Technically, Master Data Services consists of the following components:
SQL Server Database—The database holds the entities such as Customer or Product, whether they are imported from other systems or created in MDS.
Master Data Manager—A web-based data stewardship and administration portal that amongst many other features allows data stewards to add, edit, and delete entity members.
Web Service Layer—All calls to the database from the front-end go through a WCF (Windows Communication Foundation) web service. Internet Information Services (IIS) is used to host the web services and the Master Data Manager application.
Workflow Integration Service—A Windows service that acts as a broker between MDS and SharePoint in order to allow MDS business rules to use SharePoint workflows.
Configuration Manager—A windows application that allows key settings to be altered by an administrator.
The following diagram shows how the components interact with one another:
