MDM stands for Master data management. It is a method of managing the organization data as a single coherent system. MDM is used to ensure the reliability of data, and this data is in various formats that collect from different data sources. And it is responsible for data analytics decision making, AI training, data initiatives, and digital transformation.
Master data management can link all critical data with the master file. MDM is responsible for sharing the data across the enterprise after well implemented. MDM is used as an effective strategy for data integration.
Organizations are dependent on the data to streamline operations. The quality of business intelligence, analytics, and AI results depends on the quality of data. Master data management helps:
o In removing the duplicity of the data.
o In integrating the data from various data sources.
o In standardizing unrelated data, therefore, the data effectively used.
o In eliminating inaccurate data.
o In enables a single source of reference that's called "Golden Record".
Benefits of MDM
o Control: Know where the data is, where it’s headed, and how secure it is.
o Data accuracy: Understand how closely our metrics track follows our factors.
o Data consistency: Understand how closely our data flow tracks the underlying patterns.
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