Businesses, both small and big, have a lot of data associated with many aspects of the operation. Inefficient data management practices lags business growth due to unreliable data being provided thus limiting its potential to make key decisions based on insights and anticipate any future changes.  Data management has evolved to being one of the key management aspects of any business. In a business, data changes over time: acquisitions and corrections are being made in multiple entry points for products, customers, employees, vendors, and so on. Master data management (MDM) stores all the data in a single system and synchronizes data acquisitioned from several source systems and provides most accurate, timely and relevant version of truth about essential business entities.