Asset Master Data Management: Ensuring Accuracy and Consistency in Industrial Operations

The problems of data quality are topical
nowadays, and the tendencies of growing amounts of data bring
certain challenges to data management strategies. Also,
technical tools of today allow for data that is more than most
firms can administrate and different business solutions can
result in increased data density. Master data management is
truly experiencing globalisation at an exponential rate because
its relevance or a link to the results or income does not have a
direct connection to the operation of an organisation. In the
contemporary world that is characterised by stiff economy
competition, proper management of master data is crucial to
making right strategic decisions and management of an
organisation for efficient functioning. This paper aims at
studying the topic of Master Data Management (MDM) taking
into account the enhancement of dependability, consistency and
quality of numerous fields of activity. Focusing on a single
scheme of Master Data Management and the integration of
various data sources, it describes MDM frameworks and
implementation methods. The study reviews different types of
MDM solutions—operational, analytic, and enterprise—and
discusses key phases and approaches for successful MDM
implementation. Furthermore, it investigates current research
trends and gaps in MDM literature, highlighting the need for
adaptive and scalable MDM architectures tailored to evolving
organizational needs