For effective Master Data Management, an organization must agree on a single, standard definition of master data. Here's why:
* Consistency:
* Single Definition: A standardized definition ensures consistency across different departments and systems.
* Avoids Confusion: Prevents discrepancies and misunderstandings regarding what constitutes master data.
* Data Quality and Governance:
* Unified Approach: A single definition supports unified data governance policies and data quality standards.
* Data Integration: Facilitates easier data integration and interoperability across various systems and processes.
* Business Efficiency:
* Aligned Objectives: Ensures all parts of the organization are aligned in their understanding and use of master data, leading to more efficient operations and decision-making.
* References:
* Data Management Body of Knowledge (DMBOK), Chapter 7: Master Data Management
* DAMA International, "The DAMA Guide to the Data Management Body of Knowledge (DMBOK)"