What’s Master Data Management and Why it’s Essential for Supply Chain?
With the proliferation of devices and channels, effective data management has become inextricably linked to customer experience and business growth. Quality, storage, security, and dissemination of key data assets like product data, asset data, customer data, and location data play a critical role in achieving business goals. Ergo, strategizing data management and aligning it to your business aim is more important than ever before. Add caption When it comes to common data types that organizations deal with, it’s mostly to do with data sets like reference data, transactional data, hierarchical data, and metadata. However, if we combine all this data that describes objects around which business is conducted, it’s called the ‘master data’. Gartner interprets it as the ‘consistent and uniform set of identifiers and extended attributes that describes the core entities of the enterprise’. Master data is the business-critical data about parties, places, and things. ...