Master Data Management (MDM) in procurement involves the systematic management of critical data elements related to suppliers, products, contracts, and organizational structures. It focuses on collecting, organizing, and maintaining accurate and consistent master data to support procurement operations. MDM ensures the integrity, standardization, and harmonization of data across systems and processes, enabling efficient supplier identification, evaluation, sourcing, and contract management. By implementing effective MDM practices, organizations can enhance data accuracy, streamline procurement processes, reduce risks, improve reporting capabilities, and make informed decisions to drive efficiency and value in procurement activities.