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Understanding Master Data Management (MDM) and Its Role in Data Integrity
- Master data management (MDM) ensures accuracy, consistency, and uniformity of a company's data.
- MDM is important for breaking down data silos, avoiding discrepancies, and informed decision-making.
- It acts as a single source of truth and offers a holistic and up-to-date view of business data.
- MDM synchronizes data changes across all systems in case of customer updates thereby avoiding costly errors.
- MDM ensures accuracy, consistency, and integrity of master data throughout its entire life cycle, including validation and deprecation of records.
- Challenges in implementing MDM include data literacy, governance, ownership, and data protection.
- MDM's cross-domain management ability can benefit all industries.
- A system of record is a centralized repository where critical business data is stored and managed, and is closely tied to MDM.
- Master data consists of key business entities amidst various data domains including party, reference, location, financial, and revenue.
- Precisely offers EnterWorks multi-domain MDM and its Data Integrity Suite including Data Observability, Data Governance, and Data Quality to address MDM challenges.
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