Entity Information Life Cycle for Big Data

Chapter 1

The Value Proposition for MDM and Big Data

Abstract

This chapter gives a definition of master data management (MDM) and describes how it generates value for organizations. It also provides an overview of Big Data and the challenges it brings to MDM.

Keywords

Master data; master data management; MDM; Big Data; reference data management; RDM

Definition and Components of MDM

Master Data as a Category of Data

Modern information systems use four broad categories of data including master data, transaction data, metadata, and reference data. Master data are data held by an organization that describe the entities both independent and fundamental to the organization’s operations. In some sense, master data are the “nouns” in the grammar of data and ...