* Definitions and Context:
* Master Data Management (MDM): MDM involves the processes and technologies for ensuring the uniformity, accuracy, stewardship, semantic consistency, and accountability of an organization's official shared master data assets.
* Data Quality Problems: These include issues such as duplicates, incomplete records, inaccurate data, and data inconsistencies.
* Explanation:
* Bringing order to your master data, through processes like MDM, aims to resolve data quality issues by standardizing, cleaning, and governing data across the organization.
* Effective MDM practices can address and mitigate a significant proportion of data quality problems, as much as 60-80%, because master data is foundational and pervasive across various systems and business processes.
References:
* DAMA-DMBOK: Data Management Body of Knowledge, 2nd Edition, Chapter 11: Master and Reference Data Management.
* Gartner Research, "The Impact of Master Data Management on Data Quality."