Synthetic data technology is becoming increasingly popular among companies. It allows them to create new products and services and refine existing ones in a safe and cost-effective way. The synthetic data landscape is constantly evolving, and it is essential for companies to build AI toolboxes they can trust. However, there is considerable tension regarding generative AI, and regulated enterprises need to ensure that their AI toolbox can be audited, understood, and explained.
Synthetic data can play an important role in achieving an efficient toolbox. It offers a safe and cost-effective way to test and refine products and services by generating data that mirrors real-world scenarios. With applications ranging from mitigating data-sharing risks to improving real-world data quality, synthetic data is a powerful tool for enterprises looking to stay ahead of the curve. The upcoming OFCOM report will provide further insights into the benefits and challenges of synthetic data, helping companies stay competitive in the market.
David Pollington
