All organizations possess master data, even if it is not explicitly labeled as such. Here's why:
* Definition of Master Data:
* Core Business Entities: Master data refers to the critical entities around which business transactions are conducted, such as customers, products, suppliers, and accounts.
* Business Operations: Every organization maintains records of these entities to support business operations, decision-making, and reporting.
* Implicit Existence:
* Unlabeled Data: Organizations may not explicitly label this data as "Master Data," but it exists within various systems, databases, and spreadsheets.
* Examples: Customer lists, product catalogs, employee records, and financial accounts.
* References:
* Data Management Body of Knowledge (DMBOK), Chapter 7: Master Data Management
* DAMA International, "The DAMA Guide to the Data Management Body of Knowledge (DMBOK)"