Master data management (MDM) can be defined as the processes, governance, tools, rules and technology required to create and maintain consistent and accurate master data. It focuses on common critical data elements and establishes strong governance around them. MDM can eliminate redundancy and inconsistency of data in an organization and ensure its quality and control. It can provide a single, authoritative point of reference that can be shared by many processes and applications across the organization. It can also streamline data sharing and facilitate interoperability.