Single source of truth
What is master data? The data of the core non-transactional entities of the business that are used across an enterprise or a company are called master data. They provide context to transactions, such as sales and purchase orders. In order to complete a sales transaction or a purchase order, we need information about entities, such as customers, products, suppliers, and address locations. These entities are the master data. In a report that shows sales by customer, sales are the transaction data, and customer is the master data.
Master data entities will vary depending on the vertical market of the enterprise. For healthcare, it will be patients, providers, medicines, and treatments. For a bank, it’s the account numbers, SWIFT codes, and know-your-customer (kyc)) data.
As you can imagine, master data is critical, as enterprises are run around using this data. All the analytics will have the master data as dimensions to the facts. Sales reports by...
