Master Data Management
Master data management (MDM) is the process of creating a single, centralized view of an organization’s critical data. MDM consolidates and standardizes data from multiple sources to provide a comprehensive view of customers, products, suppliers, and other business entities.
Organizations use MDM to improve decision-making, increase operational efficiency, and better manage risk. MDM can also help reduce costs by eliminating duplicate data entry and improving data accuracy.
An MDM system typically includes a central repository for master data, as well as tools for managing and governing data quality. Master data can be sourced from internal systems or external sources such as third-party databases.