AI Explained: Data Scarcity and How It Impacts Innovation

PYMNTS.com July 15, 2024

As artificial intelligence (AI) powers a growing array of technologies, from chatbots to self-driving cars, a bottleneck has emerged: a shortage of high-quality data to train these sophisticated systems.

Data scarcity, as it’s known in the industry, threatens to slow the rapid pace of AI advancement.

The issue is particularly acute for large language models (LLMs) that form the backbone of AI chatbots and other natural language processing applications. These models require vast amounts of text data for training, and researchers say they’re running low on suitable new material to feed these voracious algorithms.

In commerce, the data scarcity problem presents both challenges and opportunities. eCommerce giants like Amazon and Alibaba have long relied on vast troves of customer data...

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