Chapter 1. Overview of Master Data Management

It is often said that Master Data Management enables an enterprise to create and use a “single version of the truth.” As such, Master Data Management applies to almost all industries and covers a broad category of corporate data. Banks, insurance companies and brokerage houses, service companies, hospitality companies, airlines, car manufacturers, publishing houses, healthcare providers, telecommunication companies, retail businesses, high-technology organizations, manufacturing, energy providers, and law firms have at least one common need—the need to have access to complete, accurate, timely, and secure information about their respective businesses’ financial and market performance, partners, customers, prospects, products, patients, providers, competitors, and other important business entities. Similarly, this need to create and use accurate and complete information about individuals and organizational entities applies equally well to the public sector. Governments at different levels across the globe need to know their citizens, patients, and persons of interest (POI) from multiple perspectives. They also need to understand what services are provided to which individuals and locations, where people and organizations reside, and so on.