
By
uniquely identifying each instance of a business element
(customer, product, account, etc) and representing these
instances using a standardized data model we create a single
source of truth around which the entire enterprise can be
synchronized. This centralized data hub updates
automatically to ensure consistent, timely and trusted
figures which are not distorted based on their original
source.
Traditionally data architectures are based on the needs of
specific applications designed to support defined functional
areas of large organizations with definitions, dictionaries,
structures and more. This results in multiple, unconnected,
often disparate sets of data scattered across an
organization which are often intended to represent the same
business concepts.
To better leverage this critical data it needs to be
integrated, business concepts need to be clearly defined,
and a way to represent those concepts within the company’s
data store must be established. Master Data Management (MDM)
offers a solution for integrating, managing and sharing
information using methods and techniques to enable teams to
collaborate and synchronize their data.
Master data management is a program composed of the business
applications, methods and tools that implement the policies,
procedures and infrastructure to support the capture,
integration and subsequent shared use of accurate, timely,
consistent and complete master data. Among other things, an
MDM program is intended to: