What is master data?
Master data refers to the core data entities that are shared across different business functions and systems within an organization. They are the most important and critical information about products, customers, suppliers, employees, and other key entities that is required to support business operations and decision-making processes.
Master data is considered the backbone of an organization's data architecture, as it provides the foundation for the majority of business transactions, reporting, and analytics. It is typically stored in a centralized Master Data Management (MDM) system that ensures the consistency, accuracy, completeness, and integrity of the data across all systems and applications.