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Benefits of synthetic data: why synthetic data is important for your business

The benefits of synthetic data are cost reduction, greater speed, agility, more intelligence and cutting-edge privacy. From transforming data access to AI governance, synthetic data generation can deliver high value use cases across organizations.
Data scientists, advanced analytics teams and CTOs should know about the benefits of synthetic data
“By 2024, 60% of the data used for the development of AI and analytics projects will be synthetically generated”
- Gartner
The benefits of synthetic data go way beyond privacy and synthetic data generators are much more than an AI and analytics tool. Synthetic data will have a far-reaching impact not only on data management level, but also on C-level decision making. Here is why:

Synthetic data is highly flexible

Felxibility is a synthetic data benefit agile teams can't work without. You can create, share and discard synthetic data at will. It is as good as production data and capable of improving data quality. You can even modify existing data sets, e.g. to correct for present bias. You can downsize gigantic datasets to more managable, yet representative versions. The end goal is to increase data consumption across all of your teams in full compliance with the strictest data privacy regulations and policies. 

Synthetic data is the building block for ethical AI

Benefits of synthetic data really come to light when companies decide to adopt AI technologies. Enterprises want their own AI models, but they want to train them on their own data, which is often near-impossible or cumbersome for compliance reasons. Synthetic data solves the compliance issue. What's more, synthetic data generators can improve data in machine learning and AI friendly ways - removing bias, stress testing models, monitoring for model drift and accelerating development across the organization. 
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The benefits of synthetic data continue to evolve

Data being the lifeblood of modern businesses poses enormous challenges to decision makers. Especially in regulated environments. On the one hand, data use is restricted by privacy, safety or other regulations. On the other hand, data access is critical in driving innovation. Synthetic data helps overcome this dilemma, while unlocking new ways of working with data through data augmentation and data simulation. 

Synthetic data is safe and fully anonymous

One of the original benefits of synthetic data generation is that it provides a better way to anonymize data. Instead of changing and in the process destroying an existing dataset, synthetic data is generated from scratch, while keeping the patterns of correlations of the sample data used to train the synthetic data generator. First, a deep neural network learns all the structures and patterns in the actual data. After the training, the model uses this knowledge to generate new synthetic datapoint, that looks just like the sample data. This artificially generated data is highly representative, yet completely anonymous. It does not contain any one-to-one relationships to actual data subjects, eliminating the risk of re-identification.

Increase the value of your analytics

You don't have to be an AI-first company already to be able to reap the benefits of synthetic data. Your analytics can be transformed and the business value of your efforts increased by infusing your analytics with synthetic data intelligence. It's time to move on from descriptive analytics to prescriptive data science. 

Synthetic data is highly accurate

High accuracy is benefit of synthetic data only some synthetic data generators can reliably offer. MOSTLY AI is capable of retaining 99% of the value and information of your original datasets. This unprecedented accuracy allows using synthetic data as a replacement for actual, privacy-sensitive data in a multitude of use cases.
Synthetic data vs. Legacy anonymization (1600 × 900 px)
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Explore the benefits of simulated data

AI-generated data allows for data simulation. Companies can develop synthetic business scenarios and simulate customer behavior. The business opportunities arising from this are endless.

The potential of cross-industry collaboration

Synthetic data enables not only privacy-compliant data sharing within organizations. It enables a new level of cross-company and cross-industry collaboration - with huge economic benefits for everyone involved. 

Synthetic data increases efficiency and profitability

The most important and immediately tangible benefit of synthetic data is that it helps speed up business processes and reduce bureaucracy. For data scientists, analysts and many more, it reduces the time to data massively and frees up their time to focus on value creation. It leads to leaner processes, higher employee loyalty and increased competitiveness.
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