As enterprises grapple with ever-increasing volumes of data from disparate sources, maintaining accurate and consistent master data becomes a critical challenge.
Entity resolution, also known as record linkage or deduplication, is a key enabler for achieving a single, unified view of entities across diverse datasets in complex organizations.
Master Data Management
Master Data Management (MDM) involves the comprehensive management and maintenance of an organization's critical business data, ensuring consistency and accuracy across various systems and applications. Entities such as customers, products, or locations are central to MDM, and the effective handling of these entities is crucial for business success.
The Challenge of Data Discrepancies
Organizations encounter challenges in maintaining consistent master data due to data discrepancies arising from data entry errors, system migrations, and the integration of diverse data sources. Duplicate or conflicting records can lead to inaccuracies, operational inefficiencies, and hinder decision-making processes.
Understanding Entity Resolution
Entity resolution (ER) is a technique employed to identify and merge duplicate records or entities within datasets. It involves matching and linking similar records to create a consolidated and accurate representation of a single entity. ER algorithms employ various matching criteria, such as similarity metrics, to determine the degree of match between records.
Benefits of Entity Resolution in Master Data Management:
Data Accuracy and Consistency:
ER technology ensures that master data remains accurate and consistent across different databases and applications, reducing the risk of errors and improving data quality.
Enhanced Decision-Making:
A unified view of entities enables organizations to make more informed decisions, as stakeholders can rely on a single, trustworthy source of master data.
Operational Efficiency:
By eliminating duplicate records, ER technology streamlines data processes, reduces redundancy, and enhances overall operational efficiency.
Compliance and Governance:
ER aids in achieving regulatory compliance by maintaining accurate and auditable master data, benefiting data governance practices.
Customer Experience Improvement:
Ensuring a consistent and accurate customer profile across systems contributes to a seamless and positive customer experience.
Tilores Entity Resolution in Master Data Management
Conventional data management tools struggle with the challenge of resolving data inconsistencies, often necessitating labour-intensive manual interventions.
Tilores eliminates these limitations, empowering organizations to extract maximum value by easily connecting data from disparate sources. By revealing relationships and generating valuable insights, Tilores facilitates data-driven decision-making processes in complex organizations.
Tilores is high-performance, entity resolution technology that deduplicates and links data at any scale in milliseconds for both real-time and retrospective use cases.
Developed originally for a German consumer credit bureau, Tilores is data-privacy compliant by design.
