The modern business world revolves around data. So much so that, as of 2018, 67.9% of Fortune 1000 companies had a Chief Data Officer (CDO), up from 12% in 2012. More and more companies are starting to realize the importance of gathering and analyzing data.As data processing becomes more prominent, you'll see terms like "product data management" and "master data management." Given how close these phrases are, you could easily assume they're the same thing. But you'd be mistaken for doing so.As you might've guessed from their titles, product data management and master data management are related. Both refer to ways of organizing information and making it useful to a business. But the data's scope and the specific processes involved differ between the two.Here's a closer look at what separates master and product data management.What Is Master Data Management?Master data management, or MDM, involves gathering and refining master data so businesses can make more informed decisions. Master data is a broad category that includes everything from employee information to consumer behavior. It also covers the context for this data and rules on how companies can use it.MDM compiles this master data from throughout the company into a "golden record." The ...
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