Master Data Management, Many regard big data as the next major transformative force in enterprise IT. However, its four defining characteristics can make it difficult to tap its full potential:
1. Volume (Data Influx on daily basis)
2. Variety (Text comments, images, video)
3. Velocity (Speed – sensors and instruments can generate 100 X faster data)
4. Veracity (Tough to verify, Unreliable but should be managed)
As a result of these four characteristics, organizations need specialized tools and methods to handle and leverage big data. Master data—the most trusted subset of all data—can help enterprises make sense of the enormous volumes of big data at their disposal.
Master data is the basis for a shared repository of information that is used across an enterprise; it pertains to any entity in a business, from customer records to products, and has been culled and verified to become a consistent “golden record” about that entity. Master Data Management(MDM) encompasses the tools and discipline of governing and leveraging master data. By combining big data with verified and trusted master data, companies can gain new insight on customers or products, or derive immediately actionable information
Master Data Management’s(MDM) well-defined approach augments the value of big data by giving it structure and meaning. Master Data Management(MDM) tools can match products with traits derived from web comments and social network postings. Master Data Management(MDM) also gives context to machine-derived data— such as the data provided by mobile devices about the times and places consumers buy specific products. Master Data Management(MDM) helps improve the 360-degree customer view.
IBM InfoSphere Master Data Management(MDM) manages master data for creation of single view of – doctors, customers, patients, citizens, suppliers, locations, products, services offerings, accounts and more – for improving application & business process effectiveness.