What does CMDM mean in MANAGEMENT

Collaborative Master Data Management (CMDM) is a data management process designed to facilitate the sharing of information across organizations. CMDM enables organizations to share and make use of master data elements, such as product information, customer records and supplier data sets, while ensuring that each organization retains control over its own records.

Benefits of using CMDM include improved data accuracy and consistency across multiple systems, increased visibility into operations for all parties involved, streamlined processes between multiple organizations, reduced manual effort in managing updates to shared databases and enhanced security due to maximum control by each individual organization.

CMDM promotes communication between different organizations by enabling collaboration on shared master data sets through secure access controls and an agreed-upon set of protocols. This ensures that only authorized users can access sensitive information whilst allowing multiple parties to securely access the same shared database.

Examples of master data elements that can be managed using CMDM include customer profiles, product information (such as features, specs and pricing), supplier databases, financial transaction histories, contract terms and inventory details.

CMDM ensures security for each individual organization through secure access controls which limit who can view or edit specific pieces of master data depending on which organization holds ownership rights over it. Access controls also ensure that only authorized users can view or edit sensitive information.