Every business or organization has a collection of data regarding the performance, including transactions, reports policies etc. for the purpose of reference, and also analytical information for the basic requirement of decision making. This data needs to be properly managed in order to increase the efficiency of the organization.
The methods, techniques, tools etc. that help define, classify and mange the various forms of important or master data of such an organization for the sole purpose of increasing performance by putting forth a reference are termed as Master Data Management.
The main aim of Master Data Management tools and software is to provide mechanisms to collect, asses, match, measure quality and also distribute the raw data all throughout a particular organization in order to maintain and also use this processed information to dull potential.
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