What is meant by Master data?
The term "master data" refers to fundamental, long-term stable information used within a business. This data is not project-specific but forms the basis for various business processes. Master data typically includes information about customers, suppliers, products, employees, and locations. It is essential for managing, processing, and analyzing transactional data.
Typical software functions in the area of "master data":
- Data Management: Capturing, storing, maintaining, and updating master data.
- Data Integration: Integrating master data from various sources and systems.
- Data Cleansing: Identifying and correcting inconsistencies and errors in master data.
- Data Quality Assurance: Monitoring and ensuring the quality and consistency of master data.
- Data Analysis: Analyzing and evaluating master data to support decision-making processes.
- Data Access Control: Managing access rights and security measures for master data.
- Data Archiving: Long-term storage and management of historical master data for compliance and audits.
- Data Migration: Transferring master data between systems or during system upgrades.
Examples of "master data":
- Customer Data: Information about customers such as name, address, contact details, and contract terms.
- Supplier Data: Data about suppliers, including contact details, payment terms, and delivery history.
- Product Data: Details about products such as item number, description, price, and specifications.
- Employee Data: Information about employees, including name, address, job title, and salary.
- Location Data: Information about company locations, including addresses, phone numbers, and opening hours.
- Account Data: Financial information such as bank accounts, credit limits, and accounting details.
- Contract Data: Contracts and agreements detailing business relationships and obligations.