OpenAI vs local server

I'm an AI engineer working for a manufacturing company. Largely I've been using OpenAI for the apps I create for them that use LLMs, but my boss was pretty spooked by the whole fable thing and he is also understandably concerned about security and price-gouging. The concern going local though is twofold: 1) the startup price for a server that could reliably run ollama or something similar and 2) the use case is for reading and summarizing large diagrams for estimators, and I'm concerned about potential drop in quality on a problem that requires high accuracy. Would appreciate any thoughts on the issue from people who have used both