Master data management vs enterprise data management
For over a decade, professionals have been discussing and considering the differences between Master Data Management (MDM) and Enterprise Data Management (EDM). Broadly speaking, the term MDM stands for roughly the same thing: the standardization, management, quality and governance of all critical data across all areas of business and not limited to financial markets. However, EDM, generally speaking, is the capital market term for MDM and MDM is generic terminology.
However, there have been discussions and appearances of multiple connotations and differences between EDM and MDM. Industries derived from these connotations in their own way. For example, companies that trade in financial markets need information about the securities they trade. However, other verticals such as healthcare or manufacturing do not require this. If we take a look at the journeys of many financial services organizations, they started their data management journey with the master of security. Thus, it becomes logical to assume that these title mastery projects are more related to EDM projects.
On the other hand, the majority of industries, including the financial services vertical sector, have an obligation to master data at the entity level. This includes points of contact such as individuals, companies, hierarchies and a lot of information of this type). For such projects, MDM terminology can be combined as they are generic in nature.