If
there is one thing that each person in this world handles on a daily basis, it
has to be Data . The importance of Data is almost like the need for Oxygen to
survive. Over the years the way Data is looked at, prepared, utilized, stored
has only evolved and it will only get better with the passage of time.
Today we talk about Big Data and Data being stored in clouds. However all the work that gets done with Data is of practically of no use, unless the same is analyzed, broken down and presented in a meaningful fashion that can be used to show direction for future course of action.
Todays business is no longer about risk but about how skillfully Data is managed and analyzed. At the manufacturing unit data is required to manage inventory in right quantities and for the right time. Any mis-variations can cause lapses that can have disastrous consequences on the entire production cycle. Creation of Bins at the work floor level continue to be prevalent but due importance is now being given to bins which are maintained in a computerized environment, virtual world. I would envisage that no longer is it necessary for a person to physically count out inventories but systematically manage the same through the use of Data.
One new concept that is being talked about a lot in Business Circles is Master Data Management or in short MDM. Let me try and explain the concept of MDM. In business, master data management (MDM) comprises the processes, governance, policies, standards and tools that consistently define and manage the critical data of an organization to provide a single point of reference. From what I have understood as far as this concept is concerned, its more practical to use MDM in larger organizations than small ones, where in there are individual departments and its becomes a complex activity to coordinate effectively. This is where MDM plays a very critical role in mapping data across departments into a central repository that can me managed in a very simple fashion.
One cannot stress more on the importance of Data than this
chart that shows what a key role Data will play in 2015 and the use of
technology to improve the quality of Data. 