Master Data Management Challenges

Master data management involves creating a single master data record from multiple external and internal data sources within an organization. The data in this scenario depicts de-duplication, reconciliation, and enrichment, hence becoming a consistent, dependable source. Following the development of a single master record, the data performs a critical function, including accurate reporting promotion, data error reduction, and redundancy eradication. Creating a master data management system correlates with creating a reliable and dependable single data source for the different business departments. This paper identifies and examines different challenges in master data management. The results reveal challenges in master data management occurring in different dimensions, including data governance, data integration, data standards, and master model agility. The data integration process experiences data and meaning loss and possible errors. Data standard definition requires involving different departments to avoid misalignment.