Master data refers to the critical data that is essential to the operations of a business. It typically includes entities such as customers, products, employees, suppliers, and other key business entities. The kinds of information treated as master data can vary widely between industries and even between companies within the same industry.
* Industry-Specific Master Data:
* Different industries have distinct core data entities critical to their operations. For example, in the healthcare industry, patient and provider data are crucial, whereas, in the retail industry, product and customer data are paramount.
* Companies in regulated industries may have specific master data requirements mandated by regulatory bodies.
* Company-Specific Master Data:
* Within the same industry, different companies may prioritize different sets of master data based on their unique business processes, strategies, and operational needs.
* Organizational size, structure, and business model can influence what is considered master data.
* Customization and Flexibility:
* Master data management (MDM) systems and practices are designed to be flexible to accommodate the unique needs of different organizations.
* Customizing MDM allows companies to manage and maintain the integrity of the specific data entities that are critical to their success.