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In a recent LinkedIn post, data and technology transformation consultant Tommy Tang writes, “Generative AI has emerged as a potent tool across various domains, from content creation to bolstering decision support systems.” He warns, however, that “The efficacy of generative AI is intrinsically tied to the quality of its training data.”
And therein lies the challenge, aptly summarized by the adage, “Garbage in, garbage out.” For that reason alone, it pays to understand how any third-party data you use has been aggregated and enriched before you feed it into your generative AI (GenAI) applications.
As digital transformation and use of GenAI accelerates, the implications of low-quality data can turn the potential of GenAI from promising to perilous in an instant. From misguiding algorithms to yielding impractical results, choosing the wrong third-party data provider can lead to a cascade of unintended consequences.
Each of the above risks underscores the importance of selecting third-party data sources you intend to fuel GenAI. They should undergo robust vetting and ongoing monitoring to safeguard against these potential problems.
MORE: How risk managers can benefit from using better quality data
The journey from selecting to consuming data is nuanced, demanding a meticulous understanding of what you need from the data. Navigating it requires you to verify that you source data that offers relevance, volume, and quality that aligns with your objectives for GenAI.
By choosing an experienced data aggregator and provider, you get the volume, variety, and value you need from the third-party data you ingest.
Aligning with a proficient third-party data provider pivots your GenAI towards a trajectory defined by accuracy, relevancy, and insightful data generation. Here, the credibility of a provider becomes paramount, especially one that not only brings to the table a profound depth and breadth in its data sources but also adheres to a rigorous process of crafting semi-structured, enriched data.
Look to harness a rich tapestry of third-party data—news, company and financial, biographical, legal, regulatory, and more—spanning across various industries and geographical locales.
The caliber of GenAI is a direct reflection of the quality, volume, and variety of data it is nurtured on. Ensuring that the data you ingest is well-structured, enriched, and insightful paves the way towards unleashing the true potential of GenAI.
Turn to a trusted leader in data aggregation and delivery.
Explore why trusted data is necessary in our LexisNexis® Future of Work Report 2024: How Generative AI is Shaping the Future of Work.