Metaspace

What is Metaspace?

FORMCEPT’s award-winning data excellence platform, MECBot, utilizes a unique concept known as Metaspace. It serves as the metadata powerhouse of the entire data ecosystem within MECBot, connecting billions of data points in real-time, and acting as a centralized, unified, and trusted data layer for the entire enterprise.

MECBot’s Metaspace makes extracting insights from data a breeze. By providing a unified view of an organization’s data assets, and establishing a secure, omniscient, and omnipresent data layer for the entire enterprise, it effectively eliminates all problems associated with data management at the roots.

Why Metaspace?

The lack of a single source of truth for all enterprise data has long been a pain point in the analytics industry.

Data teams frequently find themselves in a repetitive, tedious, and highly inefficient cycle of data preparation. Around 60% of their efforts are dedicated to cleaning and organizing data, while 19% is spent on collecting datasets. This leaves scant time for their primary goal – i.e., extracting insights from data.

On the flip side, domain teams with deep knowledge of their respective areas often have to rely on the already stretched-thin data team to interpret the data. As enterprises grow, these issues intensify, leading to a vicious cycle of dependencies, inefficiencies, and failed data projects.

These challenges impede the organization’s capacity to make timely, data-driven decisions at scale. Hence, there’s an urgent need to integrate data, build trust in data, and democratize access to data and insights across the enterprise in a compliant manner.

Simply put, we need to transition from data chaos to data harmony, and from compliance lapses to foolproof governance. This is precisely what Metaspace promises and delivers at scale.

What Are the 3 Pillars of Metaspace?

The 3 pillars of MECBot’s Metaspace are:

  • Domain Ontology: Domain Ontology acts as the Global Data Definition for an enterprise and provides a standardized way of organizing data and relationships from the domain perspective. It eliminates key data management problems like schema gaps, semantic drift, and all instances of misfit between the data and the domain.

  • Knowledge Graph: MECBot’s Smart Knowledge Graph connects data using semantic relationships to help leverage knowledge effectively, and unearth hidden patterns in data. It solves core data challenges like gaps between data and insights, inaccurate data relationships, and obsolete data views.

  • Advanced Metadata:MECBot’s Metaspace uses rich, advanced metadata to provide vital context and structure to data. It aids in data quality, consistency, accuracy, and security, and prevents data nightmares like compliance failure, governance issues, security breaches, and erosion of trust in data.

How Does Metaspace Work?

In MECBot’s Metaspace, the data journey begins with an extensible and continuously evolving Domain Ontology. MECBot directly captures the data from pre-configured sources and maps it to the Domain Ontology specified by the user.

Employing advanced graph technology, MECBot then aggregates enterprise data and comprehends real-world connections. This data is enriched further through linked Knowledge Bases, culminating in the Enterprise Knowledge Graph.

Finally, leveraging advanced metadata capabilities,MECBot’s Metaspace answers 6 key questions about each data point at any given moment:
  • 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?

MECBot’s Metaspace, therefore, acts as the brain of your entire enterprise where all data and metadata are stored in a meaningful and interconnected manner. It keeps your data assets unified, contextual, secure, and updated, thereby helping you to make informed, just-in-time decisions at scale.

What Are the Benefits of Metaspace?

  • Quality, Compliance, and Governance

    MECBot’s Metaspace sets the gold standard for policies, domain rules, and workflows that define the entire data ecosystem, allowing enterprises to steer and manage data with ease while keeping everything in check.

  • Automation and Standardization

    Metaspace automates, standardizes, and smooths out all data management processes, including metadata management and data lineage tracking, ensuring that all your data projects run like a well-oiled machine.

  • Integration, Harmonization, and De-siloing

    Metaspace tears down data silos, integrates data across various sources, harmonizes diverse data formats, and presents a cohesive view of all data. It breaks down the unwanted virtual walls between data so that users can always see the big picture as well as the granular details.

  • Enhanced Insights and Decision-Making

    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,MECBot’s Metaspace eliminates the need to rely on underlying databases or data structures for timely, actionable insights.

  • Robust Security Measures

    MECBot’s Metaspace incorporates access controls, encryption, and auditing capabilities to keep data under lock and key, thereby securing the fort. It complies with ISO 27001 and SOC2 Type 2, ensuring that your data practices always meet the highest standards.

  • Cultivating a Data-Driven Culture

    MECBot’s Metaspace offers a secure platform for users to connect with stakeholders, address governance challenges, and bring everyone on the same page. It helps cultivate a data-driven culture within the organization, sowing the seeds of a brighter future.

What Are Some Resources Related to Metaspace?

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MECBot’s Architecture

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