Master Data Management (MDM) is a process by which the master data of your company is managed contemporaneously, providing a unified view of your organization’s internal and external data. Master data inclusively refers to the data of customers, employees, products, vendors, locations, services, contact mechanisms, accounting items and policies. As such large volumes of data are prone to inconsistencies, errors and duplication, it is advisable to adopt a master data management process for data cleansing, which can ensure data quality and integrity while reducing the chances of data issues compounding over a period of time.

And what do you mean by a Master Data Management solution?

A Master Data Management tool, on the other hand, is a software-based solution that can support the synchronization of your organization’s master data to create an authoritative source of data that can be relied upon to make critical business decisions. Since master data consolidates the essential data that is core to your business operations, an MDM tool would help you optimize the data management efforts of your organization by creating a single source of truth.

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