An ideal person who is responsible for managing the data in an enterprise in terms of definitions, consistency, derivations, calculations integrated, and so on. Enterprises focus on better sources of data, as data is one of the most critical assets for any processes in an enterprise.
Reference Data Management can be defined as a process which enables efficiency across the market by maintaining high quality data standards. It is also the process of managing hierarchies and classifications across business lines and systems.
As the enterprises keep growing, they come across many challenges with Data. The correct and useful data adds more value to your business and on the contrary, inaccurate or poor data quality can have a huge impact on your business too, as most of the enterprises’ vital decisions depend on the data.