Master Data Management (MDM) involves various processes and technologies to ensure that master data is accurate, consistent, and trustworthy. The most comprehensive definition of MDM captures its multi-faceted nature, encompassing governance, technology, and organizational roles.
* Governed Processes:
* MDM involves establishing governance processes to define policies, standards, and procedures for managing master data.
* These processes ensure that data is handled consistently and according to defined rules.
* Role of People and Technologies:
* Effective MDM requires the involvement of people, including data stewards, data owners, and governance committees, who are responsible for overseeing and managing master data.
* Technologies, such as MDM software and tools, facilitate the implementation of governance processes, data integration, data quality management, and synchronization.
* Key Objectives:
* Master data should be understood by stakeholders, ensuring clarity and common understanding of data definitions and attributes.
* Trust in master data is achieved through rigorous data quality and governance practices.
* Data should be controlled, meaning that access, usage, and changes to the data are managed and monitored.
* Master data must be fit-for-purpose, meeting the specific needs and requirements of the organization's business processes.