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Get a jump start on real-time analytics and insights
Big data is making a splash and as a business you may have all the information that you need in the company’s databases. However, it happens when a business functions or business units of a company are merged, the data files that need to merged with the master data management program (MDM) take time to get merged and sorted. For this time period, any immediate real-time data analytics or insights needs might have to wait.
For example, the credit cards business unit and the banking unit of a given banking group were two separate business units. When the bank decides to merge these two business units together, any real-time customer data from either of the two units may not be readily available as the same may have to be merged into a central repository. The process is slower in case of an acquisition. Thus, in order to solve this problem, it is better that the information is available at a single location so that it can be analyzed and compared if needed without any delays.
This is being made possible through MDM programs that would instantly transfer and store all such information at a trusted central location. Thus, the information can be accessed and analyzed in real-time solving the woes of business analysts. They would have the option to compare and contrast available data with a certain degree of monitored freedom.
Empowering the business user
In the past, business users have had to go through a lot of pains to get access to relevant data. The IT department would have had to be involved if even the smallest data was required for the purpose of analysis and report generation. This wasted a lot of precious time. With the help of MDM programs this difficulty is sorted to a great extent as business users have the freedom to access the data available to them. While there is still requirement to keep the data protected and hence, a certain level of monitoring must be deployed, some data must be available to the business analysts which they can readily use to get real-time analysis and reports. If the access provided to business users is secure and they have the necessary tools to access and analyze the data, they feel empowered to create new and improved insights.
Business users may combine different data sets, match them, discover new trends and patterns, and explore relationships between data sets to glean new insights. They use visualization techniques such as graphs and charts to understand the relationships between different data sets and how each affects the other. With the help of the technology that creates these strong visualizations, business users are able to have a great user experience and these visualizations help others at the organization to understand these data dependence and relationships with greater ease. With the help of MDM programs, business users have a trusted center for relationships between data sets and thus, they are more confident when they match their data sets against it. Their correlations are more reliable and decision making quicker because of MDM.
Governed Access to Data Sharing
The data is made available through MDM programs to analysts and business users for conducting real-time analytics and providing timely insights to their teams. However, the IT department would have to govern and curate the data that is made available to the business users through MDM.
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