Master Data Management – Seeks to ensure that an organization does not use multiple (potentially inconsistent) versions of the same master data in different parts of its operations, which can occur in large organizations.

Further elaborated in The What, Why, and How of Master Data Management by Roger Wolter and Kirk Haselden Microsoft Corporation in November 2006 – Because Master Data Management it is used by multiple applications, an error in master data can cause errors in all the applications that use it. For example, an incorrect address in the customer master might mean orders, bills, and marketing literature are all sent to the wrong address. Similarly, an incorrect price on an item master can be a marketing disaster, and an incorrect account number in an Account Master can lead to huge fines or even jail time for the CEO—a career-limiting move for the person who made the mistake!