Master- and Reference Data Management (MDM/RDM) is a foundational capability ensuring critical data entities and domain values are consistently accurate, accessible, and governed across an organization. It supports data quality, reduces integration complexity, and enables confident decision-making by providing a unified view of data critical to operations, analytics, and compliance. By managing the lifecycle of these data entities securely and aligning with governance and regulatory requirements, MDM/RDM fosters simplification, reduces risks, and ensures seamless data sharing across diverse organizational functions. Note: The Data Mesh and Data-as-a-Product approaches represent a paradigm shift that also affects MDM. By focusing on semantic linking, embracing diverse perspectives, empower data owners, and rethinking technological solutions organizations can create more integrated and effective MDM solutions. Therefore a new approach should not only addresses the complexities of current systems, but also empowers domains with the autonomy to manage their data and master data of their domain, ultimately leading to better Data Management practises and more tangible and valuable outcomes.