Methodology for Automated Master Data Management using Artificial Intelligence

Abstract

With the rise of digitization in industrial applications and business processes, awareness for the value of data has increased in recent years. At the core of a digitized development are master data, which represent the metadata of information objects relevant to business processes. Reliable master data enable dynamic business processes and well-informed decision making along the value chain, starting at the ideation and continuing through engineering and production to service and disposal. Companies face challenges when maintaining increasingly complex master data, with manual data management leading to unreliable data sets while binding considerable and highly skilled resources. Artificial Intelligence (AI) encompasses a variety of tools, among which natural language processing (NLP) and machine learning (ML) stand out as having strong potential to assist in master data management. In this paper, we present an approach of how AI can assist companies in automating master data management to facilitate large scale data maintenance, which enables fast and reliable digital business process and increases the competitiveness of companies.