"Maintaining a golden record of every entity" - this is precisely what a Master Data Management (MDM) system does.
MDM stores a cleansed, de-duplicated trusted view of structured data and plays a major role amidst big data flowing in from the social networks and streaming data.
I do see many organizations use master data to improve their performance.
A Diabetes clinic calls a patient's mobile number when his/her consultation is due. So they do maintain the master data of their patients. When the system is good enough to store all medical data about the patient, based on the tests he/she undergoes, the Doctor's analysis reports and the medicines prescribed, each time the patient consults a Doctor, then the system becomes capable of providing a complete view of the patient's health.
A retailer sends a customer an SMS, a month before the customer's Birthday, with a greeting and offering a 5% discount for what the customer shops during that one month. So, here the master data of a customer is stored along with the mobile and date of birth and there is a system to send a message a month before his/her birthday. By doing so, the retailer ensures that they maintain a good relationship with their customers. When this retailer stores the list of items that the customer purchases, the total cost he/she pays, the mode of payment (cash or card) along with the Date of purchase, the retailer will be able to predict when the customer may visit again.
An insurance firm informs its customer through an SMS or email that insurance payment is due in a month. This is again a system in which the customer's details are stored along with the payment date of insurance. Hence the company makes sure that they do not lose their customer. The company has to ensure that such a message is being sent each time an installment has to be paid.
Some banks are able to classify their customers as Classic, Premium etc., based on the balance they maintain in their account, over a period of time. This easily indicates that extent to which they maintain big data.
One of the example we consider for Big Data is Facebook. This social website also holds master data of its users. It asks each user for name, city, employment and date of birth. The family relationships, close friends list, friends and Likes of user, along with the other primary details contribute to the master data. Alerts on friend's birthdays, the list of probable friends of a user, the groups in which a user may like to join and the personalities a user likes may be derived based on the master data.
A good Master Data Management system will ensure that the data is cleansed, duplicate data is not present and the data is trusted.
This master data plays a major role in analysis. With a complete view of patient's current health and history, a Doctor who consults, will be able to easily make out the drugs to which this patient is allergic, what medicines would not suit a patient due to the medicines being (or been) taken and prescribe treatment accordingly. A Banker would be able to suggest a Recurring Deposit (or some other plan) to an account holder, based on the balance in his/her account or based on the monthly salary being deposited to that account.
With these being the uses of analysis to a user, the benefits that a customer of MDM would be much more. A retailer can find out the lean seasons and try to give discounts during those periods of a year. During the peak seasons, they can increase the stock. They can also find out which products sell well in a particular geography and increase the stock of that product. By having fast networks, stocks can be replenished as required.
When hospital chains start having Master Data Management System, it would make the life of a patient much easier. This becomes all the more important for patients with critical illnesses. Having such a system could also help in medical research.
With these just being examples I have noticed, further details could be obtained from the below links.
IBM Master Data Management for Big Data
IBM Think Big - Big Data & MDM
IBM Master Data Management: The key to leveraging Big Data
How MDM Fits with Big Data, Mobile and Cloud
IBM Master Data Management - Solutions for Healthcare
MDM stores a cleansed, de-duplicated trusted view of structured data and plays a major role amidst big data flowing in from the social networks and streaming data.
I do see many organizations use master data to improve their performance.
A Diabetes clinic calls a patient's mobile number when his/her consultation is due. So they do maintain the master data of their patients. When the system is good enough to store all medical data about the patient, based on the tests he/she undergoes, the Doctor's analysis reports and the medicines prescribed, each time the patient consults a Doctor, then the system becomes capable of providing a complete view of the patient's health.
A retailer sends a customer an SMS, a month before the customer's Birthday, with a greeting and offering a 5% discount for what the customer shops during that one month. So, here the master data of a customer is stored along with the mobile and date of birth and there is a system to send a message a month before his/her birthday. By doing so, the retailer ensures that they maintain a good relationship with their customers. When this retailer stores the list of items that the customer purchases, the total cost he/she pays, the mode of payment (cash or card) along with the Date of purchase, the retailer will be able to predict when the customer may visit again.
An insurance firm informs its customer through an SMS or email that insurance payment is due in a month. This is again a system in which the customer's details are stored along with the payment date of insurance. Hence the company makes sure that they do not lose their customer. The company has to ensure that such a message is being sent each time an installment has to be paid.
Some banks are able to classify their customers as Classic, Premium etc., based on the balance they maintain in their account, over a period of time. This easily indicates that extent to which they maintain big data.
One of the example we consider for Big Data is Facebook. This social website also holds master data of its users. It asks each user for name, city, employment and date of birth. The family relationships, close friends list, friends and Likes of user, along with the other primary details contribute to the master data. Alerts on friend's birthdays, the list of probable friends of a user, the groups in which a user may like to join and the personalities a user likes may be derived based on the master data.
A good Master Data Management system will ensure that the data is cleansed, duplicate data is not present and the data is trusted.
This master data plays a major role in analysis. With a complete view of patient's current health and history, a Doctor who consults, will be able to easily make out the drugs to which this patient is allergic, what medicines would not suit a patient due to the medicines being (or been) taken and prescribe treatment accordingly. A Banker would be able to suggest a Recurring Deposit (or some other plan) to an account holder, based on the balance in his/her account or based on the monthly salary being deposited to that account.
With these being the uses of analysis to a user, the benefits that a customer of MDM would be much more. A retailer can find out the lean seasons and try to give discounts during those periods of a year. During the peak seasons, they can increase the stock. They can also find out which products sell well in a particular geography and increase the stock of that product. By having fast networks, stocks can be replenished as required.
When hospital chains start having Master Data Management System, it would make the life of a patient much easier. This becomes all the more important for patients with critical illnesses. Having such a system could also help in medical research.
With these just being examples I have noticed, further details could be obtained from the below links.
IBM Master Data Management for Big Data
IBM Think Big - Big Data & MDM
IBM Master Data Management: The key to leveraging Big Data
How MDM Fits with Big Data, Mobile and Cloud
IBM Master Data Management - Solutions for Healthcare
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