It's about mastering various domains. For example, an organization might want to master customer data residing within their IT landscape. This includes all master attributes related to customers, like name, email ID, phone number, address, and potential information like stores they visit. Ideally, if the organization also stores data related to those stores, all that information, files, and everything would be included. So, these master attributes would lie within the MDM system.
Here's where things get interesting. I'd bring this data from disparate sources. For example, accounting systems hold phone numbers, email addresses, and maybe even bank information (just an example).
But another system, like the ER system, might have different information, like the customer's spouse. So, I'd likely get streams from both these systems, but there might be an additional attribute in the ERP system, like the spouse's name.
Now, looking at all these different attributes lying in different systems, one system might have my name as "Raja S.," while another might have it as "Raja Soni." So, the question becomes: are Raja S. and Raja Soni the same person? How do you identify them from these records?
They try to match these records based on phone numbers or any other common attribute between the two systems. Then, I would have a complete record in MDM, which is called the "Golden Record" - the single version of truth within the system.
Furthermore, MDM can also contain additional attributes that the ERP or accounting systems didn't have. So, imagine ten different applications or data sources feeding customer information. I can gather all of that information and create a single version of the truth for a particular customer within the MDM system.
Additionally, if I want my customers to update any information, I can provide a form where they can enrich their data. For example, they could potentially enter their Social Security number (although this wouldn't be common practice). This is just an example of how someone might want to collect this information. So, I can create a form and say, "Okay, can you directly feed this into the MDM system?" This becomes an enrichment opportunity as well.