs using in-house and locally stored AI Chatbots looks promising.
By choosing an in-house AI Chatbot, you bypass the privacy and security regulatory issues tied to could-based LLMs. In short, not only it reduces costs and ensures data security, but also amplifies your company’s knowledge management capabilities.
At ValueMiner, we are dedicated to empowering you and your business – no matter the size; small, medium or large – with the cutting-edge advantages of in-house AI Chatbots.
Start transforming your business today.
FREQUENTLY ASKED QUESTIONS
How is the accuracy of an in-house AI chatbot responses ensured?
Today´s approach to ensure that the information provided by an LLM-powered Chatbot is accurate is through continuously training on new data.
At ValueMiner, we are going a step further by enhancing the accuracy of our local Chatbot THOR through the implementation of our Retrieval-Augmented Generation (RAG) system.
RAG is an innovative AI system that significantly improves the quality of responses from LLMs. It does so by augmenting the model’s base knowledge with information retrieved from external sources, such as your company’s knowledge database. This method ensures that the responses are not only relevant but are bound to the company context.
Beyond this, ValueMiner’s approach to RAG is uniquely designed to serve the specific needs of a company. Recognizing that access to information varies across different roles within a company, our system dynamically tailors the retrieved information based on the user’s role, ensuring relevance and organizational compliance.
That means that our local AI Chatbots not only provide you with precise and reliable responses, but also compliant to the governance policies of your organization!
What are examples of Generative AI – and Chatbots – use cases for business?
Effective ways to use generative AI – and in-house Chatbots – in your business, are for example:
- Amplify your company´s knowledge management capabilities,
- Simplify decision-making with intelligent planning and decision support,
- Unlock realt-time insights with report automation,
- Ensure compliance with automatic generation of draft contracts and texts.
Read more about how to use Generative AI and chatbots to streamline your processes and business.
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