Master Data Management (MDM) is a method to define and manage all critical data of an organization to one file i.e. master file to provide a single point of reference. To define and manage those critical data, MDM includes the processes, governance, policies, standards and tools. The benefits of MDM increases by increasing number of department, resources and related data. So, Master data is a subset of Big data and while analysis MDM provide a starting point. Applying MDM gives many benefits while leveraging Big Data.
“The world of big data is a world of unknowns, and you need to somehow anchor it to the stuff you do know and trust — that’s the relationship between big data and master data,” said Ted Friedman, an analyst at consulting and market research company Gartner Inc.
So, MDM put high value while leveraging big data and companies are starting to see. According to survey of The Information Difference Ltd., an MDM consulting and Research Company in London. Only 17% of the 209 corporate respondents in North America, Europe and Asia said they expected big data applications to generate new master data in their organizations. But 59% said they thought MDM hubs and big data systems could be linked together for business uses, including the ability to use master data to automatically detect customer names in sets of big data.
There are several reasons why organizations enhance their Master Data Management (MDM) with Big Data:
More Effective Analytics – Using MDM with big data comes with some great benefits. It provide the basic framework for performing analytics. It brings different new and old information for leveraging. Thus data comes in huge quantity and which makes the analysis more effective.
More arranged data – MDM gives a better arrangement of complex data than normal management of data. Anyhow analyst need to arrange data in right format and MDM help them a lot in this purpose.
Source of Big data – MDM is the subset of big data. It having a lots of information from different sources. So it can be used as the source of big data.
Decision making – Companies use MDM management to keep all records or data which comes from different internal and external sources. Applying big data analytics in MDM gives a better understanding about the company requirement as well as it helps in decision making.
Data quality – The benefits of using master data management with big data is data quality. Whatever data we will use for big data analysis if it is coming from MDM then definitely the quality of data will be far better than those data which are coming from different external sources without applied MDM
Generally MDM holds the internal most trusted data of any organization where as big data contains internal as well as external data – social media, mobile, cloud and many other sources. MDM strategies for Big Data indicate a transformation of the applicability of MDM – and increased customer or product centricity and personalization. Organizations that combine big data with master data management started gaining gaining advantages.