Master Information Management
Master information management deals with the business processes, governance policies, standards, and technologies that consistently define and manage the critical master data entities such as customer, product, vendor of an organization, and provides a single version of truth.
Master data management ensures that an organization does not use multiple versions of the same master data in different parts of its business operations, resulting in higher costs. Some of the common issues with master data management include inconsistent data quality, ownership issues, classification and identification of reference data, and data reconciliation issues as different versions of master data reside in multiple source systems.
Master data management of disparate systems involves data transformations as the data extracted from diverse source systems is transformed and loaded into a master data repository (hub). Once the master data resides in the master data repository it needs to be distributed to other consuming applications