Master Data Management (MDM) comprises the policies, processes, governance, standards and tools used to consistently define and manage the critical data of an organization to provide a single point of reference, and ensure integrity of the data.
Management of critical business data is essential in today’s world of multiple, integrated (or disparate) information systems. Inadequate controls to establish and maintain accurate Master Data is a leading cause of business systems not providing the needed output to support developing high-quality plans and making superior business decisions. Common pitfalls include a “set it and forget it” approach, and reliance on tribal knowledge. To enable high-caliber performance, a well-defined Master Data Management methodology is critical.