Master data management is a discipline that facilitates the alignment, quality and accuracy of data within an organization. It provides a single view of an enterprise’s data by consolidating data from multiple sources into a standard format within the organization.
It can be applied to all sorts of data from product data, customer data, supplier data and so on.
Defining it allows for better communication between different systems and processes in an organization.
For example, let’s say an organization has customer data in two different platforms and each of these uses a different format. An effective Master Data Management would create a standard so that these two applications would be able to communicate with each other and so the data would be also saved in a single source of truth, using a standard format.