Synthetic data is data that is generated artificially, rather than being collected from real-world sources. Nonprofits should care about synthetic data because it has the potential to offer a number of benefits, including:
Improved data privacy: Nonprofits often work with sensitive or personal data, and synthetic data can be used to protect this data while still allowing for analysis and decision-making. By generating synthetic data that is representative of the real data, but not directly linked to any individual, nonprofits can reduce the risk of data breaches and protect the privacy of the people they serve.
Enhanced data quality: Synthetic data can be used to supplement real data in order to improve its quality. For example, synthetic data can be used to fill in missing values or to add additional variables to a dataset. This can make the data more robust and more useful for analysis and decision-making.
Increased accessibility: Synthetic data can be shared more easily than real data, as it does not contain any sensitive or personal information. This can make it easier for nonprofits to share data with partners, researchers, and other stakeholders, which can facilitate collaboration and support decision-making.
Enhanced data security: Synthetic data can be used to protect real data from unauthorized access. By creating a synthetic version of the data and using it for analysis and decision-making, nonprofits can reduce the risk of data breaches and protect the security of their data.
Overall, synthetic data can offer a range of benefits to nonprofits, including improved data privacy, enhanced data quality, increased accessibility, and enhanced data security. By taking advantage of synthetic data, nonprofits can better protect the people they serve, support their mission, and make more informed decisions.