How AI and blockchain can amp up master data management
AWARENESS about the use of artificial intelligence (AI) and blockchain technologies are growing steadily across industries and there is really no better time to explore the intersection of the two.
While AI carries out tasks that it is programmed to, blockchain can distribute and decentralize an immutable database.
Together, they are perfect for businesses to efficiently and ethically handle the abundance of data.
For example, an energy industry-focused management enterprise in the US combines blockchain and AI to effectively use data for predictive maintenance and contingency planning.
As AI is used to clean and pool data for the company, blockchain encrypts the data and secures the single ledger with its smart contract feature, making the data indisputable.
A similar use case is found in healthcare too, where one company uses AI to give doctors and nurses blockchain-based access to medical intelligence and insight.
With blockchain, healthcare professionals can ensure that input of patients’ medical data is reliable. Then, they can use AI to personalize prescription and treatment plans based on the data.
The combined use is highly practical when it comes to master data management as businesses scale in this digital age.
Master data typically consists of information such as names of products, staff, vendors, equipment, tools, and places. Basically, it is a glossary of information that helps make sense of transactional data. It is static data.
Transactional data. on the other hand, is comprised of invoice numbers and payment amounts, and is only valuable in any one instance.
Which is why master data needs to be securely managed so that the automated distribution of information will be reliable.
Without such technologies governing master data, the business operation can be chaotic and delayed when errors occur.
For instance, when a unit within the business is compromised due to an emergency, having master data can help the top levels prepare for damage control much quicker.
This is because master data will be able to give decision-makers a fuller picture of resources available at a glance.
With the smart contract feature, edits made to the order must be verified by another party first before it becomes part of the ledger.
On top of that, an AI-enabled blockchain-based system can automatically assign access to different types of data depending on necessity. So, more sensitive data can be kept secure within authorized access only while operations carry on.
The AI and blockchain features will give the operation levels the transparency that is necessary to execute and fulfill orders, without the redundant back and forth.
As enterprises continue climbing the digital maturity curve, the value and importance of master data will only keep growing.
Not only will this help businesses use data to their advantage, but will also increase output from operations.