What Is Synthetic Data?

Synthetic data are more like a fantasy than they are facts. When you take a look at this kind of information, you won't be able to convince yourself that it's not genuine. Yet it's still very much real: Synthetic data is generated by computers from a statistical model. It's used in finance, healthcare, and artificial intelligence (AI) to protect personally identifiable information (PII) in raw data and to fabricate massive amounts of new data to train machine learning algorithms. Synthetic data is a significant part of why people are excited about AI. With it, we can predict stock market trends or indicate whether or not someone has cancer—without access to any personal information! Synthetic data is generated numerically from a statistical model. Synthetic data plays an essential role in finance, healthcare and artificial intelligence when it is used to protect personally identifiable information in raw data and fabricate massive amounts of new data to train machine learning algorithms. You've probably heard of artificial intelligence. Well, have you heard of synthetic data? Synthetic data is like AI but way more relaxed. Artificial intelligence creates software that can think and act like humans without being explicitly programmed. But artificial intelligence doesn't make anything—it just mimics what humans do. On the other hand, synthetic data is produced by achieving sequential backsliding lapse models where each variable is in a real-world data source. Still, its values will not correspond to a specific record, person or device. In short: synthetic data is created by AIs! Synthetic data is not the same thing as absolute, No. It's not. But don't worry! Synthetic data don't give you a heart attack when you see it in your analytics dashboard. You'll know immediately that it's synthetic because it will have been created without driving organic data events.