Master Data Management
Master Data Management (MDM) is a technology-enabled discipline that involves collaboration between business and information technology to ensure the uniformity, accuracy, stewardship, semantic consistency, and accountability of an enterprises official shared master data assets. It aims to provide processes for collecting, aggregating, matching, consolidating, quality-assuring, persisting, and distributing master data throughout an organization to ensure a common understanding, consistency, accuracy, and control in the ongoing maintenance and application use of that data.
MDM creates a single master record, also known as a "golden record," for each person, place, or thing in a business, from across internal and external data sources. This master record contains essential information upon which a business or organization relies, such as customer, location, product, supplier, and more, to facilitate various tasks or actions.
The technology, tools, and processes involved in MDM ensure that master data is coordinated across the enterprise, providing accurate, consistent, and complete master data across the enterprise and to business partners.
Master data management is crucial for improving the quality of an organizations data by ensuring that identifiers and extended attributes are consistent and uniform across different IT systems. It also streamlines data sharing between different business systems and facilitates data processing in IT environments that contain a variety of platforms and applications.
In summary, MDM is a critical discipline that ensures the uniformity, accuracy, and consistency of an organizations master data assets, thereby enabling better decision-making, improved data quality, and streamlined business processes.
