Master Data Management (MDM) is a set of processes and technologies focused on creating and maintaining a valid, reliable, stable, accurate data environment, a “single version of the truth” of master data and its relationships.
MDM enables a single view of entities (customers, patients, products, etc) and ensures accurate data is leveraged across all business processes. It is critical for financial reporting, customer management, customer care, compliance, product regulatory adherence, cross-selling and up-selling, privacy management, supply chain, security management, and many other processes.