What is Reference Data Management?

Reference Data Management (RDM) involves the processes, policies, and technologies used to define, govern, and maintain consistent and accurate reference data across an organization. Reference data is used to classify or categorize other data and is typically static or slowly changing. Common examples include country codes, currency codes, product types, and industry classifications. RDM ensures that these reference data values are consistent and standardized throughout various systems and applications, leading to improved data quality, interoperability, and reporting accuracy. It is commonly used to support regulatory compliance, data warehousing, master data management, and business intelligence initiatives.