In this data-driven era, time is a precious commodity. However, data teams often find themselves stuck in an endless loop of preparing the data, with 60% of their time going into cleaning and organizing the data, and 19% going into collecting datasets. This leaves them with minimal time to focus on the core task of deriving insights from data.
On the other side of the spectrum are domain teams armed with intricate knowledge of their specific domains. Yet, even with their domain expertise, they often find themselves turning to the already overburdened data team to make sense of the data at hand.
As organizations grow, this situation worsens, creating bottlenecks and inefficiencies that hinder the organization's ability to make data-driven decisions just in time and at scale. Integrating data from diverse sources and platforms that are disparate and siloed, combining diverse data types and formats, and building trust in data are the needs of the hour today. Simply put, we need to shift the data paradigm from chaos to cohesion. This is where we come in.
Our data excellence platform – MECBot – uses a unique concept called Metaspace to make a unified data store securely accessible across the enterprise.
Metaspace is the Smart Metadata Powerhouse of the entire Intelligent Data Mesh ecosystem of MECBot. It not only encompasses the entire Domain Data Model and Enterprise Knowledge Graph of the organization but also encompasses the end-to-end metadata of every artifact and related stakeholders. Metaspace uses metadata to provide context about the data, such as the source, quality, and format of the data. This enables data discovery, improves data governance, and ensures that data is used in a compliant manner.
In a nutshell, Metaspace helps to manage data and knowledge more effectively by providing a unified view of an organization's data assets and serves as the central and singular point of truth for all security and governance requirements within the organization.
Key Components of Metaspace
In essence, Metaspace combines the Domain Data Model, Enterprise Knowledge Graph, and Metadata of all data artifacts and related stakeholders.
Together, these 3 components enable Metaspace to transform chaotic data into cohesive data that enables just-in-time decision-making for organizations at scale. Metaspace, therefore, is the lifeline of data management in MECBot, spanning the entire organization and covering the complete data lifecycle. It helps organizations manage data and knowledge more effectively by providing a unified view of data assets, standardizing data organization, connecting data using semantic relationships, providing context through metadata, and enabling faster access and analysis of data.
The image below shows the 3 key components of MECBot’s Metaspace.
Let us now look at each of these components in brief:
#1 Domain Data Model
It defines the entities, attributes, and relationships within an organization's data, providing a standardized way of organizing data from the perspective of the domain of the business. This makes it easier to understand the data and analyze it to gain insights.
#2 Enterprise Knowledge Graph
It connects data across an organization using semantic relationships, making it easier to find insights and relationships that would otherwise be difficult to uncover. This helps to leverage knowledge more effectively, identify patterns and relationships between data, and create new knowledge from existing data.
#3 Metadata of Data Artifacts and Related Stakeholders
Metadata provides vital context and structure to data. It aids in data governance, ensuring accuracy and consistency while facilitating compliance and security. It acts as an indispensable bridge between raw data and its meaningful utilization, streamlining processes, enabling data-driven insights, and enabling just-in-time decision-making for data users. MECBot’s Metaspace, therefore, acts as the brain of your entire enterprise. At any point in time, Metaspace answers 6 key questions about each data point that your enterprise is dealing with:
- Where is the data coming from?
- Where is it being used? By whom?
- What changes have been made to the data?
- When were those changes made? By whom?
- What are the various data artifacts?
- Who are the related data stakeholders?
How Metaspace Works
Metaspace Addresses the Needs of All Data Users from a Centralized, Unified, and Trusted Data Layer.
The image below gives a quick overview of how MECBot’s Metaspace works.
Now, let's swiftly delve into each of the elements depicted in the image above to gain a better grasp of Metaspace's roles and functions.
Employing cutting-edge graph technology, MECBot’s Intelligent Data Mesh encapsulates all enterprise data, capturing their intricate real-world relationships and implications. Subsequently, this data is enriched using linked Knowledge Bases, culminating in the creation of the Enterprise Knowledge Base, a definitive source of truth for the organization that is accessible at all times.
Within MECBot, the data lifecycle initiates with a Scalable Data Processing Engine that is responsible for extracting Facts from source datasets, guided by the Domain Data Model, as shown in the image below. These interconnected facts are securely housed within our unified, ISO-certified Data Mesh, ensuring the integrity and accessibility of the enterprise's invaluable data resources.
Depending on the business problem at hand, subsets of the Enterprise Knowledge Base can be extracted to address specific data challenges faced by various data users, teams, and roles. These subsets are aptly termed as "data pods." They are tailored to be domain-centric, and problem-specific, and cater to precise decision-making requirements just in time.
As the data flows downstream, it takes the form of flattened "application-level data pods", supporting activities such as analytics, self-discovery, and visualization. Notably, while the ownership of data pods and application-level data pods may lie with different teams, any alterations to data definitions, usage rules, metadata, or data ownership can solely be executed at the level of the Enterprise Knowledge Base, typically under the purview of the Chief Data Officer or equivalent roles overseeing data management and governance.
Hence, Metaspace serves as the data guardian, ensuring consistent access to the data by various users through a secure channel. It embodies MECBot's commitment to providing a singular source of truth for the entire enterprise, enabling precise, reliable, and just-in-time decision-making on a grand scale.
Key Benefits of MECBot’s Metaspace
Powered by Metaspace, MECBot combines best-in-class data science with AI to deliver accurate, actionable business insights that enable just-in-time decisions at scale. By putting the business first, and eliminating the need to rely on underlying databases or data structures, MECBot attends to the needs of multiple data user personas from a common, trusted, unified data layer compliant with ISO 27001 and SOC2 Type 2.
- Streamlined Data Management: Metaspace offers a unified perspective of an organization's data assets, promoting efficient data management. It standardizes data organization, establishes semantic connections, and provides crucial metadata context, simplifying data governance, analysis, and discovery.
- Enhanced Decision Support: Metaspace reveals intricate data patterns and relationships, facilitating deeper insights into business operations. This aids in making accurate, just-in-time decisions that would otherwise be impossible.
- Facilitates Collaboration: Metaspace promotes cross-team collaboration by providing a shared foundation for a single source of truth for all data leading to meaningful and cohesive data interpretation and analysis, fostering a more cohesive and productive work environment.
- Scalability and Flexibility: Metaspace is adaptable to evolving data needs, enabling seamless scalability and flexibility to accommodate changing data structures and requirements.
- Cost Efficiency: By optimizing data management processes, reducing data silos, and automating tasks, Metaspace leads to substantial cost savings. It eliminates redundant manual data handling, enhancing overall cost-effectiveness.
Powered by Metspace, our award-winning product – MECBot – eliminates the need to rely on underlying databases or data structures, and attends to the needs of multiple data user personas from a common, trusted, unified data layer. After switching to MECBot, businesses have reported as much as an 80% reduction in data engineering efforts and a 60% reduction in data analytics costs. It’s now time to take the leap! Whether your business is in retail, BFSI, manufacturing, or electric mobility, do away with traditional analytics and say hello to MECBot’s just-in-time analytics for unprecedented business intelligence. Experience MECBot today, the only platform that puts your business first!
Interested to know more about what we do and how we can help you? Request a demo here: https://www.mecbot.ai/contact-us