Master Data Management
Use of AI in Master Data Management
Data has become one of the most valuable assets available to businesses today. But in a world where data is becoming more distributed than ever, focusing on master data management solutions has become critical to ensure the quality, accuracy, and relevance of the available data for your business. And combining master data management (MDM) with artificial intelligence (AI) solutions has become the foundation for providing a speedy, accurate, and clean "golden master" for data across different applications, touchpoints, and modalities.
AI-based Data Management
Before you can use data as an asset to get actionable insights, you must first collect, sort, and process the data; and modern businesses have access to many tools that can help accomplish these tasks. But manual data processing – even with the help of various tools – cannot keep up with the ever-growing influx of data. AI data management tools, on the other hand, can help facilitate these tasks while keeping up with the ever-increasing amount of data and allow businesses to take advantage of their most valuable data in today’s data ecosystem.
Some of the major goals AI-powered MDM solutions can help modern businesses accomplish include:
- More efficient operations
- Greater access to data insights
- Improved data scientist (or analyst) productivity
- Improved query performance and accuracy
- Automated database admin tasks
Improving MDM with AI
AI-supported MDM strategies help modern businesses make well-informed and timely decisions - by allowing them better control over quality data - and develop adaptable strategies across the enterprise. As a result, many businesses are looking at AI-native MDM solutions that can help them build an enterprise-unified master data foundation and thrive in the data economy. Here are ten ways and reasons modern businesses are focusing on AI-powered MDM solutions:
1. Discovery
With the world creating and replicating zettabytes of data each year, manual data processing cannot keep up with data clustering, similarity, or semantic tagging. AI data management solutions drastically simplify the data discovery and labelling process for effecting master data management.
2. Lineage
AI-powered MDM solutions also simplify mapping how master data moves across the enterprise – between sources and applications – automating effective lineage mapping for insights into linking attributes and business processes.
3. Modelling
AI solutions can help automate schema matching with uniform core attributes and hierarchies across the enterprise, simplifying master data modelling for digital transformation initiatives.
4. Acquisition and categorisation
MDM AI solutions can automate master data onboarding, identifying data fields and field types, mapping them to master data models, and mapping hierarchies to simplify data search and navigation. This, in turn, improves the efficiency of business processes that rely on master data exchange.
5. Quality
AI data management tools use natural language processing and machine learning techniques to ensure consistency, completeness, and accuracy of master data by automating data profiling, cleansing, and standardisation.
6. Match and merge
A combination of declarative and AI rules can help improve data matching accuracy, facilitating the identification of duplicate records – within and across applications – to merge them into a "golden record".
7. Relationship discovery
AI-powered MDM solutions can automate cross-domain and cross-department insight sharing about the relationships between different domains of master data, allowing you to optimise end-to-end enterprise processes.
8. Governance
AI data management tools can help map data owners, glossary definitions, and data policies to the master data, facilitating cross-functional collaboration and master data governance while also improving the productivity and accuracy of data associations.
9. Privacy and protection
AI solutions can easily identify and classify sensitive (or personal) information in the master data and enforce relevant privacy policies to ensure data security and protection for confidential, personnel, and business-critical data.
10. Sharing and use
As AI improves data curation productivity, it can make smart recommendations about master data use and offer consistent guidelines for accessing, using, and sharing different data sets. This makes master data use and sharing more effective and secure.
It is clear that AI-based data management tools can improve the effectiveness and efficiency of enterprise master data management and allow your business to scale within the data ecosystem. Although there are some challenges concerning the quality of AI training data and the lack of AI expertise in the workforce, automating MDM with AI is the only way to survive and thrive in today’s data-rich global market.
How can Infosys BPM help?
Infosys BPM Master Data Management Solutions can help you ensure business continuity beyond any disruptions via streamlined business processes, effective governance controls, and improved data quality across the enterprise. Our end-to-end master data management solutions, ranging from advisory and data quality management to digital transformation and continuous MDM operations support, are sure to deliver the maximum benefits for improved operational efficiency and effectiveness. Explore Infosys BPM MDM service offerings – MDM Advisory, Data Quality, and Ongoing Data Hub Maintenance – to see how you can improve your master data management with artificial intelligence solutions.
*For organisations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed organisational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like living organisms will be imperative for business excellence. A comprehensive yet modular suite of services is doing precisely that. Equipping organisations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organisations that are innovating collaboratively for the future.
