ProPedia is an enterprise-wide data governance solution that helps enterprise users to access, search and lookup quickly trusted metadata on material and spare-parts codes. ProPedia helps users to ensure that the meta-data created is consistent and ensures that best-practice models are always followed.
ERPs powered by database technology has Streamlined transactions management within and between enterprises; With ERP, every transaction within and between enterprises are documented and audited. While the database technology has enabled adequate control over transactions, its over-reliance on codes such as transaction management is its Achilles heel. When duplicate or unnecessary codes are created knowingly or not, the transaction control breaks down. When transaction control breaks down, Physical Inventory, Equipment Maintenance, Procurement Optimization etc are still not optimal. This is because Duplicate Product Codes result in redundant and excess Inventory, Over-Purchase etc.
Master (Meta) Data Management (MDM) tools which have started to gain acceptance in the market as it is universally accepted that Product Code Structures and Specifications Text Management have direct impact on Physical Management of Inventory and Equipment Maintenance; The first generation MDM tools have a frequent disadvantage of going obselete quickly because the human experts who are in-charge of keeping the meta-data up to date often fail to cope up with fast evolving product market space in the industry.
Artificial Intelligence and Machine Learning tools which are making a huge presence in the markets have been focussed more on Predictive analytics based on time-series data analytics. Industry 4.0 powered by algorithms are about to transform operations behind the transactions as its applications like Production Scheduling, Predictive Maintenance etc. are gaining steady acceptance. Similarly, Language Technology for Near Human Level Product Matching and Search has the potential to revolutionize MasterData Management and resolve the code management problem.
By gaining the ability to understand the natural language specifications of products used in transactions, NLP and ML empowered MDM solutions have a positive impact on the following:
Codasol which has been working extensively in providing Master Data as a Service, Data Quality, Inventory Optimization etc. has developed ProPedia as a Machine Learning Driven Product Catalog for Master Data Management. ProPedia has applied machine learning algorithms on the vast datasets it has collected while providing the metadata management solutions and also leveraged industry standard classifications such as UNSPSC Standards
Using ProPedia, it is easy to identify the similarity scores of two product specifications or material codes which can then be used to identify duplicate codings in real-time; ProPedia can Understand Specifications and locate Tools/Products instead of just Code-Lookup; The core benefit of ProPedia is removal of Duplicate Product Codings and which can then used effectively to eliminate Redundant and excessive Inventory; Propedia can effect massive savings in Inventory costs through inventory optimization and reduce Maintenance Costs