Chapter 4: Making Sense of Master Data Management

In the last chapter, we looked at data management, its importance, and the different aspects of data management. There are many types of data and not all of them are treated the same way. This is especially true now, given that sources of data have been increasing steadily over the last few years. Earlier data was mostly structured and easily manageable, but with social data, machine-generated Internet of Things (IoT) data, sound and video data, and much more, it is becoming increasingly important to ensure that the data that is core to your business is identified and managed properly. In this chapter, we will discuss Master Data Management (MDM), different types of MDM data, its attributes, and why MDM is important.

We will also be discussing the Golden Record – the much sought-after record that accurately and comprehensively provides a single customer view. Next up will be the MDM and CRM strategy and the different ways...