How much do you trust your data? If you are to lean in towards it and make decisions based on the insights, how likely are you to rely on them unless you have a system in place?
Traditional data management and Data warehousing has become tedious. Every business is starting to choose cloud-based reports for data analytics. Data is the most vital asset of any organization.
In this blog post, we will address the differences between Data warehousing and Master data management to find a converging point where they can complement each other.
What is Data warehousing?
The demand for data warehousing is increasing with new information and technologies. There are various reasons: to reduce supply chain issues, last-mile delivery in the E-commerce business, making the logistics facile, and much more that lead to the focus on having a consistent system of managing the data.
A data warehouse means having a database consisting of the history of customers, products, and businesses collected over time. This database not only stores the company’s data but of the external sources depending on the structure and utility. The entity will use the maintained data to analyze the total sales volume and other insights to make appropriate decisions.
Where do Master Data Management and Data warehousing complement each other?
Data warehousing is a bit of a stretch than MDM to analyze large-scale records and source them as a single one. Data collected from external sources are updated manually. Data warehousing is consistent, efficient, and reliable.
This is where Master data management can complement data warehousing. MDM works with the help of Artificial intelligence making them accessible to be used by systems other than humans. Data warehousing can use this to automatically fix up the records instead of spending a lot of time manually feeding the updates.
MDM will clean, standardize and match data that can be then used in data warehousing to analyze across various systems.
What is the scope of MDM in Data warehousing?
With the demand for global warehousing estimated to be USD 326.3 billion by 2024, there is an urge to improve the quality of the data in warehousing. Even though MDM and data warehousing do the same work of integration and migration, once the data is fed to the database, Master data management has the upper hand in handling and maintaining them consistently with the help of AI.
The quality of the data should be the key consideration. If the data can be accessed at any time without hassle and helps turn the insights into doable actions, then the purpose of the data is done well.
To conclude, the business should know its needs about whether they want a cloud hub, centralized system, or decentralized system, and whatnot to execute and implement the right tool to serve the purpose.
CODASOL’s software Prosol can help you with effective master data management. Click here to learn more about Master Data Management and how Prosol works.
With Prosol, you can get a Master Data Curation Workflow process embedded within your core master data management application itself.
Our real-time Master Data Management allows you to intelligently govern and synchronize materials data across multiple applications and systems. It ensures that data quality does not decay and remains intact all the time.
Effective Search Engine:
CodaSol has developed Machine Learning Catalogs from the vast datasets we have gathered for years in the form of ProPedia based on Industry Standard Classifications like UNSPSC. Prosol uses this to identify duplicate product codes and eradicate them quickly.
Prosol provides a custom template engine that can help you generate Material codes that adhere to your policies. Prosol also allows multiple templates to be used for different material categories as well.
By Leveraging Prosol, You can ensure that new item descriptions, modifications, or deletions are always in synch with global standards.
CODA Technology Solutions Pvt. Ltd. (CODASOL) enables organizations to achieve optimal procurement, inventory management, and inventory liquidation by connecting Master Data with Equipment, materials contracts, pricing agreements, work order planning, and performance.
CODASOL offers PROSOL – A SAAS-based technology platform used for cataloging that ensures data quality and governance.
With PROSOL, enterprises can get a golden record, curated with customizable workflow processes that connect plant integrity assurance embedded within the enterprise’s application.
Data security aspects such as availability, privacy, confidentiality, integrity, and security are addressed within the software offering. CODASOL further offers services like data cleansing, template design, material grouping, Deduplication, data enrichment, asset & BOM mastering, data enhancement, data standardization, equipment mastering, functional location, vendor master creation, and customer master creation.