What is Master Data Management (MDM) in Retail? Explained

Master Data Management (MDM) encompasses the processes, governance, policies, standards, and tools that consistently define and manage the critical data shared across an organization. This master data includes essential business entities such as customers, products, employees, and suppliers. MDM aims to provide a unified, accurate, and consistent view of master data across an entire enterprise. In the retail sector, effective MDM is crucial for improving data quality, reducing errors, ensuring compliance, and enhancing decision-making processes. By maintaining a single, authoritative source for master data, retailers can streamline operations, improve customer experiences, and support various business functions.