Master data management is necessary for all organization, regardless of the business sector. Recent digital advancements have changed the way companies interact with, store and distribute data. For instance, blockchain is the digital system maintenance in which a record of cryptocurrency transactions link across several computers. Although some organizations may be resistant to developments stemming from AI and blockchain, their impact is impossible to miss.
Enhanced Accuracy and Security
AI and blockchain can play a very critical role in master data management 1. AI helps to make processes more automated, which saves time and resources. However, some companies may find it challenging to find a starting point for these digital components. AI can be implemented to confirm the accuracy and completeness of stored data. Also, AI can be used to verify the necessary data governance tasks for an organization. Blockchain can be used as a complementary resource to reinforce data security. An additional advantage blockchain provides is the transparency for a smoother audit process and user management.
Recording Bulk Annuities
Legal & General, a British financial services company, has partnered with Amazon Web Services for a groundbreaking collaboration. The financial services company is using AWS’s blockchain system to solve for recording bulk annuities for its insurance business 2. The AWS and Legal & General collaboration makes history as the first partnership of this magnitude. AWS is one of the premier providers for enterprise blockchain solutions. Although IBM and Microsoft are also enterprise blockchain providers, the AWS and Legal & General partnership has great potential. New business solution trends will likely emerge for other companies who wish to improve their processes and efficiencies.
Building the Confidence
Facebook just announced Libra, a new cryptocurrency that utilizes blockchain technology. Libra’s currency will be non-country specific and facilitated by the Switzerland nonprofit company, Libra Association. However, the looming concern is how secure this new blockchain option will be. Libra is taking a risk by creating a new tool 3, based on the existing cryptocurrency standards. Conversely, Facebook’s broad user reach (over 2.38 billion active users) will help catapult Libra to a larger user pool than previous entrants into this space. For this reason, a successful launch could mean greater confidence for other organizations to implement blockchain initiatives.
Master data’s components, including information on products, people, special projects, prospects, and customers, hasn’t changed much over time. However, AI and blockchain have greatly influenced data storage methods in recent years. New developments will determine how feasible their integration will be in the coming months. Nevertheless, AI and blockchain are now permanent staples for businesses to consider. Organizations who can successfully integrate the latest master data technologies will have better compliance regulations and a smoother order of operations.
1 How Blockchain and AI Can Help Master Data Management by Naveen Joshi
2 Legal and General Outlines the Power and Efficiency of Amazon Web Service’s Blockchain Offering by Darryn Pollock
3 Facebook’s Libra Blockchain Could Become The Cryptocurrency For Self-Driving Cars by Lance Eliot