Master data is information that is key to the operation of a business. It is the primary focus of the Information Technology (IT) discipline of Master Data Management (MDM), and can include reference data. This key business information may include data about customers, products, employees, materials, suppliers, and the like. While it is often non-transactional in nature, it is not limited to non-transactional data, and often supports transactional processes and operations. For example, analysis and reporting is greatly dependent on an organization's master data. Because master data may not be stored and referenced centrally, but is often used by several functional groups and stored in different data systems across an organization, master data may be duplicated and inconsistent (and if so, inaccurate).
Thus Master Data is that persistent, non-transactional data that defines a business entity for which there is, or should be, an agreed-upon view across the organization. Care should be taken to properly version Master Data if the need arises to modify it. The versioning of Master Data can be an issue.
Read more about Master Data: Master Data Defined, Master Data and Master Reference Data
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