vs. SAP Hybris PCM. Data management is the development and execution of architectures, policies, practices and procedures in order to manage the information lifecycle needs of an enterprise in an effective manner.aster data. Master data is the core data that is essential to operations in a specific business or business unit. See complete definition. master data management (MDM). Master data management (MDM) is a comprehensive method of enabling an enterprise to link all of its critical data to one file, ...