As companies increasingly realize the value and power of their data, the need for Master Data Management and enterprise-wide Data Governance increases exponentially.
While data has been managed for decades from an IT and infrastructure perspective, Master Data Management is the practice of managing data from a business perspective. It answers questions around key business issues like data quality, reliability, recency, and accuracy. It also addresses who owns the data and how data are managed across the enterprise. Data Governance is the organizational process of ensuring proper master data management practices and policies are in place and effectively adhered to.