Data management refers to all the functions necessary to collect, control, safeguard, manipulate, and deliver data. Data governance is all about data quality and reliability. It encompasses the policies and activities that establish the infrastructure. It also names the individuals (or positions) within an organization that have both the authority and the responsibility for the handling and safeguarding of specific kinds and types of data.
Data governance establishes the processes and procedures and names the individuals or positions that are responsible for data accuracy and reliability. Data stewardship, on the other hand, is the implementation of those procedures. Individuals assigned with data stewardship responsibilities manage and oversee the procedures and tools used to handle, store, and protect data.
Master data management and governance must work together. Data governance is all about data quality and reliability – it establishes the rules, policies, and procedures that ensure data accuracy, reliability, compliance, and security. Master data management is another term for the concept of a centralized, single source for enterprise data (one version of the truth). Master data is the core data that is essential for all business transactions such as billing clients or purchasing inventory. These transactions need a central repository of customer, supplier, and item data.