With so many companies using big data to get insights into customer behavior, different consumer markets, and their own business operations, data needs to be easier to manage and utilize. You may be excited by the analytics side of big data, but the magic starts with master data.
Master data is a company’s shared data that provides the foundation for a business entity’s operational and transactional data and is integral to maximizing your business intelligence infrastructure. Continue reading to learn about the different elements of master data.
Data Governance
One of the side effects of big data is that many companies are taking in so much data that they have heaps of data everywhere. This can create difficulties in the form of data silos and data duplicates, which make data harder to access and greatly increase the likelihood of inaccuracies and lost data.
When you’re managing various types of data from different source systems, data governance and cleansing is of the utmost importance. Governance is one of the most important components of master data programs because governance ensures data integrity.
Reliability is one of the main attributes of MDM programs, and whether it’s product data or customer data, it has to be accurate and adhere to the business rules applied to your algorithms. That’s why TIBCO, an industry leader, continuously works hard to provide MDM solutions that promote data quality and makes it easier to spot variants in critical data sets.
Operations
Operations, or business processes, are another key component of a robust MDM system. Whether you’re tracking acquisitions or other business entities such as locations or customer data, it’s important to your business operations that your master data processes are easy to access and initiate.
Too often, MDM systems are too difficult for ordinary business users to get the most out of them. That’s why it’s important for your MDM systems to have a friendly user interface that even a newbie can learn to utilize.
Data integration is one of the most difficult, time-consuming, and important MDM business processes, so it only makes sense that Tibco strives to provide master data services that make it a breeze. When integrating data into functional areas from disparate source data systems, you need a master data system that makes life easier for your data stewards.
Analytics
Analytics may be the most important part of your MDM strategy as it’s the act of converting data items into actionable insights. Analytics tools use machine learning algorithms to find variants in the data found in different sets of master data.
Data enrichment is a key component in data analytics. Have you ever seen a crime show where investigators used digital technology to get a more in-depth look at a photo or piece of footage? That’s kind of what data enrichment is like. It’s the process of “zooming in” on master records to find analytics that can be used in CRM and even to find better suppliers.
One of the key characteristics of a robust analytics infrastructure is the ability to get actionable insights in real-time while ensuring the quality of data. The great thing about TIBCO’s MDM platform is that you don’t need a separate MDM program for analytics, making it easier to streamline your data needs.
As more and more enterprises around the United States and the rest of the world realize the importance of data analytics, you can expect the demand for MDM solutions to continue to grow. The fact of the matter is that if you’re not using master data management, you’re not getting the most out of your business intelligence infrastructure.
Master data elements allow companies to set the standards by which they collect, analyze, and manipulate data and make critical business decisions. That’s why TIBCO takes a comprehensive approach to master data management by creating MDM solutions that prevent business users from having to employ three different types of MDM platforms to get optimal results.
