
The first wave of Master Data Management (MDM) started in the early 2000s. Early adopters from a few industries which included Banking, Insurance, CPG, and Retail started implementing MDM for customers, products, and a few other master data domains. Over time, MDM became mainstream as companies from all industries realized the need for MDM as part of their data strategy to resolve data inconsistencies across multiple systems and establish a single version of the truth. Over the years, there have been many successes but plenty of failures as well, due to the lack of skills and a proper understanding and positioning of MDM solution versus other systems.