However, simply using AI tools that haven’t been trained on your specific company data has its limitations. While popular, free tools like ChatGPT can be effective for general communication or idea generation, they lack in-depth knowledge about your industry and your unique business needs. These tools are trained on publicly available data, which provides a broad overview but doesn’t delve into the specifics of your organization.
To truly harness the power of AI, it’s crucial to invest in AI tools that are tailored to your company’s data. Training AI on your own data can unlock advanced capabilities such as accurate forecasting, enhanced customer support via chatbots, and personalized content creation.
The first step in this process is to digitize and centralize all your data and documents. This means not only converting recent invoices or electronic records but also including historical paper documents, microfilm, internal training materials, and onboarding paperwork. Essentially, every piece of data—whether currently stored digitally or in physical formats—needs to be converted to a digital format.
A recent study highlighted that 46% of respondents still have vital company data on paper. This indicates that many organizations are not yet prepared to train AI models effectively, despite expressing a desire to do so. You cannot fully leverage AI if your data is not in digital form.
Here are key reasons why digitizing your organizational data is essential for maximizing the potential of your AI tools:
- Unique Data for Unique Solutions
AI tools you might be familiar with, such as ChatGPT, Claude, or Bard, are trained on general, publicly available data. This is adequate for general industry insights but not for understanding the specific patterns and insights of your organization. To achieve tailored solutions and recommendations, your AI tool needs to be trained on your unique organizational data. This enables the AI to focus on your company’s specific goals and provide insights based on your own data.
- Better Market Understanding
Publicly available AI tools lack in-depth knowledge about your particular industry because they operate on generalized data. This limits their ability to understand niche market trends and customer preferences that are confidential to your business. By training AI with your own business data, you can uncover valuable insights and opportunities that these tools might miss. For example, AI can help identify new product opportunities or optimize marketing strategies by analyzing your customer data and industry knowledge.
- Data Privacy and Security
Using free, popular AI tools requires caution regarding data privacy. These tools are often hosted by third parties and may use your data to improve their models unless you opt-out. Investing in your own AI tools means you maintain complete control over your data and how it is used. This enhances security and confidentiality, allowing you to manage access, permissions, and sensitive information more effectively.
- Significant Cost Savings
Digitizing your data offers immediate financial benefits by reducing costs associated with paper storage and handling. Digital data allows for greater efficiency, faster customer service, and automation of previously manual processes. Moreover, an AI model trained on your company data can identify inefficiencies and cost-saving opportunities that may not be apparent through everyday operations. For instance, AI might suggest faster invoice processing methods or identify underperforming products.
