Master Data Management: Building a Foundation for Data-driven Decision-Making

Abstract

This paper explores the critical role of MDM in building a foundation for data-driven decision-making. By harmonizing and integrating key data entities such as customers, products, and assets, MDM enables organizations to create a single, authoritative source of truth that serves as the basis for informed decision-making. Key components of effective MDM include data quality management, metadata governance, and data stewardship. By implementing these components, organizations can ensure that their data is accurate, up-to-date, and accessible to stakeholders across the organization. Furthermore, MDM facilitates the alignment of business processes and IT systems, enabling seamless integration and interoperability. This integration empowers organizations to derive actionable insights from their data, enabling them to make informed decisions that drive business growth and innovation.