Based on the insurance company experience we've just detailed, the Customer MDM solution begins to take shape. From the insurance company example, we now have a definition for master data and master data management. Master data is:
Common data that is shared and useful to many, if not all, other systems
Cross-reference or directory data that indicates where the common data came from or where it exists
Master data management is:
The management of master data to get a single version of the truth
The usage of master data in context to achieve concrete business benefits through business optimization
The business benefits or ROI for the insurance company was pretty compelling. Operational costs ...