Master Data Management is the identification, acquisition, standardization, integration, and control of the organization’s core business entities, such as Customer, Supplier, Product, or Material. The objective is to consolidate this data from various sources across the enterprise and enable access to the highest quality, most accurate, and most current version of these key data elements.
Reference Data is also included in this component. Reference data consists of fixed domains used to categorize and classify other data found in a database, or for relating the data to external information, such as ISO codes, industry codes, material codes, or location codes.