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Master Data Management (MDM) – The authoritative, reliable foundation for data used across many applications and constituencies with the goal to provide a single view of the truth no matter where it lies.

Generally Used Sub-Definitions for MDM (for most G5000 enterprises, multiple (often all) variants will be needed to make MDM initiatives successful)

• Operational MDM – Definition, creation, and synchronization of master data required for transactional systems and delivered via service-oriented architecture (SOA); examples: near real-time customer data hubs and securities masters
• Analytical MDM – Definition, creation, and analysis of master data; examples: counterparty risk management applications and financial reporting such as global spend analysis or chart of accounts consolidation
• Collaborative MDM – Definition, creation, and synchronization of master reference data via workflow and check-in / check-out services; examples: product information management (PIM) data hubs and anti-money laundering (AML)