Metadata in the age of AI: The role of official statistics in securing a virtuous cycle

Abstract

In an environment increasingly characterised by an avalanche of data and the rapid advancement of generative artificial intelligence (AI), metadata – also known as information about the data – play a critical role. This paper sheds light on their value and importance for AI. First, it explores the relationship between generative AI and metadata, depicting a cycle in which AI acts as both a user and producer of metadata. In this virtuous cycle, AI enhances the quality and availability of metadata, which in turn improves AI by making data more understandable. This dynamic is exemplified through two case studies from the Bank for International Settlements. However, this “virtuous” cycle can also become “vicious” where the dissemination of inaccurate metadata leads to flawed AI, data misuse and, ultimately, misinformation. This underscores the importance of producing high-quality, standardised and machine-readable data, and of providing support to official statisticians in this effort, in spite of increasingly strained resources.