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Podcast: Leaders of Analytics
Episode: The Dos and Don’ts of Synthetic Data with Minhaaj Rehman
Description: Ever heard of ‘synthetic data’?
Synthetic data is data that is artificially created (from statistical models), rather than generated by actual events. It contains all the characteristics of production data, minus the sensitive stuff.
By 2024, 60% of the data used for the development of AI and analytics projects will be synthetically generated, according to Gartner.
The reason organisations may use synthetic data over actual data is because you can get it more quickly, easily and cheaply.
But there are concerns with this approach, because synthetic data is based on models and algorithms desi...