What master data means?

Question

Master data is the core data that is essential to operations in a specific business or business unit. The kinds of information treated as master data varies from one industry to another and even from one company to another within the same industry.

What is the meaning of master data?

Master data is the consistent and uniform set of identifiers and extended attributes that describes the core entities of the enterprise including customers, prospects, citizens, suppliers, sites, hierarchies and chart of accounts.

What is master data examples?

Customer information—such as names, phone numbers, and addresses—is an excellent example of master data. This data is less volatile but occasionally needs to be updated when a customer moves or changes their name.

What is the purpose of master data?

Once created, this master data serves as a trusted view of business-critical data that can be managed and shared across the business to promote accurate reporting, reduce data errors, remove redundancy, and help workers make better-informed business decisions.

What are the 3 types of master data?

Types of Master DataCustomers. Though it may look like it's only focused on customers, the customers domain actually tracks all of the individual people and entities that drive a business. ... Products. ... Locations. ... Others.

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