In the current technological era organizations are faced with large volumes of information that is being produced from many sources. The solutions, which have come to be applied in making sense of large volumes of data include big data analytics and master data management (MDM). Despite the fact that both work in different fields, their combination can be effective for organizations that need high accuracy and efficiency as well as strategic development.
Understanding Big Data Analytics
Big data analytics is the action of analysing big data to reveal hitherto unknown patterns, relationships, and trends. It employs intricate means of handling and analysing structured and unstructured data in big proportions. It assists organizations in managing risks, understanding customer behaviour, increasing its organizational efficiency, and gaining a competitive advantage.
Big data analytics focuses on four main characteristics: and these are volume, velocity, variety, and veracity. Enterprises get data from multiple sources like social media, sensors, transactional systems and much more, which is analysed and acted upon in real-time or near real time
MDM therefore plays the following role in the chain of business operations:
This is the process through which an organization is able to guard, regulate and standardize its most important data resources. Master data can be defined as central business data which are common to different regions of an organization for example customer, product, financial data and suppliers. MDM helps to achieve consistency and reliability of this data by creating a single, unified view of this data across various systems.
MDM involves creating structures on the hands of governance, data stewardship and cleansing. It assists organizations in the dealing with data silos, minimizes the errors, and adheres to regulations.
Big Data Exploration and Management: The Dynamics of Integration with Master Data Management
Although the big data process is about to get value from a large volume of data, MDM brings quality and standardization to a base of data. When both these areas are combined, the result is that the analytics is improved and more credible and trustworthy.
Data Quality: Big data analytics is dependent on the quality of data fed into the system. With the help of MDM, companies may know that only fresh and correct information gets to their analytical tools.
Unified Data View: MDM consolidates data to one place meaning that it acts as a one-stop solution centre. These can then be used together to produce more coherent analysis and advocacy recommendations, all of which delivers more information consistency in decision-making.
Improved Governance: MDM has benefits for organizations where strong data governance should be set up while working with a considerable amount of data. This helps in the classification of the data, protection of the data and the use of data in compliance to the existing policies.
Scalability and Efficiency: When data amounts are getting larger, finding ways to deal with it and making sense of it becomes more challenging. MDM can also help companies to manage the expansion of their big data projects in a proper way and have a stable base of master data.
Real life case of integrated big data analytics and MDM
Customer 360: integrating MDM and big data could also offer organizations a complete view of the customers. This improved the company’s marketing strategies, customer relations, and loyalty scheme.
Product Information Management (PIM): By using MDM retailers and manufacturers can ensure that the product information, which is being sold, is up to date and can be further utilized for supply chain analysis, inventory management, and sales predictions.
Compliance and Risk Management: He also outlined how banks and other financial institutions can use MDM in conjunction with analysis to ensure the accuracy of regulatory information and to carry out analysis of it with a view of noting certain risks or cases of fraud.
Conclusion
Big data analytics and master data management should go hand in hand in any organization that wants to reap the benefits of their data. While big data analytics includes all the information that it is needed to make strategic decisions, MDM guarantees that the right information is used to make these strategic decisions. Altogether, the effectiveness of an organization, its performance and a competitive advantage can be attributed to the two forms.