Have you heard of the term “master data management” (MDM) but aren’t sure what it is and how it’s useful? This FAQ sheet answers your questions about what MDM is, the role that data quality plays, and how to get started.
Master data is data that needs to be shared by multiple systems or business processes, and it is shared in a type of master data repository. This repository can include both analytical and reference data. Examples of master data include customer, product, asset, location, employee, organizational units, or chart of accounts data.
Master data management (MDM) is a concept where applications are used to house a comprehensive master data repository of all critical data, which acts as a common point of reference. The data is used to support business intelligence and create a reference that shows transactions and analysis. MDM itself isn’t a technology, however; it is an ongoing program that includes data quality, data intelligence, and data modeling, among other activities.
Download the tip sheet to learn more about master data management including: