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MDM (Master Data Management) is characterized by formal management with a high degree of diligence and collaboration. Here’s why:

Formal Management:

Structured Processes: MDM involves structured processes for managing master data, including data governance, data quality management, and data stewardship.

Policies and Standards: Establishes and enforces policies and standards to ensure data consistency, accuracy, and integrity.

Collaboration:

Cross-Functional Teams: Requires collaboration across different departments, including IT, business units, and data governance teams.

Stakeholder Involvement: Engages various stakeholders in the data management process, ensuring that master data meets the needs of the entire organization.

References:

Data Management Body of Knowledge (DMBOK), Chapter 7: Master Data Management

DAMA International, "The DAMA Guide to the Data Management Body of Knowledge (DMBOK)"

Master Data Curation is a process aimed at improving the overall quality of data throughout the business. Here’s how:

Data Quality Improvement:

De-duplication: The process involves identifying and eliminating duplicate records to ensure a single, accurate version of each data entity.

Data Cleaning: Removes inaccuracies and inconsistencies, enhancing the reliability of the data.

Benefits of De-duplication:

Accuracy: Ensures that each entity (e.g., customer, product) is represented only once, improving data accuracy and reducing redundancy.

Operational Efficiency: Streamlines operations by eliminating duplicate records that can cause confusion and errors in business processes.

References:

Data Management Body of Knowledge (DMBOK), Chapter 7: Master Data Management

DAMA International, "The DAMA Guide to the Data Management Body of Knowledge (DMBOK)"

In the context of the Corporate Information Factory, understanding transactions involves integrating various types of data to get a comprehensive view. Master Data (core business entities), Reference Data (standardized information), and External Data (information sourced from outside the organization) are essential for providing context and enriching transactional data.

References:

DAMA-DMBOK: Data Management Body of Knowledge (2nd Edition), Chapter 3: Data Architecture and Chapter 11: Reference and Master Data Management.

"Building the Data Warehouse" by W.H. Inmon, which introduces the Corporate Information Factory concept.