Rapid POC Evaluation with Synthetic Data
Data innovation happens through collaborations. Learn how to evaluate software solutions quickly and safely with synthetic data!
Proof
A large North American Fortune 100 bank set up a synthetic data sandbox environment with high-quality synthetic data for vendors, who could readily access the synthetic datasets and test their solutions in a controlled, data-safe environment. As a result, the average time of data delivery was brought down to 3 weeks. According to the bank’s estimation, the average cost of a PoC is now only $5k – an 80% reduction from the average price of previous PoCs. The annual saving impact of this single initiative amounts to $10M+.
Challenges
- Enterprise procurement processes last 6 to 18 months on average.
- Large institutions with legacy systems and sensitive data repositories need to invest hundreds of hours of work and thousands of dollars in assessing the quality of vendor solutions.
- To ensure that you are buying the right software product, you need to test-drive solutions with data as close to your real datasets as possible; otherwise, you might end up with something that looks good on paper but doesn’t work for you in real life.
- Handing over realistic data to your vendor prospects or connecting them to your sandbox environment is a necessary, risky, and tedious part of the PoC process.
- Even internally hosted sandboxes are challenging to populate with enough high-quality data due to data access policies.
Solution
Evaluate software products with as-good-as-real synthetic data to reduce vendor-related costs and risks while speeding up innovation and product development in your organization. AI-generated synthetic data provides a privacy-safe, statistically identical, and scalable alternative to raw data. Create a synthetic data sandbox environment to test the performance of data-intensive vendor solutions or share synthetic data directly, without privacy risks. Use complex, highly realistic behavioral data to give new levels of accuracy to your quality assessment.
Why MOSTLY AI?
- MOSTLY AI offers unparalleled data accuracy. Using our synthetic data generator, you can benchmark solutions and test their performance in a data environment statistically and structurally identical to your original data.
- Data privacy is a built-in feature: the synthetic data points bear no 1:1 relationship to the original data points. Therefore the data is fully anonymous – so you can share your data with third parties with peace of mind.
- MOSTLY AI’s synthetic data platform is an easy-to-use, flexible, enterprise-ready, and privacy-compliant solution that has been assessed by several external auditors.
- You can generate synthetic datasets quickly and easily from various data input types, including behavioral data and transaction tables, providing low-cost, readily available data alternatives for rapid PoC processes.
- Synthetic datasets come with automated QA reports detailing quality and privacy dimensions.
Fortune 100 bank saves $10M+ annually on startup and vendor validation with synthetic data
Download the success story now to learn more!
