What is master data?
Organizations deal with a variety of data – transactional, unstructured, heirarchical, metadata and master data. The common business entities – people, things, places and concepts are the master data. Master data defines the top level business objects. According to Gartner
“Master data is the consistent and uniform set of identifiers and extended attributes that describes the core entities of the enterprise including customers, prospects, citizens, suppliers, sites, hierarchies and chart of accounts.”
Master data enables sharing information among the enterprise. It provides the common vocabulary for transactions and operations. It is the foundation over which all business applications are built.
Why should organizations manage master data?
Incorrect master data leads to utter chaos. As master data is the single source of truth for the enterprise, inaccurate master data results in loss of revenue, poor analytics, operational inefficiencies and failure to comply with regulations. Master data is generally scattered in different organizations, and it needs a collective effort from IT and business to define, correct, save, consume and continuously update master data.
In the banking, financial and insurance sector(BFSI), more regulations and tightening markets mean there is an ever growing pressure to increase revenue through existing customers and discover opportunities to cross-sell and up-sell. Stricter KYC and AML norms can only be achieved through cleaner master data.
Health and Life Sciences reply on master data for regulatory compliance like physician spend and to reduce drug discovery time. Accurate information on prescribers, customers and affiliates improves sales, customer service, order-to-cash and rebate management processes.
For government organizations, unifying citizen information leads to easy roll out of benefits, manage security, combat terrorism and analyze and formulate policies.
How Reifier helps with Master Data Management
To create a holistic unified view of all business entities, Reifier’s AI based fuzzy matching engine creates the appropriate linkages between data from different sources. It identifies typos, omissions, errors, abbreviations, different spellings, and other subtle differences in multiple instances of the entities and ties them all together to the same base. With other rule based approaches, one has to worry about defining the matching criteria, choosing the appropriate matching algorithms, setting the thresholds and confidence levels for each attribute of the entity. As the number of entities easily runs into hundreds for a small to medium business, building an MDM system through traditional approaches leads to tremendous development time and cost.
With Reifier, the match process can be automated within a couple of hours for each attribute and entity type leading to a massive productivity and cost benefit. As Reifier scales very well to large datasets of millions of records, big data is never a concern. Adding new entities, whether through mergers or acquisitions, or through a change in business is a breeze with the AI based matching process.
Contact us to evaluate Reifier on your data.