Why AI Generated Synthetic Data?
"Turn data into a competitive advantage with AI generated Synthetic Data"
Data is crucial for any organization that wants to make informed business decisions. However, gathering and using real-world data can come with challenges such as privacy concerns, data protection regulations, and limited availability of data. That’s where AI-generated synthetic data comes in.
Synthetic data is data that has been created artificially by a computer program. It is designed to mimic the characteristics of real-world data while protecting individual privacy and avoiding data breaches. By using synthetic data, organizations can generate an almost unlimited amount of data for testing, research, and analysis without worrying about the ethical and legal issues associated with real-world data. This allows organizations to turn data into a competitive advantage with AI generated Synthetic Data
4 reasons why Your Organization Should Consider Using AI-Generated Synthetic Data
Unlock data and valuable insights
Organizations today are collecting vast amounts of data. However, not all of it can be used, because it is sensitive and contains personal information. Consequently, this data is “locked” and cannot simply be used. This is challenging because data-driven tech is only as good as the data it can utilize. This is where AI-generated synthetic data comes in.
One of the main benefits of using AI-generated synthetic data is that it can help organizations unlock this data and thereby valuable insights that they may not have been able to access before, while protecting sensitive data. According to estimates, up to 50% of data can be unlocked using privacy-enhancing techniques such as synthetic data generation. This allows those organizations to be smarter en beat the competition with a “data first” approach.
As more organizations recognize the value of data and introduce a data-driven strategy, we can expect to see wider adoption and increased innovation in the field of AI and machine learning powered by AI Generated Synthetic Data.
Of data for AI will be unlocked by privacy enhancing techniques
Gain digital trust
In today’s digital world, trust is crucial for businesses to succeed. Customers want to know that their personal data is safe and secure, and that the organizations they do business with are transparent and honest. One way that companies can build digital trust is by using AI-generated synthetic data.
By using synthetic data, organizations can avoid using sensitive or personal information from real individuals, which can help build trust and protect privacy. It is estimated that companies that earn and maintain digital trust with customers will have 30% more profits. By using AI-generated synthetic data, organizations can demonstrate their commitment to data privacy and security, which can help build trust with customers. It allows those organizations to minimize the use of personal information, without hindering developers, innovation and the creation of tech that ultimately allows those organizations to create competitive advantages compared to those who don’t.
As businesses continue to rely more heavily on data and technology combined with our society that puts digital trust higher on the agenda, it is expected that more organizations recognize the relevance of responsible data policies to maintaining digital trust that will drive the further adoption of AI Generated Synthetic Data.
More profits for companies that earn and maintain digital trust with customers
Drive industry collaborations
In today’s data-driven world, organizations understand that they cannot do everything alone and underline the relevance of working together to join forces. Hence, those organizations are constantly looking for ways to collaborate and share data internally or maybe even externally to drive innovation and gain a competitive edge. However, privacy concerns and data silos can make it difficult to work with sensitive data across departments, companies and industries. This is where AI-generated synthetic data can play a key role.
By generating synthetic data that closely mimics real-world data, organizations can collaborate and share insights without compromising the privacy and security of sensitive data. This can make it easier to work with privacy-sensitive data across departments, industries and companies to mitigate risks and overcome data silos. It is expected that the use of privacy-enhancing techniques can realize a 70% increase in industry collaborations. This means that by embracing AI-generated synthetic data and privacy-enhancing techniques, organizations can unlock new opportunities for collaboration and innovation, leading to faster development and deployment of tech solutions.
As more organizations recognize the value of collaborating across departments, companies and industries, we can expect to see wider adoption of privacy enhancing techniques such as AI Generated Synthetic Data.
Increase in industry collaborations expected with use of privacy tools
Realize speed and agility
In today’s fast-paced business environment, organizations need to be agile and responsive to stay ahead of the competition. However, strict privacy regulations require policies in terms of working with personal data, that often introduce slack and dependencies in organizations. One way to overcome this is to use AI-generated synthetic data to minimize working with real-world data, which can help organizations save time and resources.
How long does it take you to get the data you need to build your ambitious tech solution? Is having the right data often a dependency in your projects? Millions of hours related to internal overhead and bureaucracy, resulting from working with real-world data, can be saved by using synthetic data. Realize agility in terms of working with data can help organizations accelerate the development and deployment of tech solutions and increase the time-to-market, giving them a competitive edge in the marketplace.
As more organizations recognize the relevance of minimizing dependencies and an agile way of working, we can expect to see wider adoption and increased innovation in the field of data-driven tech powered by AI Generated Synthetic Data.
Millions of hours saved by organizations that embrace synthetic data
Deepdive with our experts to explore why organizations decide to work with AI Generated Synthetic Data
Gartner: “by 2024, 60% of the data used for the development of AI and analytics projects will be synthetically generated”.
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More compliance costs for companies that lack privacy protection
More profits for companies that earn and maintain digital trust with customers
Increase in industry collaborations expected with use of privacy tools
Of population will have data privacy regulations in 2023, up from 10% today
Of training data for AI will be synthetically generated by 2024
Of customers trust their insurer to use their personal data
Of data for AI will be unlocked by privacy enhancing techniques
Of organizations have storage of personal data as biggest privacy risk
Of companies cite privacy as no. 1 barrier for AI implementation
Of privacy compliance tooling will rely on AI in 2023, up from 5% today
- Predicts 2021: Data and Analytics Strategies to Govern, Scale and Transform Digital Business: Gartner 2020
- Preserving Privacy While Using Personal Data for AI Training: Gartner 2020
- The State of Privacy and Personal Data Protection 2020-2022: Gartner 2020
- 100 Data and Analytics Predictions Through 2024: Gartner 2020
- Cool Vendors in AI Core Technologies: Gartner 2020
- Hype Cycle for Privacy 2020: Gartner 2020
- 5 Areas Where AI Will Turbocharge Privacy Readiness: Gartner 2019
- Top 10 Strategic Technology Trends for 2019: Gartner, 2019