Oracle MDM Description
To grasp the concept of master data management (MDM) thoroughly, we must start by defining master data while distinguishing it from master data management itself. Master data refers to the essential business information that underpins and categorizes the transactional and analytical data within an organization. This type of data is sometimes called “enterprise data” or “metadata” and typically encompasses application-specific metadata, various business perspectives, corporate dimensions, reference data, and master data assets. Instances of such enterprise data can include the chart of accounts, organizational or cost-center structures, market segments, product categories, and additional elements. On the other hand, master data management (MDM) performs the role indicated by its name—specifically managing master data. MDM integrates a suite of applications and technologies designed to consolidate, cleanse, and enhance master data while ensuring its synchronization with various applications, business processes, and analytical tools. Overall, MDM plays a crucial role in maintaining the integrity and consistency of data across an enterprise, ultimately driving more informed decision-making.
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