What is Master Data Management (MDM)? How can we define MDM?
Well, as with everything in life there are varying and competing definitions. Below you can find 4 different definitions:
Wikipedia: In business, Master data management (MDM) is a method used to define and manage the critical data of an organization to provide, with data integration, a single point of reference. In computing, a master data management tool can be used to support master data management by removing duplicates, standardizing data (mass maintaining), and incorporating rules to eliminate incorrect data from entering the system in order to create an authoritative source of master data. Master data are the products, accounts and parties for which the business transactions are completed.
Gartner: Master data management (MDM) is a technology-enabled discipline in which business and IT work together to ensure the uniformity, accuracy, stewardship, semantic consistency and accountability of the enterprise’s official shared master data assets. Master data is the consistent and uniform set of identifiers and extended attributes that describes the core entities of the enterprise including customers, prospects, citizens, suppliers, sites, hierarchies and chart of accounts.
SearchDataManagement: Master data management (MDM) is a comprehensive method of enabling an enterprise to link all of its critical data to a common point of reference. When properly done, MDM improves data quality, while streamlining data sharing across personnel and departments. In addition, MDM can facilitate computing in multiple system architectures, platforms and applications.
Technopedia: Master data management (MDM) refers to the management of specific key data assets for a business or enterprise. MDM is part data management as a whole but is generally focused on the handling of higher level data elements, such as broader identity classifications of people, things, places and concepts.
Your definition: Which one of the four above-mentioned definitions do you prefer? Or is there a much better fifth one?