Universal Data Models (UDM) were created to help organizations efficiently develop high-quality data models. UDM provides reusable template models to integrate information and save time and money compared to developing models from scratch. The history of UDM describes how a $150 million data modeling project failure led Len Silverston to develop universal models in 1992. UDM offers advantages like standardized templates, customization ability, and minimizing redundant data. An example shows how UDM handles an entity with multiple roles like customer and supplier through a party-relationship model.