What is Master Data Management?

Large companies, especially global ones, have quite a few systems in place in order to make everything run smoothly. Sometimes the data becomes duplicated or fragmented, resulting in inaccurate answers to important questions. That’s where master data management comes in.

This information has been de-duplicated, reconciled, and enriched, becoming a consistent, reliable source for an organization. Once created, this master data serves as a trusted view of business-critical data that can be managed and shared across the business to; promote accurate reporting, reduce data errors, remove redundancy, and help workers make better-informed business decisions.

Master data management (MDM) involves creating a single master record for all critical business data from across internal and external data sources and applications, such as your Inventory Optimization program.

A master data management tool can be used to support master data management by removing duplicates, standardizing data (mass maintaining), and incorporating rules to eliminate incorrect data from entering the system in order to create an authoritative source of master data. d.

Why is Master Data Management Important?

This real-life story of why Master Data Management is important, really resonated with me how important it is to have a program that will keep your data organized and cohesive. Read more