Master Data Management (MDM) describes a type of enterprise data management architecture, governed by a collection of formal data quality practices and processes, designed to leverage digital technologies for the entire business.
Getting MDM right represents a critical data management component for your entire enterprise. This article describes MDM’s role in an organization and other data strategies or concepts, a first step towards running successful MDM projects.
What Is MDM And Its Role in An Organization?
Think of MDM as the plumbing in your house, which transports freshwater from a reservoir or well for washing dishes and taking showers. Instead, MDM cycles data from a standardized data hub for your business departments to do tasks like accept payments and market new product lines. Enterprises want good MDM to have the “360-degree view” of business information they need to maintain and grow fully.
Master Data Management originated in the 1990s to deal with lots of disjointed data. For example, schools would find the same student represented in different systems for admission, registration, textbook sales, grading, career counselling, and alumni services. The student would engage with various departments for different needs, each place duplicated the same types of attributes, causing inefficiency and likelihood for error. Schools …
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