Master Data Management (MDM) is used to create policies for utilizing business data. MDM ensures that decision-making and the information used in daily business operations is of good quality and that there are appropriate processes and tools in place to maintain it.
Information flows from a variety of sources and in many forms. For example, there is information on customers, deliveries, personnel, and portfolio. Data is scattered across different systems throughout the organization and thus is easily fragmented. Without tools and processes, the reliability, timeliness and accuracy of information are questionable.
It is difficult to ignore the importance of data to a business. Reliable, consistent and up-to-date data is required for improving customer experience, supporting decisions and reporting, ensuring legitimacy and compliance. Without master data management, many opportunities are missed or based on insufficient information.
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