The Role of MDM in Data Governance: Ensuring Data Quality and Compliance
Introduction In today's data-driven business landscape, the effective management of data is paramount to success. Two key concepts at the forefront of this endeavor are Master Data Management (MDM) and Data Governance. MDM focuses on maintaining a single, consistent, and accurate version of core business data, while Data Governance encompasses the policies, procedures, and controls that ensure the integrity, security, and compliance of organizational data. Importance of Data Quality and Compliance Data quality and compliance are critical considerations for businesses in every industry. High-quality data is essential for making informed decisions, optimizing operations, and delivering exceptional customer experiences. Moreover, regulatory compliance, such as adhering to GDPR, CCPA, and HIPAA, is non-negotiable, with severe consequences for violations. Effective data governance practices play a pivotal role in upholding data quality and ensuring compliance with regulations. Understan...