The chances are that you’ve heard of big data as it’s become one of the most popular buzz phrases in recent years, but do you have any clue how large big data has grown? Indeed, it’s a multi-billion dollar industry with a CAGR of over 25 percent, signifying its prevalence and increasing popularity. As more companies continue to rely on big data, it becomes more integral to have the right data science tools to ensure you maximize your big data ROI. After all, the companies that make the most of data science stand to become industry leaders while all others will most likely fall behind if not fall apart.
All companies consume massive amounts of data, but undergoing digital transformation will help your company to become a data-first company with the tools and insights to master its own destiny. However, data quality is essential to maximizing your advanced analytics ROI. To that end, companies employ master data management tools that help streamline workflows and enable the automation of critical business processes while ensuring the accuracy of your master data, arguably the most vital type of data. So, continue reading to learn how to ensure the integrity of your master data.
What is master data?
To understand the importance of the accuracy of master data, you must first understand what master data is. To get a better understanding of master data, let’s use the example of someone purchasing shoes online.
So, let’s say Dan decides to buy himself, his son Jason, and his wife Carol a new pair of shoes each. Furthermore, he wants to customize each pair of shoes by adding each person’s name to their shoes. Dan’s name would be master data because his name will always be Dan unless he legally changes it. The type of shoes will also be master data, and so will the names that go on the shoes. So, now that you see what master data is, you can understand why its accuracy is of the utmost importance.
What is master data management (MDM)?
Master data management comprises the tools and strategies companies use to handle their massive data, from customer data to business data. The Gartner Magic Quadrant is a great research publication for finding the top IT tools. Any company in the leader quadrant of the Gartner MQ is an excellent choice. TIBCO is a data science company that is a fixture in the MDM leader quadrant.
MDM enables you to control data access.
One of the challenges of managing master data is ensuring the right people have access to master data and the correct permissions. With TIBCO’s MDM platform, you can control who has access and set the parameters for what data they can and can’t change while also logging changes, ensuring a high level of data quality.
Use iPaaS tools for application and data integration.
Master data can also get lost in translation during data integration processes. With the right MDM tools and a robust integration platform as a service (iPaaS) tool, it’s easier than ever to ensure your master data says the same throughout the integration process. It should come as no surprise that TIBCO is also in the leader Magic Quadrant for iPaaS solutions as well.
Master data is the data upon which all other data depends, so it’s integral to your company’s business processes to ensure master data quality across all its data tools. Master data management comprises tools that make it easier for data managers and analysts to ensure the accuracy and completeness of master data. With MDM tools, you can control who can access your company’s master data and the changes they can make to it. Furthermore, with the right iPaaS tools, your company can make data integration simpler and quicker than ever before. Indeed, the right MDM solutions are essential for growing companies in the age of Industry 4.0.