Master data management (MDM) is a technology-enabled business discipline where business and IT organizations work together for the uniformity, accuracy, stewardship, semantic consistency and accountability of enterprises’ shared master data assets. Organizations use MDM solutions as part of an MDM strategy, which should be part of a wider enterprise information management (EIM) strategy. An MDM strategy potentially encompasses management of multiple master data domains (e.g., customer, citizen, product, “thing,” asset, person/party, supplier, location, and financial master data domains). Data and analytics (D&A) leaders procure MDM tools for data engineers or less-technical users, such as data stewards.
Master data management (MDM) of customer data solutions are software products that: Support the global identification, linking and synchronization of customer information across heterogeneous data sources through semantic reconciliation of master data. Create and manage a central, persisted system of record or index of record for customer master data. Enable the delivery of a single, trusted customer view to all stakeholders, to support various business initiatives. Support ongoing master data stewardship and governance requirements through workflow-based monitoring and corrective-action techniques. Are agnostic to the business application landscape in which they reside; that is, they do not assume or depend on the presence of any particular business application(s) to function.