I may be jaded on this one.
I have seen three separate start-and-fail-to-implement initiatives to use Master Data Management at my current work location,and a total of half a dozen implementations that I've seen in my career.
MDM is hard to implement, as the tools are primitive at best.
Basic issues, like what deciding what is the one true source, or the true name for a given element stall projects, who wait for business decisions to decide the "best name";
because of those stall issues , high turnover of development of resources occur, new resources try to take up where the previous team left off, decide to restart the process to fit the new developers analysis.
In all all I've seen have resulted in just wastes of time. I've never been in a shop where it was implemented to any degree where it was useful.
Dimension tables in the datawarehouse which point varied elements to a common dimension have always been better, in my opinion
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