What is Master Data Management?

Master Data Management is a business discipline that combines people, process and technology to ensure that a business' Master Data assets are managed effectively. It considers such aspects as ensuring accuracy, consistency of meaning, stewardship and accountability. By Master Data assets, we refer to the data used to describe the core entities of the business (such as the products they sell, the customers they interact with or the people they employ). Master data is relatively static in nature, in contrast to transactional data. For example, in the case of customer data, information about the customer – e.g. their name, date of birth and telephone number – could be considered Master Data, whereas a record of every interaction they have with the business – e.g. purchases made, visits to stores, gift vouchers redeemed etc – would be considered transactional data.