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Master data management (MDM) has become one of the hottest topics in data management.
Global companies are struggling to come to terms with collections of corporate systems,
that have left them with master data, dispersed in various silos and in multiple
versions of the same system. Additionally with the popularity of Data Warehouse
and Business Intelligence (BI) there has been heightened awareness of MDM technologies,
as it provides a consistent view of the business by analyzing the performance of
the key master entities of business.
MDM is a data management discipline that allows an organization to actively manage
master data (or reference data) across the enterprise, rather than, maintaining
it in each functional system. Integrating master data is sometimes perceived as
an IT-related issue with little business involvement. In actuality, MDM is a cross-functional,
technically complex, process-oriented discipline, affecting data governance of master
entities that requires acceptance and support company-wide with top-level business
sponsorship.
In simple words, MDM can be defined as the set of technologies, processes and governance
that:
- enables distributed, disparate master data consolidation from disparate systems
and business lines into a master repository.
- It also includes the cleansing and enrichment of the master data,
- ensures integration and distribution of the master data as a single point of truth
for a consistent enterprise view of master business entities and
- utilizes master data to service consuming applications, enterprise business processes
and BI applications.
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