Fine-tuning` is a technique used to adjust a large language model to new data without retraining it from scratch, by applying transfer learning. This approach can be expensive and requires machine learning expertise to ensure no knowledge loss happens. On the other hand, `Retrieval Augmented Generation`, like Vectara's Grounded Generation, allows for building LLM-based GenAI applications with your own data without fine-tuning or training on your data, utilizing semantic retrieval techniques to provide context to the model at runtime. Retrieval Augmented Generation provides a superior solution as it can be updated easily in near real-time, costs less, and maintains full control of the data without integrating it into the LLM, thus avoiding privacy concerns.