How Blockchain And AI Can Help Master Data Management

  • It gives greater context to transactional information, and discrepancies in master data can do as great or even greater damage than discrepancies in transactional data.
  • Its ability to automate routine computational and data entry tasks makes a compelling case for incorporating artificial intelligence in Enterprise Resource Planning (ERP) and other information management systems.
  • Similarly, artificial intelligence can bring autonomy and agility into master data management activities such as data quality management, data stewardship, and eventually, even data governance.
  • It can also be used to collect additional information pertaining to master data from normal text using natural language processing (NLP), minimizing the need for manual data entry, and consequently, minimizing the likelihood of inefficiencies and inaccuracies.
  • AI can also be used to ensure that the established master data management standards and practices are being upheld and followed.

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