MASTER DATA Meaning and
Definition
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Master data refers to the essential and persistent information that serves as a foundation for an organization's operations and decision-making processes. It is the primary data that is used for multiple business applications across different departments and systems within an enterprise.
Master data represents the core entities, such as customers, products, suppliers, employees, and assets, which are crucial for conducting day-to-day business activities. It includes standardized and consistent data elements that are shared across various systems and applications to ensure coherence and accuracy in business operations.
The master data acts as a single source of truth that enables organizations to maintain data integrity, avoid duplication, and foster data governance. It is typically static data that changes infrequently and is considered to have a long lifespan within an organization.
The quality and accuracy of master data are of utmost importance as it influences the quality of other business data and downstream processes. Enterprises often implement master data management (MDM) systems to create, integrate, manage, and distribute master data, ensuring consistency, reliability, and uniformity across the organization.
By effectively managing master data, organizations can improve business efficiency, streamline processes, enhance data analytics, and facilitate informed decision-making. It forms the basis for strategic planning, customer relationship management, supply chain management, financial reporting, and various other facets of a company's operations.
Common Misspellings for MASTER DATA
- naster data
- kaster data
- jaster data
- mzster data
- msster data
- mwster data
- mqster data
- maater data
- mazter data
- maxter data
- madter data
- maeter data
- mawter data
- masrer data
- masfer data
- masger data
- masyer data
- mas6er data
- mas5er data
- mastwr data
Etymology of MASTER DATA
The term "master data" is derived from the combination of the words "master" and "data".
The word "master" comes from the Middle English "maister" and Old English "mægister", which ultimately has its roots in the Latin word "magister". It originally referred to someone with great skill or knowledge in a particular subject or field, typically used in the context of a teacher or an expert.
The term "data" originates from the Latin word "datum", meaning "something given or played". Over time, it evolved to refer to factual information or records.
When used together, "master data" refers to the authoritative, accurate, and consistent set of data that serves as a reference for an organization. It represents core business entities such as customers, products, suppliers, employees, etc., and is often considered the foundation for various business operations and decision-making processes.
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