Master Data Management
In computing, Master Data Management (MDM) comprises a set of processes, governance, policies, standards and tools that consistently defines and manages the master data (i.e. non-transactional data entities) of an organization (which may include reference data).
An MDM tool can be used to support Master Data Management by removing duplicates, standardizing data (Mass Maintaining), incorporating rules to eliminate incorrect data from entering the system in order to create an authoritative source of master data. Master data are the products, accounts and parties for which the business transactions are completed. The root cause problem stems from business unit and product line segmentation, in which the same customer will be serviced by different product lines, with redundant data being entered about the customer (aka party in the role of customer) and account in order to process the transaction. The redundancy of party and account data is compounded in the front to back office life cycle, where the authoritative single source for the party, account and product data is needed but is often once again redundantly entered or augmented.
MDM has the objective of providing processes for collecting, aggregating, matching, consolidating, quality-assuring, persisting and distributing such data throughout an organization to ensure consistency and control in the ongoing maintenance and application use of this information.
The term recalls the concept of a master file from an earlier computing era.
Read more about Master Data Management: Issues, Solutions, Criticism of MDM Solutions, See Also
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